As reported by the Puget Sound Business Journal
SRM Development has paid $20 million for a large property on Main Street in downtown Bellevue, according to a deed King County posted on Tuesday.
Located at 105th Avenue Southeast, the nine-tenths of an acre is home to a small office building with a Subway restaurant at the base. It’s the last piece of an assemblage, said SRM Managing Principal Jim Rivard.
The Spokane-headquartered company will build a mid-rise apartment project with around 390 units plus retail. Rivard said the market-rate project will be enrolled in the city’s multifamily tax exemption program, which allows 12-year property tax exemptions in exchange for builders setting aside a fifth of the units for low- to moderate income residents.
Also included in the purchase is a parking lot south of the Subway.
Like many other builders, SRM is bullish on downtown Bellevue where it owns five sites with the capacity for around 1,300 multifamily units. Rivard said the acquisition of a sixth property is pending.
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