From design approvals to groundbreakings to long-awaited proposals finally moving forward, the Eastside is seeing a surge of residential and mixed-use development activity. Bellevue and Redmond are at the center of it, driven by high demand, transit investment, and a rental market that remains among the most expensive in the state.
Bellevue holds the top spot as Washington’s most expensive rental market, with median one-bedroom apartments at just over $2,300 per month. That figure is down almost 11% from the prior year, a notable drop likely attributed to a combination of tech layoffs and an influx of newly completed units. Redmond and Kirkland round out the top three most expensive markets in the state. Washington’s median rent for a one-bedroom apartment sits at $1,546.
The new supply helping to soften Bellevue rents is already visible on the ground. Several apartment complexes have opened in the city over the past 18 months, including Nuovo, developed by SRM in partnership with Microsoft, and the 288-unit Bellevue Station in the BelRed neighborhood. More are on the way.
Construction is now underway on the 304-unit Alexan Eastgate building at 14200 SE 32nd St. in Bellevue. The Broadstone 200 project recently received design review approval from the city for a 304-unit development at 200 112th Ave. NE.
On the Redmond-Bellevue border, one of the area’s most closely watched development sites is finally making moves. The 14-acre Overlake Seritage property (the former site of a Sears store) is now actively seeking proposals for a large-scale, mixed-use development. Situated less than half a mile from the Overlake Village light rail station and minutes from Microsoft’s headquarters, the site offers up to 1.05 million square feet of buildable space. About 100,000 tech jobs are located within three miles.
The development is envisioned as a walkable urban village with multifamily housing, ground-floor retail, and pedestrian amenities including parks and open spaces. If the development proceeds as anticipated, the project could break ground as early as 2027, with the development agreement vested through 2039.
Several other projects are taking shape nearby. The Bel-Red Master Development, proposed by the owners of the Space Needle, has plans for seven multifamily buildings ranging from seven to 12 stories with almost 1,200 units, along with a lab and research building. Additional developers have also bought properties within walking distance.
The current pipeline points to an Eastside market that is actively building toward its next chapter. With its needs for density near new transit options and proactive response to housing demand, the city is attracting developers from across the country and beyond.
This post was based on information found on Puget Sound Business Journal, Puget Sound Business Journal, Puget Sound Business Journal, and Downtown Bellevue Network.
