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Old October 5th, 2008, 07:59 AM   #1
Bond James Bond
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BELLEVUE | Centre 425 | 16 Stories

I have a feeling this won't get built for a very long time, but just in case I'm starting a thread.

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Old October 5th, 2008, 08:06 AM   #2
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Not to get on your nerves or anything, but you spelled Bellevue wrong.
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Old October 5th, 2008, 08:13 AM   #3
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^
Oops, fixed it. Thanks for pointing that out.

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Old October 5th, 2008, 08:54 AM   #4
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The tower is a bit too square-ish for my taste.
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Old October 5th, 2008, 03:02 PM   #5
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It might be a good thing that this might not get built for a while. It will give Bellevue some time to rethink that ridiculous 450 ft cap
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Old October 6th, 2008, 12:54 AM   #6
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Quote:
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It might be a good thing that this might not get built for a while. It will give Bellevue some time to rethink that ridiculous 450 ft cap
haha. exactly.
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Old October 6th, 2008, 04:25 AM   #7
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I think it is just a concept sketch...........
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Old October 12th, 2008, 11:00 PM   #8
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I think it is alright tower.
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Old October 24th, 2012, 07:06 PM   #9
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Just dug up this thread from the grave now that the project is getting resurrected.

Ruffhauser posted this on the 5th and Madison thread but I figured it's worth a repost since it discusses this project as well.


http://www.djc.com/news/re/12046456.html

October 24, 2012

Schnitzer gears up for towers in both Seattle and Bellevue

The developer may start building the garages for both before landing an anchor tenant if demand seems strong.

By LYNN PORTER
Journal Staff Reporter

Developer Schnitzer West said an office building it plans at 415 106th Ave. N.E. in downtown Bellevue could be up to 22 stories and 450,000 square feet, and it may start constructing the garage before landing an anchor tenant if demand seems strong.

The firm may also start the garage for a 38-story, 750,000-square-foot office tower called Madison Centre it is developing at Fifth Avenue and Madison Street in downtown Seattle, according to Pam Hirsch, senior investment director and managing partner for Schnitzer.

The Seattle developer has used its own money to start building garages at The Bravern, Civica Office Commons and Advanta Office Commons prior to signing big leases, and that has given it a jump on the market, she said.

“You have to be pretty darn confident that (demand) is going to show up,” she said.

Dan Ivanoff, Schnitzer's managing investment partner, said a tenant is considering leasing all or part of both the Bellevue and Madison Centre projects.

“We have a tenant focused on both buildings now,” he said, but declined to name it.

The team is the same for both projects: NBBJ is the architect, DCI Engineers is the structural engineer and Sellen Construction is providing pre-construction services.

Based on the permitting time line, Schnitzer could start Madison Centre in the second quarter of next year and start the Bellevue project late that year, but has not set construction dates, Hirsch said.

The Bellevue office building will cost more than $100 million. Hirsch said it could be 16 to 22 stories and have 360,000 to 450,000 square feet. It will have 10,000 to 15,000 square feet of retail in a podium base and three underground parking stalls per 1,000 square feet. The retail may include a restaurant.

Schnitzer said the site near Bellevue Square and Downtown Park is under contract. A Bank of America branch now occupies it.

Schnitzer is one of a number of developers who have proposed office projects in downtown Bellevue.

The others include Bentall Capital (which started and then capped the parking garage for its building after the market tanked in the recession), and Beacon Capital Partners and Kemper Development Co.

Ivanoff said he thinks none of them will build without a prelease, and Beacon would also require a joint venture.

Ivanoff said the office building at 415 106th Ave. N.E. will be similar to the Civica Office Commons, also in downtown Bellevue. Civica was Schnitzer's most profitable project per square foot.

Ivanoff said the site is well located and the building will be even better than Civica, with some “incredible public space” and updated technology so tenants can do more work virtually, providing “a more robust work experience and life experience.”

