Empathy List Archives

everyone@lists.vuecrest.net

Vuecrest Community Association

Downtown Bellevue Development Update and Neighborhood Meetings

Jonathan Kagle

Tue, Oct 9, 2018 7:45 PM

Dear Neighbors,

Recently, there's been a lot going on with the development of the part of downtown nearest to Vuecrest. Here is a quick summary, going eastward from our neighborhood:

The City of Bellevue is in initial planning stages of a redesign of the intersection of 10th and 100th (our east entrance). They are currently looking into a roundabout design, but it's still early. I will share more information as soon as I hear from the traffic engineer who is leading the effort.
The Lux Apartments at the corner of 10th and 100th are nearly complete. Expect significant traffic as new residents move in. Be sure to report any illegal parking, blocking of lanes by moving vans, etc. to the Bellevue Police. Photos and license plate info can be helpful.
The brown dental office building on 10th (immediately east of the Lux Apartments) redevelopment is active again. The developers missed several deadlines to submit a final plan, and were given multiple extensions by the planning department, with a final extension expiring December 3. Two weeks ago, they started submitting responses to issues with the city, but the project is blocked until they receive an easement from the new owners of the Fortin Group property next door.
The Fortin Group property, which includes QFC, Bartell, the office building and parking lot north of 10th, and the Le Chateau apartments, has been sold (see attached articles). Three years ago, the Fortin Group showed us detailed designs for a redevelopment and told us that construction wouldn't begin for at least 15 years, but with this sale, there will likely be significant changes. This project will have a profound impact on our neighborhood, and Vuecrest will take an active role to engage with the City and new owners. Note that this deal excludes the condos between QFC and Vuecrest, but they have engaged a broker to sell them as a single property.
The owners of the newly-completed Mira condominiums (southwest of the old Post Office) are underway on a new project on the site currently occupied by Papa John's Pizza. At the urging of the City, the developers of the "Mira II" project have reached out to us, and have set up a meeting for Vuecrest residents on Wednesday, October 16 at 7pm. Please email me for details if you are able to participate.
The properties along 8th from 102nd to Bellevue Way (See's Candy, Cost Plus, etc.) will be redeveloped in the next two years. The Cost Plus property design review period begins in the next month, and will include two towers (308 feet and 284 feet tall) containing condos, a hotel, and retail. More information to come.

Finally, if you haven't already done so, please send in your Bellevue Neighborhood Enhancement Program ballot, which is due Friday, October 26th. The Vuecrest Board recommends voting for NW-6, NW-4 and NW-5.

I know this is a lot, but staying informed and participating can help our neighborhood influence the changes around us.

 Regards,

    -Jonathan

Jonathan Kagle
Vice President
Vuecrest Community Association
www.vuecrest.net http://www.vuecrest.net

B.C. group pays $145M for 11-acre Bellevue site
[cid:image003.jpg@01D45FC5.880B1250]
In April, the Fortin family decided to sell 11.3 acres it owns north of Bellevue Square. That property has now sold for almost $145 million in two transactions recorded by King County on Friday.
The buyer, through an LLC, was Pinnacle International Group of Vancouver, B.C. Public records indicate a loan from Citibank.
Kevin Shannon and Ken White of NKF's El Segundo, California office represented the Fortin family. Pinnacle's brokers were not announced.
The deal was worth about $295 per square foot of land. NKF confirmed that all 11.3 acres were sold.
The property is usually identified as Bellevue Village, with a QFC and Bartell at 10116 N.E. Eighth St. The shopping center dates to 1966.
The six parcels also include a small two-story office building at 10112 N.E. 10th St., developed in 1954; and the 66-unit Le Chateau apartments at 1111 102nd Ave, N.E., which is 51 years old. There are also some smaller undeveloped areas on the site, which is on both sides of 10th.
The site has split zoning. VIA Architecture prepared a feasibility plan for the Fortins before the property went on the market, with high-rise towers made possible by Bellevue's new zoning. Other structures would have to be mid-rise.
Pinnacle is new to the area. It mostly builds high-rise condominiums and upscale apartments in Canada, though it has a San Diego office. The 46-story Pinnacle on the Park opened in San Diego three years ago, with 484 units, and is the tallest residential tower in that city.
Pinnacle also develops hotels. Most of its work has been in Vancouver. The firm's website cites 40 years in the field, with over 10,000 units developed. It's both a builder and developer, and is led by Michael De Cottis.
Pinnacle is related to Vancouver's Onni Group, which is active in this area. Italian immigrant Inno De Cottis founded Onni in 1965. Inno spelled backward is Onni.
Inno is one of several brothers who began immigrating to Vancouver in the 1950s and became builders. There was a falling out among them in the 1980s, with several lawsuits filed since then.
The family lineage is complicated. Michael is reportedly the youngest of the four surviving brothers, and has led Pinnacle since 1993. Onni and Pinnacle appear to operate separately, and even as rivals.
Redeveloping the Fortin site would take years and probably proceed in phases. No new plans have been filed yet with the city of Bellevue. But the sale came late Friday, and not all details could be verified by deadline.
The Fortins founded QFC in 1954 and sold their remaining share of the business in 1986. They and QFC have offices on the property.
Terms for the current retail leases are unknown.

