Two car dealerships on Bellevue’s auto row are being replaced with over 3.6 million square feet of commercial and residential space. Led by KG Investment Properties (KGIP), the new development will be completed over three different phases. It will replace Energy Auto Sales and the Volvo dealership that currently occupies the space.
Once finished, the development will have a mid-rise and two high-rises reaching up to 46 stories tall. These three buildings will contain 1,400 residential units. There will also be an almost 1.5-million-square-foot office tower.
The two high-rises will be situated on either side of the Sound Transit light rail line near Wilburton Station. Eventually, Bellevue’s planned Grand Connection’s pedestrian pathway will also be located next to the development.
With the new mixed-use project, KGIP is carrying out a massive update to its Wilburton Village master development plan. Already, KGIP has two developments located to the south, Bellevue North and Bellevue South, comprising of a Trader Joe’s, a small Target, a PCC, and a Virginia Mason clinic.
During the first stage of the project, the existing car dealerships will be replaced with the mid-rise building, a 625-unit high-rise, and a parking lot for 800 cars. The second stage will be constructing the other residential high-rise, a 772-unit building in the property’s southwest corner. In the final phase, the office tower will be built. The tower will feature cascading terraces and 900 parking stalls.
With the new project, KGIP is getting another addition to its already significant real estate holdings. Currently, KGIP is the sixth-largest commercial real estate manager in the region, boasting 15 million square feet under management.
The transformation of Auto Row marks the next step in Bellevue’s transition toward a thriving urban core. For residents and businesses, it signals a new stage in the area’s walkability and livability.
This post was based on information found on Puget Sound Business Journal.
