Is Bosa Planning A Second Condo Project in Bellevue, (Seattle)
I believe Bosa Development is planning a second condo tower in Bellevue. See the video below for more details and your first look at the property. The PSBJ broke a story last week about Bosa buying a piece of land across from their One88 construction site in Downtown Bellevue. According to public records, they paid $11,000,000 for the site that was formerly home to Sushi Maru.
A second condo tower in Bellevue would not be a big surprise to me at all. In March of this year, Bosa started pre-sales of their highly anticipated One88 project. They sold over 100 units in the first 3-4 weeks and at the time of this post, they only have 12 units available for sale (out of 143 units). According to a great contact of mine with the development team, they have also sold 6 units in the past 14 days. Here is a list of those sales.
- SOLD / Residence 1801 – $2,935,000 – 3 Bedroom + Flex
- SOLD / Residence 1701 – $2,895,000 – 3 Bedroom + Flex
- SOLD / Residence 1601 – $2,855,000 – 3 Bedroom + Flex
- SOLD / Residence 901 – $1,988,000 – 2 Bedroom + Flex
- SOLD / Residence 708 – $1,115,000 – 1 Bedroom
- SOLD / Residence 608 – $1,095,000 – 1 Bedroom
The timeline of the new project is still unknown, but my guess is that they could break ground as early as next summer/fall. They have made application with the city and at this point I don’t see any reason why Bosa’s Development won’t build the tower.
The other storyline on the Eastside is the labor market. Bellevue/Redmond have always been a home for major employers (Microsoft, Expedia, etc…). With Bellevue light rail nearing completion, I’ve noticed a significant uptick in labor activity and big announcments. For example, the lastest news is that Facebook may be looking to lease space at the much anticipated Spring District in East Bellevue. This is in addition to the 700,000sf they have already acquired in Redmond Washington – home to Microsoft for the last 30 years.
Light rail has to be factor for Bosa Development as well. Take a look at the Map.
The Downtown Bellevue light rail line, once completed will be just blocks away from the new project site. There are just too many good reasons to build condos right now – I think this decision by Bosa will certainly pay off.
For those of you looking to purchase a condo in the coming months, years, etc….Let me know if I can help. I’m rolling out a new condo purchase program in the coming months. It will aim to provide value for prospective condo buyers to get detailed, un-biased recommendations on all new condo projects coming to Seattle/Bellevue. I will continue to represent buyers as a broker, but this will add another layer of guidance and recommendations that can be given for a flat fee – this allows buyers to work with their current agents/contacts while getting a high level of service and expertise from my 15 years in the condo business. Stay tuned.