[cid:image002.jpg@01D45FCE.0288D2D0]
John Stanton sells chunk of Bellevue site for $19M
By BRIAN MILLERmailto:brian.miller@djc.com
Journal Staff Reporter

Over 10 years ago, using LLCs, local telcom magnate and investor John Stanton began buying small retail properties on a block north of Bellevue Square.

The zoning has changed considerably since then.

Stanton's total investment as of last summer was $10.5 million. Now he's sold all three parcels at 810-832 102nd Ave. N.E. https://goo.gl/maps/foqkSnm7TuN2 for $18.8 million to an unidentified buyer. King County recorded the transaction last week.

The property, on the east side of the block, totals almost 27,700 square feet. Brokers were not announced. The property wasn't publicly listed for sale.

The deal was worth about $678 per square foot.

The buyer is registered in Delaware as 810-832 102nd Avenue NE LLC, with a lawyer in Bellevue. Public records indicate a loan from Goldman Sachs. There's also a mailing address at the new Lincoln Square South office tower.

No new plans have been filed with the city. The site is zoned for construction up to about 260 feet.

It's currently occupied by old low-rise buildings that house a tailor, nail salon and other retail.

Its separately owned neighbors are, on the block's northwest corner, the former University Book Store building; and a low-rise building on the southwest corner, home to Starbucks and other retail tenants.

The northeast corner was developed a decade ago with AvalonBay Communities' Avalon Towers. The southeast corner - the Sleep Country building - has unnamed owners who granted a long-term ground lease to Kemper Development Co.

On the south side of the block, developer Andy Lakha has spent $44 million for about 2.7 acres at 10300 N.E. Eighth St. Most people know the site as Cost Plus World Market. Lakha borrowed most of his acquisition funding from Goldman Sachs.

Lakha's Fortress Holdings LLC has proposed two towers up to 290 feet tall, now called Avenue Bellevue (formerly The Elan). Weber Thompson designed the project, with CollinsWoerman as architect of record

Although the details of that project have changed slightly (to 251 hotel rooms, no apartments, 330 condominiums and 810 underground parking spaces), a consultant working with Lakha said the site hasn't changed in size, and that the Stanton property wasn't part of it.

Avenue Bellevue will be submitted for design review and permitting this month.

The DJC was unable to reach Lakha for comment about the Stanton site. Lakha previously tried to acquire the Stanton and southwest corner sites, but couldn't come to terms with the two owners.

Formerly with McCaw Cellular, Stanton is now a partner at Trilogy Equity Partners and CEO of the Seattle Mariners.

