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December 04, 2017

Bellevue site sells for $11.3M

Seattle Daily Journal of Commerce

Brian Miller

Twenty one condos there were destroyed in a fatal fire in 2016, and the homeowners decided to sell the land rather than rebuild.

The site where Chimney Condominiums once stood, at 115 100th Ave. N.E. in West Bellevue, has sold for $11.3 million, according to King County records.

The seller was the Chimney Homeowners Association.

The 21-unit complex was developed in 1965 on the almost one-acre site. It was destroyed by a catastrophic fire in October 2016. Two residents died of their injuries following the blaze, and 40 were rendered homeless.

Ross Klinger of Kidder Mathews and Julie Scozzafave of Windermere Real Estate represented the homeowners, who had decided not to rebuild.

The buyer was Caymus Development Inc., which is associated with a Compton, California investor who runs a logistics company.

Buyer representation could not be confirmed.

That area of Bellevue has gained tremendously in value since the Chimney was built a half-century ago. It is walkable to Bellevue Square, Bellevue Downtown Park, the shops on old Main Street and Meydenbauer Beach Park.

The park is now being given a $17.5 million makeover and expansion, and will be renamed Meydenbauer Bay Park.

It's also about a 20-minute walk to the Bellevue Transit Center, where light rail service will begin in 2023.

Residential zoning for the property allows low-rise construction of up to 30 units per acre.

KM had Baylis Architects prepare a feasibility plan for 21 townhouses. A four-story condominium or apartment building would also be allowed.

No new plans have been filed with the city for the site.

For the full story, go to Seattle Daily Journal of Commerce.

©Copyright 2017 Seattle Daily Journal of Commerce

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