1801 130Th Ave NE Bellevue, WA 98005
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Development Opportunity | Offering Memorandum th Bellevue, WA 98005 1801 130 Ave NE Jeff Kaiser, CCIM | Senior Vice President | +1 425 453 3145 | [email protected] 28,235 SF lot ideal for re-development into apartments or condos. WATCH VIDEO Table of Contents Executive 03 Summary 07 Site 15 Financials 18 Comparables Location 22 Overview Executive Summary Offering Memorandum 1801 130th Avenue NE Executive Summary Colliers International is proud to present 1801 130th Ave NE, a premier .65-acre, Bel Red Corridor development site. Property Details The Bel Red Corridor is a 2-mile long stretch of land containing roughly 910-acres connecting Address 1801 130th Ave NE, Bellevue, WA downtown Bellevue with the Microsoft Corporation’s Redmond campus. Price Best Offer In 2009, the City of Bellevue approved an up-zone of this entire corridor, vastly increasing the massing potential for future development. Subsequent 2011 Sound Transit approval Building Area 8,743 SF by the FTA of its East Link light rail project routed through the corridor and scheduled to Year Built 1973/1990 Effective open to the public in 2023 has created new development opportunities within the rail corridor and development “nodes” surrounding the stations. Construction Type Frame Zoning BR-RC-1 Since the City has nearly expanded downtown to its maximum capacity, the Corridor has begun its expected infill, as the light rail approaches its 2023 projected opening. The Maximum Building Height 150’ City of Bellevue continues to improve other transportation and infrastructure through a Maximum FAR 4.0 series of major public facility improvements as a part of its seven-year 2021-2027 Capital Investment Program Plan. The adopted 2021-2027 CIP earmarks more than $650 million Lot SF .648 acres (28,235 SF) of transportation, parks and utilities investments the coming years. Parcel # 282505-9228 The site is located within easy walking distance (approximately ¼ mile) of two future light Parking 46 spaces (5.26/1,000 SF) rail stations. One is in the nearby 35-acre Spring District whose major tenant is Facebook with around 1.3 million square feet of existing and under construction office space. TSD Due Diligence Files Listing Lab is also home to GIX or Global Innovation Exchange which is a UW Master of Science in Technology University, and around 800 newer apartments. 1801 130th Ave NE enjoys the highest and best zoning within Bel Red, known as BR- Residential Commercial -1 (BR-RC-1). Through participation in the City of Bellevue’s FAR A sample massing study has been prepared at the request of the current Amenity System, the site may enjoy a maximum 4.0 FAR with a 150’ maximum building owner revealing the potential for development of 100-120 residential units. height, and 75% maximum impervious surface /lot coverage. All leases may be canceled upon sale, with 2 months notice to tenants. 1801 130th Avenue NE Offering Memorandum | Executive Summary | 4 The Bel-Red Corridor Bellevue has become a high-technology and retail center on the eastside family development is ongoing. There is also a completed creative office building of Lake Washington, with approximately 140,000 job opportunities. A that is fully leased as a school in partnership with UW and Tsinghua University (a diversified mix of industries exists in Bellevue, with retail and service sectors Chinese University) known as the Global Innovation Exchange or GIX. being the most prominent. In the service sector, a high concentration of real estate companies, engineering firms, financial institutions and accounting Traditionally the Bel-Red area has been Bellevue’s industrial neighborhood. As firms are based in the city. There are many high-technology firms in Bellevue the older properties get redeveloped to higher uses, the industrial supply in with market incursions in software development and network services. Bellevue has significantly declined in the last 10 years. Companies in the city include Microsoft, Puget Sound Energy, Valve, Apptio, Other notable developments include Block 16, Block 24, and Block 6 of the Spring Concur Technologies, Bungie, Eddie Bauer, Symetra, T-Mobile, and PACCAR. District, which will have over 850,000 SF of office, all of which is preleased to The city has numerous commercial districts, including three high-end Facebook. Eight acres within the Phase II area will be improved with the new shopping centers aside from Bellevue Square: Factoria Mall, Crossroads REI headquarters that was anticipated to accommodate up to 3,000 employees. Mall and the Overlake Shopping District. However, in light of the pandemic, REI has since decided to sell their Spring Both Bellevue and Redmond are developing master planned, transit- District