Avenue Bellevue, LLC, in partnership with Fortress Development, recently announced that it has secured funding for its flagship Avenue Bellevue project. The two-tower luxury condominium, hotel and retail project is currently under construction.
The $ 700 million transaction with Silverstein Capital Partners is the largest construction loan in Bellevue’s history. It’s also one of the largest in the United States since the pandemic began. The transaction is SCP’s first home finance loan on the West Coast.
“We’re creating something that will set a new standard for hospitality and home design in the region. As a Bellevue resident for more than 20 years, I am deeply committed to the future success of the community – and Avenue Bellevue is the most important project of my life, “said Andy Lakha, CEO and Director of Avenue Bellevue, LLC and Fortress Development. “I am proud that Silverstein is supporting this dream project in my own garden; It is the quintessence of many years of development and hard work as we continue construction and add the avenue to the skyline and the fabric in the heart of downtown Bellevue. ”
Avenue Bellevue will include 365 luxury homes, the very first InterContinental hotel in the Pacific Northwest, and 85,000 square feet of retail space, including fine dining, nightlife and shopping.
“SCP enjoys being involved in large, mixed-use construction projects that align with many Silverstein Property developments,” said Shawn Katz, SCP Senior Managing Director. “We believe that Avenue Bellevue will be the leading residential, hotel and retail project in an incredibly attractive market.”
The mixed use residential area is on the corner of Northeast 8th Street and Bellevue Way. There will be 141 estate homes in the south tower and 224 residences in the west tower. The South Tower will include the very first InterContinental Hotel in the Pacific Northwest with 208 hotel rooms, function rooms, restaurants and bars, a fitness center and spa, and a concierge team.
There will be a square connecting the two towers that will offer high-end retail, grocery, nightlife, a fresh market, and restaurants. Restaurants announced so far include a marine life-themed restaurant by three Michelin-starred chef Joshua Skenes and an Asian restaurant, BUDDHAzen.
Avenue was designed in collaboration with Seattle-based, award-winning architectural firms Weber Thompson and Collins Woerman, and Hirsch Bedner Associates, the largest hotel company in the world.
Bellevue-based developer Fortress Development is a commercial real estate developer and private investment company. Founded by Andy Lakha, a Bellevue resident who has been in the commercial real estate business for more than two decades.