[https://media.bizj.us/view/img/11038086/avenue-bellevue-daylight*1024xx817-458-0-67.jpg]

Dear Neighbors, Recently, there's been a lot going on with the development of the part of downtown nearest to Vuecrest. Here is a quick summary, going eastward from our neighborhood: * The City of Bellevue is in initial planning stages of a redesign of the intersection of 10th and 100th (our east entrance). They are currently looking into a roundabout design, but it's still early. I will share more information as soon as I hear from the traffic engineer who is leading the effort. * The Lux Apartments at the corner of 10th and 100th are nearly complete. Expect significant traffic as new residents move in. Be sure to report any illegal parking, blocking of lanes by moving vans, etc. to the Bellevue Police. Photos and license plate info can be helpful. * The brown dental office building on 10th (immediately east of the Lux Apartments) redevelopment is active again. The developers missed several deadlines to submit a final plan, and were given multiple extensions by the planning department, with a final extension expiring December 3. Two weeks ago, they started submitting responses to issues with the city, but the project is blocked until they receive an easement from the new owners of the Fortin Group property next door. * The Fortin Group property, which includes QFC, Bartell, the office building and parking lot north of 10th, and the Le Chateau apartments, has been sold (see attached articles). Three years ago, the Fortin Group showed us detailed designs for a redevelopment and told us that construction wouldn't begin for at least 15 years, but with this sale, there will likely be significant changes. This project will have a profound impact on our neighborhood, and Vuecrest will take an active role to engage with the City and new owners. Note that this deal excludes the condos between QFC and Vuecrest, but they have engaged a broker to sell them as a single property. * The owners of the newly-completed Mira condominiums (southwest of the old Post Office) are underway on a new project on the site currently occupied by Papa John's Pizza. At the urging of the City, the developers of the "Mira II" project have reached out to us, and have set up a meeting for Vuecrest residents on Wednesday, October 16 at 7pm. Please email me for details if you are able to participate. * The properties along 8th from 102nd to Bellevue Way (See's Candy, Cost Plus, etc.) will be redeveloped in the next two years. The Cost Plus property design review period begins in the next month, and will include two towers (308 feet and 284 feet tall) containing condos, a hotel, and retail. More information to come. Also, the City of Bellevue has started the process of creating a new Neighborhood Area Plan for Northwest Bellevue (including Vuecrest, but excluding downtown) and has "Listening Sessions" scheduled for October 18th and 20th. See https://planning.bellevuewa.gov/planning/planning-initiatives/neighborhood-area-planning for details. Finally, if you haven't already done so, please send in your Bellevue Neighborhood Enhancement Program ballot, which is due Friday, October 26th. The Vuecrest Board recommends voting for NW-6, NW-4 and NW-5. I know this is a lot, but staying informed and participating can help our neighborhood influence the changes around us. Regards, -Jonathan Jonathan Kagle Vice President Vuecrest Community Association www.vuecrest.net<http://www.vuecrest.net> B.C. group pays $145M for 11-acre Bellevue site [cid:image003.jpg@01D45FC5.880B1250] In April, the Fortin family decided to sell 11.3 acres it owns north of Bellevue Square. That property has now sold for almost $145 million in two transactions recorded by King County on Friday. The buyer, through an LLC, was Pinnacle International Group of Vancouver, B.C. Public records indicate a loan from Citibank. Kevin Shannon and Ken White of NKF's El Segundo, California office represented the Fortin family. Pinnacle's brokers were not announced. The deal was worth about $295 per square foot of land. NKF confirmed that all 11.3 acres were sold. The property is usually identified as Bellevue Village, with a QFC and Bartell at 10116 N.E. Eighth St. The shopping center dates to 1966. The six parcels also include a small two-story office building at 10112 N.E. 10th St., developed in 1954; and the 66-unit Le Chateau apartments at 1111 102nd Ave, N.E., which is 51 years old. There are also some smaller undeveloped areas on the site, which is on both