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Bellevue Towers – Smooth Sailing in a New Direction

February 16, 2011 by  
Filed under Featured, Land Use, Puget Sound Region

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Over the first few days of January, news broke that Bellevue Towers, the Eastside’s largest condominium development, was avoiding foreclosure by transferring ownership of all its unsold units back to its lenders. Six weeks later, we thought we’d check in to see how things were going.  We are happy to report that things are going well!

Here’s a quick history:  Portland-based developer Gerding Edlen began the Bellevue Towers project in January 2007, the majority of funding coming from a consortium of lenders led by Morgan Stanley.  This 1.25 million sq ft complex is comprised of two 42 and 43-story towers containing a combined number of 539 condo units, plus 16,000 sq ft of ground-floor retail space, all located at 106th Ave NE and NE 4th St in downtown Bellevue. 

By early 2008, one-third of the units were presold… then came the financial freefall that September.  When Bellevue Towers was ready for occupancy in early 2009, many presold buyers either couldn’t or wouldn’t close—just in time for the consortium loan to mature. The consortium started picking up the bills shortly thereafter, until word came out in January 2011 that with only 118 of 539 units sold, all remaining inventory was going back to the consortium in order for Bellevue Towers to get a better financial footing and a fresh start.

BT_ExteriorWith cuts averaging 30 percent off original pricing, it seems that the new direction is taking off.  As of February 14th, 26 units have either been sold or are pending, 13 are in the offer stage, and 10 others have strong buyer interest.  And, as we were speaking with them, one of those 10 with strong interest was being written up as an offer!  More telling, however, is Bellevue Tower’s traffic.  In January, 783 interested buyers came through the complex, the best turnout since the entire run of the project!

Bellevue Towers has much to offer.  It features a wide range of views from Mount Rainier, to Lake Washington, to the Olympic Mountains.  You’ll get spacious interiors with high ceilings, glass window walls, high-end appliances and finish materials of sustainable hardwoods and stones. Speaking of sustainable, Bellevue Towers was the first residential high-rise in Bellevue to receive LEED Gold certification from the U.S. Green Building Council.  

Bellevue Towers’ amenities include a fitness center and spa, dining room, screening room, reading room, and a grand room for entertaining and events.  Its ground floor level contains shops and restaurants including Purple Cafe and Wine Bar, Barrio and Lot No. 3.   Bellevue Square is a short walk away, with easy commutes to Microsoft’s main campus and Downtown Seattle. 

Bellevue Towers has graciously supplied us with the latest pricing list link that you can access below.  They are subject to change, so if you’re interested in more information on Bellevue Towers, or in scheduling a private tour, please contact us at this Stroupe Group link.   

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Photos of Bellevue Towers Topping Off

May 16, 2008 by  
Filed under Bellevue Towers

Although the Eastside isn’t our primary focus, condos and high-rise towers are. Therefore, we couldn’t help but to share these impressive photos of Bellevue Tower we received from Nyhus. Even though nobody from our team was able to make it, an Account Executive with Nyhus provided us with a couple of highlights from the event.

More than 40 people attended the topping out event yesterday, including buyers, Mayor Degginger and members of the development team.

When our guests arrived at the 43rd floor, Scott Eaton, Principal with Gerding Edlen Development, developer of Bellevue Towers, thanked everyone for coming. In his welcome, Eaton recognized the development team for their leadership in bringing this project to life and he thanked the future residents in attendance, who he said are the early adopters of a new lifestyle option–living in downtown Bellevue. It is a lifestyle Eaton predicted will only become more popular as downtown Bellevue continues to grow. Eaton said Eastside community leaders showed they had great vision when they recognized the opportunity to create a great residential neighborhood, expanding upon the city’s success in focusing on office and retail uses for so many years. He talked about the comprehensive, community visioning process for downtown a few years ago, which led to the establishment of an entertainment district well as zoning changes allowing for ambitious, creative new developments, all of which is furthering Bellevue’s emergence as a real city.

Eaton then introduced Bellevue Mayor Grant Degginger, who he thanked for helping to steward Bellevue’s success. Mayor Degginger talked about the excitement that is being generated by all the development happening in Bellevue, and he credited Bellevue Towers’ future homeowners for being a part of the city’s downtown transformation.

Then, on a signal from Eaton, the north tower crane operator flew in the final bucket of concrete, which the project team released into the forms for the final slab on the top floor and glasses were raised for a champagne toast. Many guests lingered; taking in the view, chatting with their neighbors and members of the project team, and signing their names in the fresh concrete. Following the topping out ceremony, guests were treated to a special tour to see interior finishes going into some of the units that will be ready for occupancy in November 2008.

Photos

…guests gathering on the top floor of the South Tower for the event.

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…bucket of concrete being flown in by the north tower crane operator.

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Gerding Edlen Development Principal Scott Eaton recognizing the development team and thanking the future Bellevue Towers homeowners, who he called the early adopters of a new lifestyle option, that of living in downtown Bellevue, which he predicted would only grow in popularity as Bellevue grows.

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Mayor Grant Degginger making a short speech about the bright future for downtown Bellevue, which continues to attract investment, jobs and residents, making it a thriving city.

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Bellevue Towers will be home to 540 eco-luxury residences, a Purple Café and Wine Bar and other restaurants.  Other amenities include a 25,000 square foot urban garden, a private screening room, a large dining room with terrace and kitchen, a fitness center, a spa and sun deck, and a library and great room that open to an expansive outdoor terrace and fireplace.  Additionally, each building will have its own 24-hour concierge service.  Bellevue Towers is seeking LEED Gold certification for environmental sustainability and is the tallest residential-only development in the region.  It is also the only local project to be developed by the national leader in green buildings, Gerding Edlen Development.  More information is available online at www.BellevueTowers.com.