Why Bellevue is Next for Vulcan
Emma Sullivan, March 27, 2018
This morning, Scott Matthews - Senior Director, Acquisitions & Residential Development at Vulcan Real Estate - addressed a sold out crowd for the Bellevue Downtown Association (BDA)'s March Breakfast. Scott is also a BDA Board Member.
Vulcan Real Estate has been instrumental over the last decade in transforming South Lake Union from an industrial area into a thriving office, retail, and residential destination for tech workers and innovation.
However, it doesn't end in Seattle. Vulcan has purchased several properties in the Downtown Bellevue core. Why Bellevue? Read on for more insight into Vulcan's history in this area and its planned expansion to the Eastside.
Scott Matthews (Vulcan Real Estate) addresses crowd
About Vulcan Real Estate
Vulcan is a Seattle-based, Paul G. Allen company that has developed a diverse portfolio of high-performing quality assets including office, biotech, residential, and mixed use projects. It has developed 8 million square feet to date with over 2.5 million square feet under construction and is one of the biggest players in our region.
Projects Vulcan is involved in: Allen Institute, Stratolaunch, Vulcan Inc, Vulcan Real Estate, Vulcan Capital, Vulcan Productions, Cinerama, h. Club, FHCAM, Trailblazers, MoPOP, Seahawks, Living Computers, Upstream Music Fest, Seattle Art Fair, Paul G. Allen Philanthropies.
Its tenants number among some of the most-recognized brands in the region: Amazon, Comcast, Costco, Facebook, Google, Kaiser Permanente, Microsoft, Seattle Children’s, Skanska, Starbucks, Seattle Cancer Care Alliance, UW Medicine, west elm, Whole Foods and more!
South Lake Union & Development Goals
Vulcan follows an "inclusive development" approach which stands on three pillars: respectfully engage with all stakeholders, preserve & protect the existing natural environment, and develop a space that solicits community connections.
In South Lake Union, Vulcan has been an economic engine. It has been a catalyst for development, bringing 40,000 new jobs new jobs to the area and over $10 billion in investments ($740 million in infrastructure improvements). It has returned $200M in tax revenue to City of Seattle. It has helped South Lake Union develop into a vibrant mixed use area with 100+ retail, restaurant and service providers and over 12,000 housing units - 12% of which are affordable.
Starting in 2017 and continuing into 2020, Vulcan has initiated projects University District, Yesler, 23+ Jackson, and Bellevue. It promises to continue its "inclusive development" approach to its upcoming projects.
What's Next for Bellevue?
Vulcan holds three key properties in Bellevue, which total over 1.7 million square feet. For these properties, Scott shared Vulcan's current vision:
- 106th Avenue NE & NE 2nd Street
- Bellevue Plaza
- 650,000 - 725,000 square feet, 16 floors
- Average floorplate size: 18,000 - 22,000 square feet
- Parking: 2.5/1000
- 106th Avenue NE & NE 2nd Street
- Taco Time (Scott acknowledges losing Taco Time may be a disappointment to some Downtown users)
- 150,000 - 160,000 square feet, 9 floors
- Average floorplate size: 22,000 square feet
- Parking: 2.5/1000
- 108th Avenue NE & NE 6th Street
- By Blazing Bagels
- Option 1:
- Single Tower
- 700,000- 865,000 square feet
- 34 Floors
- Average floorplate size: 22,000 - 24,000 square feet
- Parking 2/1000
- Option 2:
- Double Tower
- 700,000 - 865,000 square feet
- 22/23 Floors
- Average floorplate size: 24,000 square feet
- Parking 2/1000
To finish, Scott acknowledged the BDA's Land Use & Livability Committee role in updating the Downtown Land Use Code. He looked forward to the transformational effect of the light rail moving into Downtown, and anticipates the BDA Transportation Committee's role in shaping the future of transportation in Downtown Bellevue.
Register for the April BDA Breakfast
Want to make sure you don't miss out next month? We will be hearing from Bellevue Mayor John Chelminiak and Deputy Mayor Lynne Robinson regarding the state of the city. Registration is live:
Vulcan Real Estate
505 Fifth Ave South
Seattle, WA 98104