sides of 10th. The site has split zoning. VIA Architecture prepared a feasibility plan for the Fortins before the property went on the market, with high-rise towers made possible by Bellevue's new zoning. Other structures would have to be mid-rise. Pinnacle is new to the area. It mostly builds high-rise condominiums and upscale apartments in Canada, though it has a San Diego office. The 46-story Pinnacle on the Park opened in San Diego three years ago, with 484 units, and is the tallest residential tower in that city. Pinnacle also develops hotels. Most of its work has been in Vancouver. The firm's website cites 40 years in the field, with over 10,000 units developed. It's both a builder and developer, and is led by Michael De Cottis. Pinnacle is related to Vancouver's Onni Group, which is active in this area. Italian immigrant Inno De Cottis founded Onni in 1965. Inno spelled backward is Onni. Inno is one of several brothers who began immigrating to Vancouver in the 1950s and became builders. There was a falling out among them in the 1980s, with several lawsuits filed since then. The family lineage is complicated. Michael is reportedly the youngest of the four surviving brothers, and has led Pinnacle since 1993. Onni and Pinnacle appear to operate separately, and even as rivals. Redeveloping the Fortin site would take years and probably proceed in phases. No new plans have been filed yet with the city of Bellevue. But the sale came late Friday, and not all details could be verified by deadline. The Fortins founded QFC in 1954 and sold their remaining share of the business in 1986. They and QFC have offices on the property. Terms for the current retail leases are unknown. [cid:image002.jpg@01D45FCE.0288D2D0] John Stanton sells chunk of Bellevue site for $19M By BRIAN MILLER<mailto:brian.miller@djc.com> Journal Staff Reporter Over 10 years ago, using LLCs, local telcom magnate and investor John Stanton began buying small retail properties on a block north of Bellevue Square. The zoning has changed considerably since then. Stanton's total investment as of last summer was $10.5 million. Now he's sold all three parcels at 810-832 102nd Ave. N.E. <https://goo.gl/maps/foqkSnm7TuN2> for $18.8 million to an unidentified buyer. King County recorded the transaction last week. The property, on the east side of the block, totals almost 27,700 square feet. Brokers were not announced. The property wasn't publicly listed for sale. The deal was worth about $678 per square foot. The buyer is registered in Delaware as 810-832 102nd Avenue NE LLC, with a lawyer in Bellevue. Public records indicate a loan from Goldman Sachs. There's also a mailing address at the new Lincoln Square South office tower. No new plans have been filed with the city. The site is zoned for construction up to about 260 feet. It's currently occupied by old low-rise buildings that house a tailor, nail salon and other retail. Its separately owned neighbors are, on the block's northwest corner, the former University Book Store building; and a low-rise building on the southwest corner, home to Starbucks and other retail tenants. The northeast corner was developed a decade ago with AvalonBay Communities' Avalon Towers. The southeast corner - the Sleep Country building - has unnamed owners who granted a long-term ground lease to Kemper Development Co. On the south side of the block, developer Andy Lakha has spent $44 million for about 2.7 acres at 10300 N.E. Eighth St. Most people know the site as Cost Plus World Market. Lakha borrowed most of his acquisition funding from Goldman Sachs. Lakha's Fortress Holdings LLC has proposed two towers up to 290 feet tall, now called Avenue Bellevue (formerly The Elan). Weber Thompson designed the project, with CollinsWoerman as architect of record Although the details of that project have changed slightly (to 251 hotel rooms, no apartments, 330 condominiums and 810 underground parking spaces), a consultant working with Lakha said the site hasn't changed in size, and that the Stanton property wasn't part of it. Avenue Bellevue will be submitted for design review and permitting this month. The DJC was unable to reach Lakha for comment about the Stanton site. Lakha previously tried to acquire the Stanton and southwest corner sites, but couldn't come to terms with the two owners. Formerly with McCaw Cellular, Stanton is now a partner at Trilogy Equity Partners and CEO of the Seattle Mariners. [https://media.bizj.us/view/img/11038086/avenue-bellevue-daylight*1024xx817-458-0-67.jpg]

