Home AEC Vulcan Purchases Bellevue Property for $25MM, Plans for Redevelopment

Vulcan Purchases Bellevue Property for $25MM, Plans for Redevelopment

By Catherine Sweeney

Vulcan, Inc. continues to make its mark in the Bellevue CBD with the recent purchase of a retail property. The property was sold to Vulcan for $25 million by a private seller associated with 12 Bellevue International LLC, according to public records. In recent years, Vulcan has been one of the most active developers in the Bellevue submarket. 

The property consists of two parcels located at 200-224 105th Ave. NE. The first, at 224 105th Avenue NE, is a 4,000-square-foot building sitting on 6,223 square feet of land. The second, at 206 105th Avenue NE, is a 13,840-square-foot building on 24,898 square feet of land in the central business district, according to King County records. The property is located within walking distance to Bellevue Downtown Park and is just one block from the Amazon Everest office building on 106th Avenue NE.

According to Lori Mason Curran, real estate strategy director with Vulcan Real Estate, the purchase of the former retail store will help the company move forward with its multifamily residential development project. 

“Vulcan’s purchase of the 200-224 105th Ave. NE site expands our multi-family residential development capacity in the Bellevue CBD,” she said. “We are jointly planning this site and the property across the alley to the east, for the development of two mid-rise apartment projects, each with approximately 180 units.”

Continuing to expand into the Bellevue CBD, Vulcan announced its progress on two other development projects nearby in September, with the first being the 555 Tower. 

The tower, at 555 108th Avenue, is a 42-story highrise consisting of 967,500 square feet of office space and 28,400 square feet of retail space. The second project, the full block between 105th and 106th Avenues, also offers 1,036,000 square feet of office space and 33,000 square feet of retail space. 

Amazon – which Vulcan has previously worked with in development projects in Seattle’s South Lake Union neighborhood – signed leases to occupy all of the office space in both projects. 

Amazon alone is looking to develop two new projects by 2024 and 2025, which will occupy 1,100,000 and 553,910 square feet of office space, respectively. 

In addition to its own development projects, the company also has leased 650,000 square feet of office space from Schnitzer West’s Artise building, which is set to be completed by 2024. 

In the coming years, Vulcan’s multifamily project will be supported by several other office projects as well. The area has become increasingly popular for many companies, including Amazon, Schnitzer West, Skanska, Clarion and Columbia Pacific Advisors, which are all planning development projects in the Bellevue CBD by 2025. 

Skanska, Clarion and Columbia Pacific Advisors have not leased space in their projected buildings, according to a recent report released by Broderick Group. Though, each will have more than 300,000 square feet available.