Two years after submitting plans for a two-building apartment community near Bellevue’s Highland Park, Summerhill Apartment Communities is buying up land to make the proposal a reality. According to King County public records, the company has acquired the 4.15-acre plot of land – which is currently developed with a 37,190 square foot shopping center – for $26 million. The seller in the transaction was Murray Franklyn, a Bellevue-based residential developer.
Located at 14045, 14115, 14125 & 14121 NE 20th Street, the property is home to Highland Park Plaza. A former listing for the property from Colliers shows that the shopping center consists of three retail buildings and an associated 225-stall parking lot.
While the property is marketed in the listing as a redevelopment opportunity, the property is also currently home to several tenants, including Blue Ginger Korean Grill, The Thai Kitchen, Plato’s Closet and several other businesses. Other portions of the shopping center, however, remain vacant.
In 2020, Summerhill Apartment Communities submitted plans to the City for Summerhill Highland Park, a 397-unit development. According to previous reporting from The Registry, the project would be located at 14021 and 14121 NE 20th St. in Bellevue.
The multi-phase project would feature two residential buildings situated around a central courtyard. In phase one of the project, Summerhill would develop a seven-story building with 209 apartment units. The second phase would include the construction of 188 apartment units in a seven-story building and accessory parking.
The project proposes a mix of one-bedroom and two-bedroom units. Both buildings will also have various amenity spaces on the first and fourth floors totaling 10,834 square feet. This includes a club room, fitness center, café and roof terraces.
At this time, no timeline for the project has been announced.