Construction is moving forward for a new apartment project in Bellevue's newest neighborhood, the Spring District. The Puget Sound Business Journal recently reported Security Properties is moving forward with the second phase of their $210 million Sparc apartment project in the district.
According to the Puget Sound Business Journal, the Seattle-based Security Properties paid "just over $8.3 million for nearly 2 acres of land, where it will build 279 units" in the second phase of this project. Their first phase is scheduled to be completed next spring with 309 units along with 15,000 square feet of commercial space. This is all in addition to the 220-unit project also in the Spring District from Chicago-based AMLI Residential.
With the central location to some of our region's biggest tech companies and easy access to freeways and the new light rail station, the Spring District is anticipated to be a huge asset to Bellevue and the rest of the Eastside.
The mixed-use redevelopment of the warehouse district will carry many benefits for Bellevue. According to the PSBJ, the Spring District at the southeast quadrant of I-405 and SR 520 will have office and retail space with parks and a new light-rail stop. The Global Innovation Exchange – a partnership between the University of Washington, China's Tsinghua University, and Microsoft – made headlines last year with the announcement of their space in the district.
Read the full article for more information on the Puget Sound Business Journal.
Are you ready to buy a home and qualify for the VA loan? Let me help you out! As a local real estate broker in Bellevue, WA and a Veteran of foreign wars, I am committed to help you find the home you deserve through the VA loan.