Bellevue is building for the future. The cavalcade of construction cranes across downtown is a measuring stick for the success and status that awaits this already rich and vibrant city.
The headlines have touted the 2023 arrival of Link light rail that will shuttle passengers to and from their Eastside offices. Mostly under construction, the offices will tower high and far for workers in the tech, health-care and financial-services sectors, not to mention the many hospitality workers who will assist people in making Bellevue a prime living destination.
Those who want to be in the middle of it all are snapping up condos almost as fast as they can be envisioned. That includes the two-structure landmark towers under construction at the corner of Northeast 8th Street and Bellevue Way Northeast, just north of Bellevue Square Mall.
Avenue Bellevue – from Fortress Development, Bellevue’s own, Seattle architectural firm Weber Thompson and global interior design firm Hirsch Bednar Associates – is one of the biggest and boldest endeavors this city has ever seen. Not yet out of the ground (as of this writing), it is already producing the energy and buzz of a residential community in a cosmopolitan hub such as Vancouver or Miami.
That might have something to do with hints of Frank Lloyd Wright or Frank Gehry influences in the 26-story Estates tower. Weber Thompson consulted with noted Feng Shui expert Huang Dao to ensure the exterior possessed rounded edges that will create positive energy and spirit throughout the community.
Avenue Bellevue will assuredly be a magnet for living, retail and culinary experiences. The Estates (South tower) will feature 141 ultra-luxe suites and 220-plus-room InterContinental Bellevue at Avenue hotel. Immediately west, Avenue Bellevue’s Residences tower will be home to 224 luxury condo units within 25 floors.
The large footprint will also be home to a fresh-food market, high-end restaurants and several boutiques that will highlight exclusive goods from around the world. These are the amenities Bellevue and the people who live and work there demand.
In addition, residents will have special access to building-specific offerings. They include classic amenities such as 24/7 concierge services, fitness and yoga centers, spin room, dog run/wash station, lounge area and kitchen, outdoor seating with grilling and dining area, game room and meeting areas. Residents in the Estates receive the white-glove treatment, with access to hotel room service, house cleaning, valet service and complimentary short-distance car service in a Rolls Royce.
Owners in either building will have at least two palette options when purchasing new, adopting tones that are both muted and tasteful and complemented by the floor-to-ceiling windows and balconies. Open kitchens, marble and porcelain tile baths, and space-efficient closets have the fit and finish of something akin to an Alessi coffeemaker – crafted to perfection, innovative and elegant. That may be because Avenue Bellevue selected only Europe’s best – noted Italian makers of kitchen cabinetry and space-saving closets, as well as soft-edged bathroom fixtures, furniture and faucets that bring a level of sophistication to every space. Appliances from German brands Gaggenau and Bosch and America’s own, Whirlpool, ensure a well-run, energy-efficient home.
Seeking to stand out from the rest? Avenue Bellevue offers a smart-home tech upgrade from Crestron in the Estates homes, meeting sophisticated residents at the forefront of home automation. Seamless and well-crafted kitchen organizer systems are also available to Estates owners.
While there are no guarantees, owners above the eighth floor should have unobstructed views for years to come. Weather permitting, stunning views of mountains, water and city life beneath are almost assured.
Interested parties are asked to put a 5% deposit on the Residences home and 10% down on a home in the Estates. The expectation is that buyers will follow established timelines to complete the full purchase. More than 40% of the Residences inventory, including many lower-floor units, has been sold (June 2021), with the one-bed, 1.5-bath and den being the most popular choice. And 20-plus percent of Estates homes have been sold – phenomenal progress on a community that is still well more than a year away from opening.
Prices at the Residences start in the mid-$900,000s for an interior studio and reach about $2.65 million for a two-bedroom home. At the ultra-luxury Estates, studios start at $874,000, with two-bedroom homes beginning at $2 million, and three-bedroom penthouses fetching up to $8.875 million. Both buildings also have one-bedroom homes.
Each unit with a bedroom comes with parking. Higher-priced, two-bedroom homes include the option to purchase a second space for an additional $79,000 or about $95,000 for a space with electric-charging capabilities – but EV stations are limited. Personal storage units are also extra.
There is no formal rental cap on either building and the expectation is for both Residences and Estates to have a high concentration of owners enjoying their new homes as primary and secondary residences. Developers for Residences will be watching the rental/ownership ratio carefully to ensure owner-occupancy rates do not fall below a level that could make getting a mortgage more difficult.
While many have already paid all cash for their homes, buyers can choose from their own mortgage provider or work with Avenue’s preferred lenders Caliber Home Loans and Home Bridge Financial Services. (Mortgage interest rates tend to be higher in a condo building that shares space with a hotel. Ask your lender.)
If all goes to plan, Avenue Bellevue will welcome its first residents in the first quarter of 2023.
Distinctively designed in a vibrant setting, Avenue Bellevue offers landmark buildings at a landmark moment in this great city’s history.
Contact me to learn more.
(This blog post is not a paid endorsement of Avenue Bellevue. It is an opportunity to provide fresh insights into local real estate developments from the perspective of a real estate professional living and working in King County.)