destroybananas
May 2, 2007, 10:02 PM
http://seattletimes.nwsource.com/html/businesstechnology/2003689331_bizbriefs02.html
Business Digest
"Urban village" may be coming to Bel-Red corridor
Pacific Northwest
Real estate
A 36-acre Safeway distribution center near Interstate 405 and State Route 520 in the Eastside's Bel-Red corridor has been acquired by Seattle-based Wright Runstad and San Francisco-based Shorenstein Properties for $68 million.
The deal, completed Tuesday, could eventually lead to creation of an "urban village," with about 2.5 million square feet of office space and more than 600 housing units, the development companies said. Safeway has used the site for more than 30 years.
It's zoned for light industrial, but Bellevue officials are considering a change to mixed-use, said Wright Runstad President Greg Johnson. Wright Runstad will lease out about 700,000 square feet of warehouses on the site until the zoning change is made and construction can begin, Johnson said.
Business Digest
"Urban village" may be coming to Bel-Red corridor
Pacific Northwest
Real estate
A 36-acre Safeway distribution center near Interstate 405 and State Route 520 in the Eastside's Bel-Red corridor has been acquired by Seattle-based Wright Runstad and San Francisco-based Shorenstein Properties for $68 million.
The deal, completed Tuesday, could eventually lead to creation of an "urban village," with about 2.5 million square feet of office space and more than 600 housing units, the development companies said. Safeway has used the site for more than 30 years.
It's zoned for light industrial, but Bellevue officials are considering a change to mixed-use, said Wright Runstad President Greg Johnson. Wright Runstad will lease out about 700,000 square feet of warehouses on the site until the zoning change is made and construction can begin, Johnson said.