Vulcan Real Estate recently started construction on the Ondina, a 249-unit apartment complex in Bellevue, Seattle, Washington. This is Vulcan’s first multi-family development project in Bellevue, and it will be located at 13238 NE Spring Blvd., just east of the Spring District, next to the upcoming Bel-Red / 130th Street Light Rail Station. The project will be two stations from Amazon’s downtown Bellevue headquarters, one-stop from Facebook’s Spring District headquarters, and two stops from Microsoft’s Redmond headquarters. According to county records, Bellevue Investors VIII, a Vulcan-affiliated LLC, paid US$17,915,000 for the empty 1.4-acre site in July 2021. Shaw NW Bel Red Apartments LLC was the seller, and they paid US$12,300,000 for the lot in March 2020.
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Private patios are available in certain apartments, as well as a fitness centre, co-working spaces and work pods, a butterfly garden, a rooftop lounge, fire pits, and grills. Vulcan intends to enrol the development in Bellevue’s Multifamily Tax Exemption (MFTE) program, which will restrict the rent and income of 20% of the units to households earning 80% of the local median income. The general contractor is Exxel Pacific, while the designer is Runberg Architecture Group. Ondina is aiming for LEED Gold and Salmon-Safe certifications when it opens in early 2024. The Bel-Red / 130th Street Light Rail Station will open in 2023.
Commentary on the Ondina apartment complex, Seattle
“We are excited to enter the Bellevue multifamily market.” “The BelRed Corridor presents an exciting potential for sustainable, transit-oriented development, and Bellevue is set to generate 50,000 jobs in the next years, creating high demand for apartments and rent increases,” said Ada M. Healey, chief real estate officer for Vulcan, in a prepared statement. Vulcan’s senior director of acquisitions and residential development, Scott Matthews, stated that the business anticipates housing demand in the region to “increase as employees return to offices and companies like Amazon and Facebook continue their Eastside growth trajectory.”