Headquarters. Facebook recently purchased the REI property for $368 oriented communities around their proposed light rail stations. As part of million. this planning, zoning in the area was significantly upgraded several years In addition to Facebook activity in the Spring District, there had been ago with denser multi-family residential and commercial uses which are announcement that Amazon will be expanding its presence in Bellevue. In April likely to slowly transform the neighborhood. Industrial uses have been 2019, Amazon announced a major expansion to downtown Bellevue. zoned out of most of the neighborhood. It is anticipated that Amazon will occupy almost three million SF of office with The Bellevue mixed use light rail development is known as the Spring District. about 25,000 employees in Bellevue by 2023. It is a master planned community on a 36-acre site that has been approved for phased construction of a transit-oriented mixed-use neighborhood anchored by a new light rail station on its north end. When complete, the mixed- use development will contain over 1,000 units of multifamily residences concentrated on the southern portion of the site (Phase 1), 3.7 million sf of commercial buildings, a hotel with conference room facilities, and 160,000 sf of accessory retail at the base of most of the buildings. Additional amenities include 2.3 acres of parks, plazas, and open space. Allowed building heights within the Spring District range from 125’ on the south end to 150’ on the north end closer to the proposed light rail station. Thus far, market demand has resulted in the proposed and currently under construction buildings not reaching the maximum heights or FAR allowed. However, within the master plan area, excess development potential can be transferred across lots, so maximum potential for the Spring District Site overall may still be met. A map of the planned phases is shown above. The blue represents Phase 1, green is Phase 2 and the orange is Phase 3. Demand for the sites in the Spring District has resulted in investor optimism for the success of this property as well as the Bel-Red Corridor overall. On the SW corner of the district, multi- 1801 130th Avenue NE Offering Memorandum | Executive Summary | 5 The Bel-Red Vision BELRED CORRIDOR Figure 1.1 THE BELRED CORRIDOR PLAN Street Typologies and Development Standards 2011 3 1801 130th Avenue NE Offering Memorandum | Executive Summary | 6 Site Offering Memorandum 1801 130th Avenue NE 35TH 150TH 34TH 119TH CITY OF BELLEVUE 126TH 131ST 134TH 36TH 33RD 32ND 34TH 129TH Bel-Red Zoning 157TH 142ND 156TH 116TH 148TH Bel-Red Subarea 115TH 30TH 31ST 125TH 31ST T ! Planned Light Rail Stations 128TH 135TH 137TH 30TH NORTHUP ! Planned Park Facilities 122ND T Planned New Streets Planned New Trail Connections 28TH 27TH 28TH Ri parian Greenway Opportunity Areas 26TH Bel-Red Zoning 29TH 151ST 25TH 152ND BR-Commerical Residential (BR-CR) 24TH BR-General Commercial (BR-GC) 24TH W 23RD BR-Medical Office (BR-MO) e s t T BR-Medical Office-1 (BR-MO-1) r ib k C ree BR-OR BR-Office Residential (BR-OR) re C BR-RC-3 ek y le BR-R 520 l a BR-Office Residential-1 (BR-OR-1) V 21ST BR-GC !M2 BR-Office Residential-2 (BR-OR-2) BR-GC 21ST !C1 BR-OR BEL RED BR-Office Residential Transition (BR-ORT) 20TH BR-CR 112TH 20TH BR-Residential (BR-R) BR-RC-2 19TH BR-Residential Commercial-1 (BR-RC-1) 127TH !M1 BR-Residential Commerical-2 (BR-RC-2) BR-OR-2 BR-CR 153RD 120TH BR-Residential Commercial-3 (BR-RC-3) BR-MO !CP 132ND k 140TH 18TH BR-R e Medical Instituitional (MI) N3 e Highland ! r BR-RC-1 C Park BR-ORT 17TH y e 15TH ls Subarea plan adopted 2/17/2009 Ordinance No::5858 124TH T e MI T K 16TH !N1 Zoning adopted 5/18/2009 Ordinance No:5874 TT 130TH N4 BR-OR-1 ! BR-ORT 12TH BR-RC-2 15TH For more information contact: Paul Inghram H Phone: 425-452-4070 M3 BR-OR BR-MO-1 ! !N2 Legend E-mail: [email protected] BR-R 12TH Bel-Red Zoning BEL RED !T Planned Light Rail Stations BR-Commerical Residential (BR-CR) LakeLake G 11TH off 141ST Bellevue !G Creek BR-General Commercial (BR-GC) Bellevue BR-CR 139TH ! Planned Park Facilities BR-Medical Office (BR-MO) Planned New Streets147TH 10TH 134TH 136TH BR-Medical Office-1 (BR-MO-1) BR-GC 116TH Planned New Trail Connections 9TH 118TH BR-Office Residential (BR-OR) T 126TH Ri parian Greenway Opportunity as 119TH 8TH BR-Office Residential-1 (BR-OR-1) 156TH 123RD 144TH BR-Office Residential-2 (BR-OR-2) 8TH 146TH 7TH BR-Office Residential7TH Transition (BR-ORT) 6TH BR-Residential (BR-R) BR-Residential Commercial-1 (BR-RC-1) 129TH 6TH 5TH 122ND BR-Residential Commerical-2 (BR-RC-2) Location Within City 5TH 150TH BR-Residential Commercial-3 (BR-RC-3) 4TH 4TH Medical Instituitional (MI) 3RD The information on this map is a geographic representation derived from the City of Bellevue Geographic Information System.