Person Behind the Place: Kevin Wallace

Person Behind The Place:
Kevin Wallace

President | Wallace Properties (BDA Member since 1974)

Kevin Wallace knows and loves Bellevue, a place he is proud to call the home to his family and professional life. As a former city council member of eight years, the property developer appreciates the moving parts it takes to nurture a thriving Downtown. His work on the boards of several local organizations reflects a deep commitment to community engagement and problem-solving for many of Bellevue’s most pressing issues.

Beginning his career in real estate right out of law school, Kevin aspired to follow in the footsteps of his father, Robert Wallace, the CEO and founder of Wallace Properties. He leveraged the mentorship of his father to build his own network and leadership style. Today, he takes pride in Wallace Properties' continued growth, which now employs three generations of family members. His son recently joined the accounting department as a finance assistant.

Kevin’s passion for Downtown Bellevue has led him to engage deeply in various topics, including homelessness, transportation, and affordable housing. Read on to learn more about his motivation for civic involvement, hopes for the future of Bellevue, and favorite places Downtown.

How has your personal and professional experience in Bellevue influenced your approach to property development?

The development process really depends on building and maintaining relationships within both private and public sectors. As a local company based in Bellevue, we also work with lots of contractors and design professionals in the greater King County area. We approach everything with care and ensure that we do so in a way that mitigates risk factors to deliver the best product for investors.

How has your legal background been an asset in your career?

It’s a fundamental piece of my background that helps in almost every aspect of what I do today. So much of my work as a property developer involves contract negotiation and an understanding of the law -- law school helped me developed methods of analyzing problems that are difficult to learn elsewhere. That's what development is really about -- problem-solving and pushing projects toward the best possible outcome. 

What challenges do you foresee in achieving the goals set for the future of Bellevue? What opportunities do you see coming out of those challenges?

I truly believe that Bellevue is the greatest city in the world. We are incredibly privileged with our government's strategies and upward economic growth, but that does not come without its challenges. Right now, we need to continue evolving our transportation systems as the city continues to grow.

Juggling affordability and environmental sustainability can also be a challenge. Obtaining permits for buildings to increase the availability of residential housing is a very long process, which certainly slows the city's original goal of tripling the amount of housing in Bellevue by the end of the decade. Codes are also really complex and nuanced. Right now, office buildings are outpacing the production of housing. We need a steady increase in both rather than prioritizing one over the other.

How has the addition of so many mixed use spaces in the last decade increased the city's quality of life?

They really make for a vibrant Downtown landscape. If you looked at the area 20 years ago, it was nothing like it is today. The combination of retail spaces and plazas are only making Bellevue more spectacular by providing more places for people to gather, which has also incentivized so many businesses and major employers to settle here. I hope to see Downtown Bellevue become an example for the development of other areas as a model of successful ground floor development.

What is your approach to sustainable land use?

This is such an important facet to me. Right now I'm seeking a balance point - we're looking for improvements to buildings and environmental considerations without making the cost of projects not viable and lose access to affordable rent. We need achievable plans, and that starts with small wins. All of our buildings are LEED (Leadership in Energy and Environmental Design) certified and designed from a transit-oriented perspective. 

What advice do you have for young professionals pursuing a path in property acquisition and development?

Acquisition is much easier to get into than development, which means starting by focusing on obtaining a smaller building rather than a larger one. Education is an essential component for understanding the finances and mechanics behind the process. Besides that, it's very important to build relationships with people involved in business who make hiring decisions and find ways to become involved with their organizations.

Where do you see Wallace Properties in the next five years?

The focus of the company has always been to create a competitive advantage by being the go-to in Washington state. Seeing outside interests come to us and trust us to execute their projects is very rewarding, and we're hoping to continue to build our property and management services. We have some great projects in the pipeline that we'll see within the next five years, but for now we're also focusing on continuing to be stewards for the Bellevue community and continue to drive civic efforts. 

How has your experience as a former council member, work with the Eastside Community Development Fund (ECDF), and other local engagements informed the way you interact with the community?

I've been a part of the council, BDA board, and the Chamber of Commerce Board. Through those experiences, I learned about the gaps in the community that needed to be filled and became very interested in developing a collective plan to help homelessness by aligning and allocating resources for people to regain stability. The goal of the ECDF is to bring together government, business, and nonprofit sectors to tackle those kinds of issues and communicate in ways they otherwise may not have by building trust and alliances that align people under a common goal. Going forward, I would really like to continue to disseminate resources to local businesses and get people more involved in building up their community.

What are your favorite spots in Downtown Bellevue?

Eques is my favorite breakfast spot for great food and great fun. Peony Kitchen on Old Main is perfect for a delicious, quick and easy bite. My wife and I love Seastar - their coconut cream pie is incredible.

The parks are really special as well. Downtown Bellevue Park and Meydenbauer Park are both beautiful and attract so many different people, showcasing what a cosmopolitan area it's become.

Any final comments?

I'm just so excited about where Bellevue is right now and where we're heading. My father helped start Wallace Properties over 40 years ago, and it's so cool to see how that small seed planted so many years ago has grown and made Downtown so special.

Person Behind The Place is part of the Heart of Bellevue: our campaign to showcase local businesses while connecting you with stories of activity, creativity and recovery. Find out about our campaign and explore more of what’s happening around Downtown.

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Wallace Properties, Inc.
330 112th Ave NE
Bellevue, WA 98004

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