Schnitzer will not joint venture on the project, like it did with The Bravern mixed-use complex it built in Bellevue. Hirsch said the size of the newest project is more manageable, and so “we don't need to leverage even further.”

The firm is in the process of launching Madison Centre formally for leasing, Ivanoff said. The project is expected to cost more than $250 million.

He said the market is strengthening in Bellevue and Seattle.

Hirsch said there's lots of demand in Bellevue, and that office vacancy should be at 9.5 percent by January. She said she expects it to be higher in downtown Seattle, where there are bigger blocks of space available overall, but not a lot of premium ones.

Ivanoff said tenants are being drawn to the urban core.
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Old October 24th, 2012, 07:08 PM   #10
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It's a shame Schnitzer is going so conservative on this project. The previous owner of the site had explored pushing the height limits past 450 feet. jiggawhat posted a link last week of some conceptual renderings for the previous proposal on this site.
http://www.rpau.net/portfolio.php?m=35
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Old October 24th, 2012, 08:22 PM   #11
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It sounds too easy to just lobby the city council to raise height limits, why doesn't every developer do that? Because it actually costs extra time and money. Schnitzer is playing the ball game by the rules (whether they are fair or not), and they have a track record of building just to or slightly under code. Not to say anything about architectural elements, that's a completely different debate.
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Old October 24th, 2012, 08:54 PM   #12
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Quote:
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I have a feeling this won't get built for a very long time...
Looks like my forecast four years ago was spot on.
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Old December 17th, 2013, 01:33 AM   #13
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Repost from the Bellevue thread.

http://www.bizjournals.com/seattle/n...evue-site.html
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Old December 17th, 2013, 02:15 AM   #14
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When you add it all up, Schnitzer will have a lot of pots on the stove next year. Am I the only thinking it might be a little overly ambitious and few may not make it to the stove (in 2014)?
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Old December 17th, 2013, 02:21 AM   #15
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Quote:
Originally Posted by CityView Jim View Post
When you add it all up, Schnitzer will have a lot of pots on the stove next year. Am I the only thinking it might be a little overly ambitious and few may not make it to the stove (in 2014)?
Schnitzer's one of the few developers who you can count on to follow through when they announce they are going to build something. The flurry of news regarding their projects over the last few days was definitely planned to generate some buzz as we enter the new year and I don't think they would've done it unless they were confident it would happen. They're basically the opposite of Urban Visions.
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Old December 17th, 2013, 03:06 AM   #16
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Quote:
Originally Posted by DawgFan View Post
Schnitzer's one of the few developers who you can count on to follow through when they announce they are going to build something. The flurry of news regarding their projects over the last few days was definitely planned to generate some buzz as we enter the new year and I don't think they would've done it unless they were confident it would happen. They're basically the opposite of Urban Visions.
Oh, they're reputable and do good work and do what they say. But here's the list:

Bank of America Building (Bellevue)
Fairview and Republican (Seattle)
505 Madison (Seattle)
Industrial building (Puyallup)

Seems like a lot to me, but time will tell. Hope it all gets done as each has an impact.
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Old December 17th, 2013, 04:53 AM   #17
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Quote:
Originally Posted by Bond James Bond View Post
Looks like my forecast four years ago was spot on.
I was about to say, it seems you are accurate....care to give me this week's lotto numbers?
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Old December 17th, 2013, 05:10 AM   #18
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Short.
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Old December 17th, 2013, 05:16 AM   #19
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I was about to say, it seems you are accurate....care to give me this week's lotto numbers?
I know what they're gonna be, but I'm not telling.
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Old December 17th, 2013, 05:48 AM   #20
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Quote:
Originally Posted by bgwah View Post
Short.
Yeah, not a fan of office towers in that 14-18 floor range. They just look like a big box. The previous landowner talked about building a 450 foot tower so it's strange why Schnitzer is going so small. Regardless, it'll be a good addition to the area along with Lincoln Square II which will be going up directly west of this site.
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