curtesy of Sound Transit : https://www.youtube.com/watch?v=fF-Di9uGKZc
curtesy of Sound Transit : https://www.youtube.com/watch?v=fF-Di9uGKZc
East Link Extension Alignment
Spring District | Bellevue, WA
SOUND TRANSIT
Fourteen miles long, East Link includes 10 stations from Seattle's International District to Judkins Park, across I-90 to Mercer Island and South Bellevue, and through downtown Bellevue and the Bel-Red area to Redmond Technology Station. When East Link opens , passengers will be able to ride almost 40 miles of fast, from the Eastside to downtown Seattle and Northgate and to Sea-Tac Airport and Angle Lake.
FACTS
OPENS: 2024
LENGTH:14 miles; 10 stations
SERVICE: Every 8 minutes in peak hours.
PROJECTED TRAVEL TIMES:
-
Mercer Island to University of Washington: 20 minutes
-
South Bellevue to Sea-Tac Airport: 50 minutes
-
Redmond Technology to Bellevue Downtown: 10 minutes
PROJECTED RIDERSHIP: 43,000 – 52,000 daily riders by 2026*
THE VISION
Spring District | Bellevue, WA
BelRed sits within a clearly defined boundary with i-405 to the east, SR 520 on the north, and BelRed Rd closing off the south.
The 900-acre area accounts for more than a quarter of Bellevue's industrial land.
The Bel-Red area (named for its location along Bel-Red Road between the city centers of Bellevue and Redmond) was originally developed in the 1960s for light industry, as well as some pockets of commercial and office development.
In 2005, with businesses moving out of the area the city government began a planning study that reexamined existing zoning the Bel-Red area. The Bellevue City Council adopted a rezone of the Bel-Red area in 2009, allowing for buildings up to 13 stories tall, approximately 150 feet, as well as mixed-use development incorporating residential units and retail.
Now, almost a decade later and with construction well underway on East Link and Spring District, the city is reviewing the plan and land use code to determine if they are meeting their desired outcomes.
ADVANCING THE VISION
The City of Bellevue presents their vision and plan to the Advisory Board of the Runstad Department of Real Estate, University of Washington
DEVELOPING SPRING
curtesy The Spring District: https://thespringdistrict.com/
WRIGHT RUNSTAD
In December 2007, Seattle-based real estate developer Wright Runstad unveiled plans for a transit-oriented urban village named the "Spring District" to be located in the Bel-Red industrial area.
A master plan for the Spring District was unveiled by NBBJ in 2008,] taking inspiration from the Pearl District in Portland Oregon, and was approved by the City of Bellevue in 2012.
Demolition of a former distribution center on the site began in September 2013. Construction of the first phase, consisting of two apartment buildings, began in June 2015 and finished in 2017. The full development is anticipated to be completed by 2028, adding 5.3 million square feet of housing, office space and retail to the area.
UNDER DEVELOPMENT
CURRENT PROPERTIES UNDER DEVELOPMENT IN THE SPRING DISTRICT
Northup Vicino
Holland Partner Group
402 Units | 9 Stories
Retail on Site*
01.
COMING FALL 2023
02.
Block 5
Spring District
1615 123rd Ave NE - Block 5
11 Stories
331,837: SF RBA
Available SF: 0
Leased by Meta
03.
Block 6
Spring District
1646 123rd Ave NE - Block 6
11 Stories
325, 000: SF RBA
Available SF: 0
Leased by Meta
04.
Block 13
Spring District
1325 123rd Ave NE - Block 13
9 Stories
218,000: SF RBA
Available SF: 0
Leased by Meta
05.
Big 1
Ra Little Holdings
13000 NE Bel Red Rd
COMING FALL 2023
173 Units | 7 Stories
06.
Copal
Legacy Partners
1525 132nd Ave NE
COMING SECOND QUARTER 2025
288 Units | 8 Stories
07.
Ondina
Vulcan
13238 NE Spring Blvd
COMING FIRST QUARTER 2024
249 Units | 8 Stories
AGM Real Estate
Spring District | Bellevue, WA
AGM’s “one thing” has been to focus on the Spring District, seen as the next explosive growth/sales area within Bellevue. AGM acquired the 2100 building in 2013, at the entry to SR 520 on 124th and Northup, the Gateway to the Spring District; and occupied the property for 8 years.
AGM doubled down in 2020 by acquiring NorthPark Business Park, catty corner to the original corner, where management remains located today.
For the past 10 years, AGM has tracked and remained very active within the Spring District, completing 21% of the transactions for a total sales volume of $315 million.
Summarizing a few observations:
$1.7B Sales Volume Year & Category
191 Transactions
Over Ten Years
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Spring District Sales between 2013 - 2022
Spring District Sales between 2013 - 2022
Spring District transactions over the past ten years displayed by year and category:
Owner User, Investment and Development.
$1.7 billion sold over 191 transactions during 10 years: approximately 19 transactions on average per year.
Average Price/SF Land - Development
Average Price/SF Building - Investment
Average Price/SF Building - Owner / User
Off-Market Sales by Category
AGM Sales
On & Off Market
Spring District Sales between 2013 - 2022
Approximately 40% of the transactions take place “off market”
Spring District Sales between 2013 - 2022
Over the past 10 years 21% of the transactions are completed by AGM/Lee; $315 million of the $1.7 billion worth of transactions, with a high transaction total in 2015 with nearly $100 million transacted.
THE SPRING REPORT
10 YEARS IN THE SPRING DISTRICT | OBSERVATIONS
SALES ACTIVITY
& FOCUS
TRENDS
The sales activity and focus has moved between the product types but remained very consistent.
The gross sales value was approximately the same the first half of the decade compared to the second half at $850 million.
Although the number of sales dropped from 112 in the first half to 79, led by 3 of the lowest number of transaction years.
The number of transactions moved from owner user sales to development targeted sites. Owner users were approximately a third of the total where development increased by 3 times.
Land sales have doubled in value, starting under $100/sf moving to over $200/sf
Property values in Spring have increased significantly over ten years: Investment values by 85% and Owner User by 250%.
Interest in investing in the Spring District remains as strong as ever.
Developers activity / number of sales will slow as land values, construction costs and interest rates are high; especially if sellers stay firm on pricing.
Over the past ten years 21% of the transactions are completed by AGM/Lee; $315 million of the $1.7 billion worth of transactions, with a high transaction total in 2015 with nearly $100 million transacted.
Continuing the trend, half of Spring District's transactions will take place off market.
The price for Owner Users is high: the number of transactions will continue to slow or pricing will need to decline.