Demolition Begins at The Spring District, a New Urban Neighborhood in Bellevue

BELLEVUE, Wash.--(BUSINESS WIRE)--

Wright Runstad & Company today announced commencement of construction of The Spring District, a high-density, transit-oriented mixed-use neighborhood that will add unique apartments, authentic retail and office spaces for the tech industry in the Bel-Red corridor. Wright Runstad & Company begins construction by demolishing the former Safeway warehouse located on the south side of the site, at the corner of NE 12th Street and 120th Avenue NE .

This is the beginning of a new kind of neighborhood in Bellevue, said Greg Johnson, President of Wright Runstad & Company. A neighborhood designed with walkable, pedestrian-friendly streets , urban parks, cool apartments and unique local retailers and restaurants is a big switch from the typical Eastside pattern of superblocks, national chains and car-based urban designs. Earlier this year one of the regions most successful residential developers, Security Properties, committed to develop the first 316 unit multifamily apartment project in The Spring District.

A neighborhood to attract and retain talent

The Spring District, developed by a joint venture of Wright Runstad & Company and Shorenstein, will incorporate residential and office buildings designed to help tech companies attract and retain the worlds best talent and meet residents expectations for a unique urban experience. The 36-acre development is centered on a light rail station which will connect Microsoft, to the east, with downtown Seattle, to the west. The 16 city blocks will feature commercial, residential and retail tenants, including hotels, restaurants and diverse local shops, with initial occupancy projected for late 2015.

In the war for talent, the built environment is a competitive advantage for companies looking to grow, said Johnson. It turns out that software developers want walkable neighborhoods, transit, easy commutes, interesting amenities and sustainable designs.

Shorenstein and Wright Runstad & Company have experience building both tech campuses and new urban environments, including Amazons original Seattle headquarters, the Twitter headquarters in San Francisco and Microsofts initial Redmond campus in 1986.

Construction of roads and utilities will begin immediately after demolition. A neighborhood marketing center will be completed and residential construction will begin in 2014 with a new urban park scheduled for completion soon thereafter. Occupancy begins in 2015. The first 491,000 square foot office project in the district is fully designed and entitled and is attracting strong interest from potential tenants looking for occupancy in late 2015 and early 2016.

Bellevue-based Broderick Group is the broker responsible for leasing the first two office buildingsin phase one of The Spring District. The fact that The Spring District is starting construction while all of its competitors are waiting speaks volumes about Wright Runstad and Shorensteins commitment to creating a new neighborhood, said Jeff Watson, principal at the Broderick Group. The ability to attract and retain the best talent is paramount for growing companies who increasingly view real estate as a potential competitive advantage, and The Spring District is now on its way to becoming a hub for innovative companies.

About The Spring District

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Demolition Begins at The Spring District, a New Urban Neighborhood in Bellevue