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Capstone Partners announces Esterra Park for Overlake development project | SLIDESHOW
The 28-acre, sustainable, transit-oriented, mixed-use project is located at the old Group Health Cooperative site at 2464 152nd Ave. N.E. within Overlake Village and sits next door to Microsoft Corp. In addition, the neighborhood has 1.5 million square feet of existing retail and located adjacent to State Route 520. A future light rail station will be across the street.
Esterra Park will be the first urban live-work campus ever created in the Pacific Northwest with the added benefits of park and hotel components. The project will include more than 1.2 million square feet of commercial space, more than 1,400 residential units, a 250-room hotel, all surrounding a new 2.7-acre park.
Capstone estimates 7,000-8,000 people will live and work at Esterra Park. The project is the first phase of Redmond’s 170-acre Overlake Village master plan, which will house 30,000-40,000 people when completed. This is about half the size of South Lake Union.
The name Esterra Park, a blend of “east” and “terra,” draws attention to the unique features of this urban landscape.
“Think South Lake Union with a two-block park right in the middle,” said park designer Kristen Lindquist of Brumbaugh Associates.
Capstone started demolition of the 500,000 square-foot hospital and medical buildings in spring 2013. Roadway construction has commenced and building construction will start this summer.
This month, Capstone expects to receive final approval from the Redmond Design Review Board for the first of three office buildings, which total more than 650,000 square feet of the 1.2 million planned. The firm also expects to be ready for construction in 2014.
“We will be ready to break ground in June on the first building and by year end on the remaining two buildings of this first phase,” said Mike Hubbard of Capstone.
Scott Davis of CBRE was hired to market the office project along with Tim Owens and Scotta Ashcraft.
He said, “Designed for technology companies, these buildings have big floor plates, plenty of power, ample parking, situated next to a 2.7 acre park. Tenants will walk across the park to get home or stop off with friends at new neighborhood bars and restaurants.”
Owens added, “This live/work/stay/play community will house a stout infrastructure, which is typically found in a CBD location. We believe tenants in the market will find that Esterra Park is a terrific option to downtown Bellevue.”
When the demand arises, a second office phase will add another 550,000 square feet. Capstone said it will break ground with a 100,000-square-foot pre-lease tenant.
Last month, the Redmond Design Review Board gave approval for roughly 500 units to be developed by AvalonBayCommunities. Construction is scheduled to start this summer. These sustainable units are designed to fit the lifestyle of young professional technology savvy workers as well as families. AvalonBay is one of the most active multi-family developers in the region with more than 900 units currently under construction in the Capitol Hill and University District neighborhoods of Seattle as well as in Lynnwood.
Capstone said the hotel portion of the project will be announced shortly and construction is expected to begin in the first quarter of 2015.
Capstone is one of the most active developers in the region. In addition to Esterra Park, Capstone is
underway on more than $400 million of office, apartment and industrial projects in the Seattle and Portland markets.
Lionstone Investments is a privately owned real estate investment firm that specializes in conceptualizing and executing national investment strategies based on proprietary data interpretation and ideas. The firm focuses on Core, Value-Add, and Opportunistic investments.
For more information, visit www.capstone-partners.com or contact Hubbard at (206) 652-3364 or email@example.com, or Kirk Johnson at (206) 652-3365, firstname.lastname@example.org.