Seattle Development News Thread

Freeman buys more property in Bellevue's downtown

By Tom Boyer

Seattle Times business reporter
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Adding to his real-estate holdings near Bellevue Square, developer Kemper Freeman paid $11 million for the land and building that houses Scan | Design Furniture.

The proceeds go to a charitable foundation begun by Scan | Design's founder, the late Jens Bruun, which supports Danish-American relations and pain research.

The store, at 10515 N.E. Sixth St., will remain in the same location for the next two years before moving elsewhere in downtown Bellevue, Scan | Design President Kent Grimes said.

Kemper Development, Freeman's real-estate company, bought the property while finishing the Lincoln Square condominium-retail-office project across the street.

"We don't have a plan for the property yet," said Jennifer Leavitt, vice president of marketing for Kemper Development. "It's a logical piece of property that makes sense for us."

The seller is an unusual breed, a furniture retail chain that soon will be owned by a nonprofit foundation.

Scan | Design and the rest of Bruun's estate will merge with the foundation over the next year, the foundation's president, Mark Schleck, said.

Bruun, who died in 2002, started selling Scandinavian furniture in Bellevue in 1962. The business grew into eight locations in Washington, Oregon and Hawaii.

Bruun created the foundation before he died, earmarking money for studying pain after meeting researchers in Denmark while he was on a business trip, Schleck said.

Among the foundation's beneficiaries are the Seattle-based International Association for the Study of Pain, the Nordic Heritage Museum in Ballard, and the Northwest Danish Foundation.

The foundation has about $18 million and will have nearly $30 million after the sale of the Bellevue property.

"It seemed to be a propitious time for this kind of a transaction," Schleck said. "This seems to be a very hot time for Bellevue real estate."

The $11 million sale price for the three-quarter-acre property works out to $339 a square foot for the land. The property is valued at $3.57 million by the King County Assessor's Office.

Sound Transit light rail progress pictures of the week-

Stub Tunnel


Beacon Hill Tunnel boring machine


Can that tunnel boring machine be used for future tunnels too?

http://www.polygonhomes.com/communities/comingsoon.php3?communityID=78


OVERVIEW
Welcome to High Point, a neighborhood in the heart of West Seattle. High Point is a true master planned community, just about 15 minutes from downtown. High Point will be a unique blend of single-family homes, townhomes and condominiums, laced with parks and trails. West Seattle's residential neighborhoods are varied and distinctive. All offer nearby public and private schools, great shopping, green parks, open spaces and easy access to libraries. Views of snowcapped mountains, shining waterways and the lights of downtown are simply spectacular by any standard.

http://www.polygonhomes.com/communities/comingsoon.php3?communityID=83


OVERVIEW
150 Meydenbauer Bay is coming soon to the intimate and charming Meydenbauer Bay community in Bellevue. Registration has begun. Please email your information to [email protected] or call 1.888.3 BUY NEW to register your interest.

Does anyone know about these projects. I assume 150 meydenbauer is a midrise of some sort. High point I would expect to be similar to othello station which polygon is also developing.