By Jack Stubbs
Bellevue-based Wallace Properties has plans in the works to transform the Bellevue North Shopping Center, with recent strides indicating that the redevelopment endeavor continues to advance through the City’s development process.
The company recently submitted a pre-application conference memo to the city. The 28-story development, classified in the memo as “major mixed-use residential,” proposes to include 950 residential units, 68,805 square feet of retail, and 1,241 parking stalls across 183,000 square feet.
Bellevue North, located at 1000 Bellevue Way NE, is just north of the city’s downtown core and various popular shopping and commercial offerings, including Bellevue Square, Bellevue Arts Museum and Bellevue Downtown Park. The proposed development is less than one mile from Interstate-405, which connects Bellevue to Seattle via State Route 520.
There are various retail tenants at Bellevue North currently, some of which include Panera Bread, Pet Pros, Bakker’s Cleaners and Domino’s Pizza, according to Wallace Properties’ flyer.
There is currently 10,225 square feet available (as of November 30th, 2022), and another 1,280 square feet available at the end of July.
Demographically, the 2022 population within a one-, three- and five-mile radius is 28,122,
98,083, and 293,486, respectively. The average household income within a one-, three- and five-mile radius of the project is $175,297, $173,431 and $172,719, respectively.
Despite the relatively healthy demographic statistics in the area surrounding the project, not everyone is looking to increase their footprint in Bellevue. As one notable example, tech behemoth Amazon seems intent on scaling back its presence in the Eastside city, according to information from two sources, as The Registry reported in mid-July.
The Registry received information earlier this month that Amazon had asked for construction work on three Bellevue projects to be stopped immediately for up to 24 months. According to previous reporting by The Registry, Amazon formally submitted plans at the end of 2020 for Phase II of Bellevue 600, its 553,910 square foot office tower located between 108th Ave. NE and 110th Ave. NE.
In addition, a source shared that Amazon is also stopping work on half of the tenant improvement work in Vulcan’s 42-story 967,500 square foot high-rise office project Tower 555 located at 555 108th in Bellevue. According to additional reports, Amazon is looking to pause work on as many as six towers totaling over 3 million square feet.
As for Wallace Properties, the company’s plans for Bellevue North Shopping Center add to an already relatively significant portfolio. Some of their assets include the 330 Building – located at 330 112th Ave. NE –, a nearly 24,000 square foot project; Washington Park, a nearly 99,000 square foot building located at 1407 and 1417 116th Ave NE; and the Loben building located at 1220 116th Ave NE.