Bellevue Development News

[just4ivaylo]

Originally Posted by LCIII

There are a ton of condos left over too, right? Bellevue Towers are only 50% sold, correct?

A little bit over 50% by now, I'd guess, but not much.

http://www.marketwatch.com/story/bel...old-2012-02-01

[LCIII]

270 high priced condos is a lot in my book.

[just4ivaylo]

Originally Posted by LCIII

270 high priced condos is a lot in my book.

Yes, but that's a lot less than there were for sale before. For some reason, I was expecting more of them to be sold by now.

[BellevueBoy]

This mid-rise project got approved today.
http://www.bellevuewa.gov/pdf/land%2...Apartments.pdf

Nice looking infill project and great location across from the park.

[CityView Jim]

Good to know! So little coming out of Bellevue these days.

[CrazyAboutCities]

I like the design of this building.

[BellevueBoy]

Originally Posted by CityView Jim

Good to know! So little coming out of Bellevue these days.

Yeah it's definitely been quiet the last couple years after the huge boom of the mid to late 2000's. I am hoping to see some of the smaller projects like this one get started in the next year or so but I don't expect to see any of the massive projects like Lincoln Square II or the Tateuchi Center start anytime soon.

[InlandEmpire]

I really like that design! That's a nice location too.

[LCIII]

Schnitzer West says Bravern sale is close
psbj

The sale of Schnitzer West Schnitzer West Latest from The Business Journals The Bravern retailers trending up, with sale impendingBuyers circling luxury retail centerShops at the Bravern put up for sale Follow this company ’s The Shops at the Bravern, which opened in Bellevue in the fall of 2009, is close to being a done deal.

Schnitzer West LLC founder and managing investment partner Dan Ivanoff says the sale is likely to be completed before the end of March. He will not reveal the buyer, but he does say, “This is a best-in-class, luxury-type retail buyer, and very entrepreneurial.” PSBJ’s Jeanne Lang Jones wrote about the impending sale of this luxury retail shopping center in November of last year.

[BellevueBoy]

Originally Posted by LCIII

Schnitzer West says Bravern sale is close
psbj

The sale of Schnitzer West Schnitzer West Latest from The Business Journals The Bravern retailers trending up, with sale impendingBuyers circling luxury retail centerShops at the Bravern put up for sale Follow this company ’s The Shops at the Bravern, which opened in Bellevue in the fall of 2009, is close to being a done deal.

Schnitzer West LLC founder and managing investment partner Dan Ivanoff says the sale is likely to be completed before the end of March. He will not reveal the buyer, but he does say, “This is a best-in-class, luxury-type retail buyer, and very entrepreneurial.” PSBJ’s Jeanne Lang Jones wrote about the impending sale of this luxury retail shopping center in November of last year.

That's good to hear. Schnitzer was a little over their head when they decided to build a massive retail component at the Bravern.

Actually they made several blunders:
-Removing the hotel component of the condo towers. For years the convention center has desperately needed an adjacent hotel but Schnitzer got greedy during the condo boom and wanted a piece of the pie. A hotel would've also provided the shops and restaurants with a constant flow of patrons.

-Branding the complex as high-end only. This really limited the # of potential tenants and because of the retail mix they have, foot traffic is very low there. Even during the holidays the place is a ghost town.

-No outdoor seating for restaurants. When they were designing the complex, they talked at length about it being inspired by European shopping promenades. One of the reasons those promenades are so lively is because of outdoor cafes and restaurants. The two existing restaurants at the Bravern, Wild Ginger and John Howie Steak, have zero street presence at all and are totally closed off from the rest of the complex.

Luckily, despite these oversights the complex is still at close to capacity and hopefully this new owner will be able to bring some innovative ideas

[just4ivaylo]

Originally Posted by BellevueBoy

That's good to hear. Schnitzer was a little over their head when they decided to build a massive retail component at the Bravern.

Actually they made several blunders:
-Removing the hotel component of the condo towers. For years the convention center has desperately needed an adjacent hotel but Schnitzer got greedy during the condo boom and wanted a piece of the pie. A hotel would've also provided the shops and restaurants with a constant flow of patrons.

-Branding the complex as high-end only. This really limited the # of potential tenants and because of the retail mix they have, foot traffic is very low there. Even during the holidays the place is a ghost town.

-No outdoor seating for restaurants. When they were designing the complex, they talked at length about it being inspired by European shopping promenades. One of the reasons those promenades are so lively is because of outdoor cafes and restaurants. The two existing restaurants at the Bravern, Wild Ginger and John Howie Steak, have zero street presence at all and are totally closed off from the rest of the complex.

Luckily, despite these oversights the complex is still at close to capacity and hopefully this new owner will be able to bring some innovative ideas

I'd add one more thing: it's really in the middle of nowhere. Besides the fact that it's close to 405, I wouldn't have put such a large investment in that area. Those shops and Neiman Marcus should have been closer to Bellevue Square. There's no way in hell most people would walk from Bellevue Square to the Bravern. Perhaps that was the point...however, Bellevue Square also has many shops that cater to extremely rich clientele...and perhaps the shops at the Bravern could have cashed in on that had they been closer to the mall.

[BellevueBoy]

Originally Posted by just4ivaylo

I'd add one more thing: it's really in the middle of nowhere. Besides the fact that it's close to 405, I wouldn't have put such a large investment in that area. Those shops and Neiman Marcus should have been closer to Bellevue Square. There's no way in hell most people would walk from Bellevue Square to the Bravern. Perhaps that was the point...however, Bellevue Square also has many shops that cater to extremely rich clientele...and perhaps the shops at the Bravern could have cashed in on that had they been closer to the mall.

Yeah I agree, but that is more out of their control. I think the Washington Square site would've been perfect for a development like the Bravern.

[BellevueBoy]

I think it's time to finally update the first page. All the projects listed under "u/c" are now complete. Currently there's nothing under construction right now in downtown Bellevue unless you count the new parking garage for the library

[Bond James Bond]

Originally Posted by BellevueBoy

I think it's time to finally update the first page. All the projects listed under "u/c" are now complete. Currently there's nothing under construction right now in downtown Bellevue unless you count the new parking garage for the library

Yeah I got some editing to do. Don't worry I'll get around to it soon.

[Bond James Bond]

Originally Posted by BellevueBoy

I think it's time to finally update the first page. All the projects listed under "u/c" are now complete. Currently there's nothing under construction right now in downtown Bellevue unless you count the new parking garage for the library

OK I finally did it.

[LCIII]

Bond-



http://www.skyscrapercity.com/showthread.php?t=1491131

What about this one?

[Bond James Bond]

^
Done!

[LCIII]

[LCIII]

NYC LLC pays $79M for Bravern's retail
By JOURNAL STAFF


The Shops at the Bravern sold yesterday for $79 million, public records show. The buyer is listed as a limited liability company with a New York City address.

[BellevueBoy]

Originally Posted by LCIII

NYC LLC pays $79M for Bravern's retail
By JOURNAL STAFF


The Shops at the Bravern sold yesterday for $79 million, public records show. The buyer is listed as a limited liability company with a New York City address.

Seems kind of low for a shopping center that contains a Neiman Marcus. Hopefully this new owner will know what they're doing, I always got the sense that Schnitzer were way over their heads when they stepped out of their comfort zone and built retail/housing. They should just stick to office development.