Green Theory, Bellevue's first legal recreational cannabis store, has been open just over a year, and already it's going to have to move.
A Dallas apartment developer has acquired the one-story building and the adjacent parking lot at 10625 Main St., for nearly $13.3 million. The developer, Alamo Manhattan, is planning a six-story luxury apartment project on the just-over-an-acre property, according to Jessi Harvey, an executive assistant with the company.
"We expect to break ground next fall," Harvey said Monday, adding that Green Theory will move out before construction starts.
Two people who answered the phone at Green Theory said they were unaware that the building had been sold, and knew nothing about the store needing to move. Prominent Medina philanthropists John and Debbie Bacon own Green Theory, and they were the ones who sold the property to Alamo Manhattan.
We've reached out to Green Theory to find out the business' plan in light of the property sale, and will update this story when we hear back.
Alamo Manhattan's project will have 162 apartments and around 5,000 square feet of commercial space, according to Harvey. She said Hensley Lamkin Rachel (HLR) Architecture and Planning of Dallas is designing the project, and that W.G. Clark Construction of Seattle will build it. (A rendering of the project is in the View Photos section of this post.)
To develop the project, Alamo Manhattan must get part of the property rezoned. The company has submitted the rezone application to the city, and a public meeting on that is scheduled for Nov. 12, according to city spokeswoman Bobbi Pochman.
This will be Alamo Manhattan's second project in the Old Main neighborhood. The company recently completed the 260-unit Main Street Flats at 10505 Main St. HLR designed that project as well.
The sale of the property at 10625 Main St., was brokered by Pat Mutzel and Bret Jordan of Colliers International, and Ross and Jim Klinger and Bruce Peart of Kidder Mathews.
For the full story, go to Puget Sound Business Journal.
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