Puget Sound Business Journal: First look: Developer plans huge four-tower Bellevue project

by Marc Stiles | Mar 03, 2016
From Puget Sound Business Journal: 

Bellevue hasn't seen anything like the massive four-tower project that a Chinese company is proposing.

Plus Investment USA on Thursday said it has submitted designs to the city for Bellevue International Plaza, which is on the south side of Northeast Eighth Street between the Bravern complex to the east and Symetra Financial Center to the west. Plus Chairman George Liu said he hopes to break ground this fall on the first two of the 40-story towers.

Investors from Asia have been buying up millions of dollars of downtown Bellevue property, and now they're starting to develop it. The scope of Plus' project is the clearest sign yet that overseas developers plan to make a huge imprint on Bellevue. 

Plus paid $30 million for the property where First Congregational Church operates on the west end of the block, and $46 million for the site toward the east side. The church is moving to a nearby building.

The first phase of the new development will have 355 condominiums in one tower and 435 apartments in the second high-rise. They'll go up on the west side of 112th Avenue Northeast, across the street from the Bravern, which has upscale retailers, including Neiman Marcus. To complement that, Plus plans to have high-end stores in phase I along with a grocer. The first phase of the development also will have around 1,200 underground parking stalls.

Liu said he sees strong demand for the condos, especially among first-generation foreign buyers. This will be Bellevue's first high-rise condo development since construction started on Bellevue Towers about 10 years.

See full article at the Puget Sound Business Journal.