[Urbannizer]

Elev8's new owner could make Bellevue's biggest high-rise proposal bigger after $128 million deal

March 27th, 2018

Elev8, the largest high-rise proposal to date in Bellevue, might get even bigger under its new owner.

Stanford Hotels recently acquired a controlling interest in the four-skyscraper project, paying Plus Investment (USA) Inc. $128 million for the 4.6-acre property, according to public records.

The first phase was to have two 40-story residential towers – one with condominiums and the other with apartments – on the east side of the property, across the street from the Neiman Marcus-anchored Bravern project.

The second phase called for a residential tower and a 350-foot-tall office building on the property's west side, where First Congregational Church operated for decades before moving.

But with the city's new zoning rules that allow for towers up to 600 feet tall, San Francisco-based Stanford said in a news release that it is evaluating all options for Elev8.

Stanford said the project will include office, residential and hospitality uses "and will enliven downtown living, enhance foot traffic for local businesses and support events and conventions" at Meydenbauer Center. Elev8 is a block from Meydenbauer and two blocks from a light rail station that's scheduled to open in 2023.