Alliance Residential Co. has closed a $35.5 million acquisition of a downtown Bellevue property on Main Street, where the company plans to build two multifamily developments, including the city's first for-rent senior living tower. In two transactions, BML Development Corp. of Medina sold the 1.3-acre site at 11100 Main St., according to sales affidavits that King County posted on Wednesday. Betty Tong is the head of BML, which bought the property four years ago for $18 million, according to public records.
Windermere Real Estate's Bellevue West office is in the circa-1980 office building on the property. The company said it has moved its office to a temporary space as it plans a longer-term location. A Windermere spokesperson said the company still is finalizing details of the permanent office, adding it’s premature to share information about it yet. Alliance Pacific Northwest Director Jeremiah Jolicoeur said the company will start construction in June on the 240-foot, 155-unit independent living tower, branded as Holden, and a 190-unit mid-rise luxury apartment tower, Broadstone Bellevue Gateway. Next door, at 121 112th Ave. NE, Alliance is nearing completion of a 136-unit assisted living and memory care mid-rise project, also called Holden. (Holden is Alliance's senior living unit.) The campus will have shared courtyards, water features, and public cafes in the Holden buildings.
The Alliance development is the first of a handful of large projects planned for the east side of downtown along the 112th Street corridor. Four more large projects are planned for north of Main. And the city plans to rezone the area south of Main to encourage similar development on the east side of 112th. Ankrom Moisan designed the under-construction building, Encore Architects designed the tower and Broadstone Bellevue Gateway. Alliance does its own general contracting.
In the Puget Sound region, Phoenix-based Alliance Residential has 388 units under construction and 808 in planning. The high-rise will be Bellevue's first for-rent senior living tower. The 17-story Pacific Regent Bellevue was built 34 years ago at 919 109th Ave. NE and it operates not as a rental but a continuing-care retirement community, where residents pay refundable entrance fees plus monthly service fees.
Windermere isn't the only real estate company being displaced by development in downtown Bellevue. A high-end condo tower called ParqHouse is planned at 305 108th Ave. NE, where a Compass office operates.