BELLEVUE, Wash.--(EON: Enhanced Online News)--Wright Runstad & Company today announced commencement of construction of The Spring District, a high-density, transit-oriented mixed-use neighborhood that will add unique apartments, authentic retail and office spaces for the tech industry in the Bel-Red corridor. Wright Runstad & Company begins construction by demolishing the former Safeway warehouse located on the south side of the site, at the corner of NE 12th Street and 120th Avenue NE .
“This is the beginning of a new kind of neighborhood in Bellevue”
“This is the beginning of a new kind of neighborhood in Bellevue,” said Greg Johnson, President of Wright Runstad & Company. “A neighborhood designed with walkable, pedestrian-friendly streets , urban parks, cool apartments and unique local retailers and restaurants is a big switch from the typical Eastside pattern of superblocks, national chains and car-based urban designs. Earlier this year one of the region’s most successful residential developers, Security Properties, committed to develop the first 316 unit multifamily apartment project in The Spring District.”
A neighborhood to attract and retain talent
The Spring District, developed by a joint venture of Wright Runstad & Company and Shorenstein, will incorporate residential and office buildings designed to help tech companies attract and retain the world’s best talent and meet residents’ expectations for a unique urban experience. The 36-acre development is centered on a light rail station which will connect Microsoft, to the east, with downtown Seattle, to the west. The 16 city blocks will feature commercial, residential and retail tenants, including hotels, restaurants and diverse local shops, with initial occupancy projected for late 2015.
“In the war for talent, the built environment is a competitive advantage for companies looking to grow,” said Johnson. “It turns out that software developers want walkable neighborhoods, transit, easy commutes, interesting amenities and sustainable designs.”
Shorenstein and Wright Runstad & Company have experience building both tech campuses and new urban environments, including Amazon’s original Seattle headquarters, the Twitter headquarters in San Francisco and Microsoft’s initial Redmond campus in 1986.
Construction of roads and utilities will begin immediately after demolition. A neighborhood marketing center will be completed and residential construction will begin in 2014 with a new urban park scheduled for completion soon thereafter. Occupancy begins in 2015. The first 491,000 square foot office project in the district is fully designed and entitled and is attracting strong interest from potential tenants looking for occupancy in late 2015 and early 2016.
Bellevue-based Broderick Group is the broker responsible for leasing the first two office buildings in phase one of The Spring District. “The fact that The Spring District is starting construction while all of its competitors are waiting speaks volumes about Wright Runstad and Shorenstein’s commitment to creating a new neighborhood,” said Jeff Watson, principal at the Broderick Group. “The ability to attract and retain the best talent is paramount for growing companies who increasingly view real estate as a potential competitive advantage, and The Spring District is now on its way to becoming a hub for innovative companies.”
About The Spring District
The Spring District is a new urban neighborhood in Bellevue mixing great spaces for living and working specifically designed to help tech companies attract and retain the world’s best talent. The high-density, transit-oriented mixed-use development represents a $2.3 billion dollar investment and will include 5.3 million square feet of office, residential and retail space, city parks, and diverse local retail. The initial portion of the first phase will include 316 units of apartments and 491,000 square feet of office space.
Wright Runstad & Company
Seattle-based Wright Runstad & Company develops, acquires, manages and leases high-quality commercial office buildings located primarily in the Pacific Northwest. The company has a 40-year history as one of the region's premier real estate development and operating companies, delivering outstanding property performance and superior investment returns. Wright Runstad & Company maintains an exceptional reputation among tenants and institutional investors for its demonstrated commitment to integrity and high levels of quality and service. Wright Runstad & Company is privately owned by three active principals of the company.
San Francisco-based Shorenstein Properties is one of the oldest and most successful private real estate investment companies active throughout the United States in the acquisition, development, ownership and management of office and mixed-use properties. Since its beginning in 1924, the company has evolved from a regional real estate operating company to an active national investor and manager of commingled institutional capital. Shorenstein provides asset management, leasing, property management and construction services to the properties in its portfolio through its wholly owned property services affiliate, Shorenstein Realty Services.
For over 40 years, Security Properties has provided both quality housing to its residents and excellent financial performance for its investors and partners. Since inception, Security Properties’ experience includes acquiring or developing 66,651 residential units exceeding $3.35 billion in cost across 461 assets. Today, Security Properties continues to maintain a focused multifamily strategy, acquiring and developing properties in select target markets. The multifamily strategy is supported by a vertically-integrated corporate structure with expert acquisition, development, construction, investment management, and property management teams in place.