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**Alexandria Real Estate Receives Approval for 116-Unit Bellevue Project**
Alexandria Real Estate Equities has received conditional environmental approval from the City of Bellevue for a planned seven-story residential development located just west of the Spring District.
The 116-unit residential project, located at 1299 120th Avenue NE, is part of Alexandria’s broader vision for a Center for Science and Technology campus in Bellevue. The development plans were first reported by the Puget Sound Business Journal.
The residential building will replace a 27,380-square-foot office structure currently on the site, which is slated for demolition. Plans for the new structure include below-grade parking with capacity for 89 vehicles. The project’s design is being led by architecture firm Weber Thompson.
Set to span eight acres, the larger Center for Science and Technology campus will comprise three lab and office buildings and two apartment buildings, totaling approximately 430 residential units. The approved building will be one of three residential properties on the site. The mixed-use campus will also incorporate infrastructure upgrades, including newly constructed roads to support the expanded development.
Alexandria acquired a majority of the project site in May 2021 from Bellevue-based Pine Forest Properties, at a purchase price of $77.5 million.
In related news, Connect CRE is currently accepting nominations for its annual Top Broker Awards, highlighting the industry’s leading sales and leasing professionals based on performance over the past year.
Stay tuned for further updates as Alexandria moves forward with this transformative project in Bellevue.
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