Jonathan Kagle

Tue, Oct 9, 2018 11:19 PM

Oops, the Mira II meeting is on Wednesday, October 17th.

From: Everyone everyone-bounces@lists.vuecrest.net On Behalf Of Jonathan Kagle
Sent: Tuesday, October 9, 2018 12:46 PM
To: everyone@vuecrest.net
Subject: [Vuecrest-list] Downtown Bellevue Development Update and Neighborhood Meetings

Dear Neighbors,

Recently, there's been a lot going on with the development of the part of downtown nearest to Vuecrest. Here is a quick summary, going eastward from our neighborhood:

The City of Bellevue is in initial planning stages of a redesign of the intersection of 10th and 100th (our east entrance). They are currently looking into a roundabout design, but it's still early. I will share more information as soon as I hear from the traffic engineer who is leading the effort.
The Lux Apartments at the corner of 10th and 100th are nearly complete. Expect significant traffic as new residents move in. Be sure to report any illegal parking, blocking of lanes by moving vans, etc. to the Bellevue Police. Photos and license plate info can be helpful.
The brown dental office building on 10th (immediately east of the Lux Apartments) redevelopment is active again. The developers missed several deadlines to submit a final plan, and were given multiple extensions by the planning department, with a final extension expiring December 3. Two weeks ago, they started submitting responses to issues with the city, but the project is blocked until they receive an easement from the new owners of the Fortin Group property next door.
The Fortin Group property, which includes QFC, Bartell, the office building and parking lot north of 10th, and the Le Chateau apartments, has been sold (see attached articles). Three years ago, the Fortin Group showed us detailed designs for a redevelopment and told us that construction wouldn't begin for at least 15 years, but with this sale, there will likely be significant changes. This project will have a profound impact on our neighborhood, and Vuecrest will take an active role to engage with the City and new owners. Note that this deal excludes the condos between QFC and Vuecrest, but they have engaged a broker to sell them as a single property.
The owners of the newly-completed Mira condominiums (southwest of the old Post Office) are underway on a new project on the site currently occupied by Papa John's Pizza. At the urging of the City, the developers of the "Mira II" project have reached out to us, and have set up a meeting for Vuecrest residents on Wednesday, October 16 at 7pm. Please email me for details if you are able to participate.
The properties along 8th from 102nd to Bellevue Way (See's Candy, Cost Plus, etc.) will be redeveloped in the next two years. The Cost Plus property design review period begins in the next month, and will include two towers (308 feet and 284 feet tall) containing condos, a hotel, and retail. More information to come.

Also, the City of Bellevue has started the process of creating a new Neighborhood Area Plan for Northwest Bellevue (including Vuecrest, but excluding downtown) and has "Listening Sessions" scheduled for October 18th and 20th. See https://planning.bellevuewa.gov/planning/planning-initiatives/neighborhood-area-planning https://nam04.safelinks.protection.outlook.com/?url=https%3A%2F%2Fplanning.bellevuewa.gov%2Fplanning%2Fplanning-initiatives%2Fneighborhood-area-planning&data=02%7C01%7C%7C38af7097405b4bd418b108d62e35fc2a%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C636747206734017121&sdata=GM%2BrV2VdGo5aQXdtfZQVF0qEr3RB9ijJnKVtdsugCGA%3D&reserved=0 for details.

I know this is a lot, but staying informed and participating can help our neighborhood influence the changes around us.

 Regards,

    -Jonathan

Jonathan Kagle
Vice President
Vuecrest Community Association
www.vuecrest.net https://nam04.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.vuecrest.net&data=02%7C01%7C%7C38af7097405b4bd418b108d62e35fc2a%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C636747206734017121&sdata=qPHJu0EVREL6mqA1aqiTcJe8Pw%2FIxMj5zN250w92BO0%3D&reserved=0

[cid:image003.jpg@01D45FEB.D5BD8E30]
John Stanton sells chunk of Bellevue site for $19M
By BRIAN MILLERmailto:brian.miller@djc.com
Journal Staff Reporter

Over 10 years ago, using LLCs, local telcom magnate and investor John Stanton began buying small retail properties on a block north of Bellevue Square.

The zoning has changed considerably since then.

Stanton's total investment as of last summer was $10.5 million. Now he's sold all three parcels at 810-832 102nd Ave. N.E. https://nam04.safelinks.protection.outlook.com/?url=https%3A%2F%2Fgoo.gl%2Fmaps%2FfoqkSnm7TuN2&data=02%7C01%7C%7C38af7097405b4bd418b108d62e35fc2a%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C636747206734017121&sdata=EV%2Bux%2F7A82n%2F%2B3GcGAAfiNHL8YW8HMIKqVorRy7BezY%3D&reserved=0 for $18.8 million to an unidentified buyer. King County recorded the transaction last week.

The property, on the east side of the block, totals almost 27,700 square feet. Brokers were not announced. The property wasn't publicly listed for sale.

The deal was worth about $678 per square foot.

No new plans have been filed with the city. The site is zoned for construction up to about 260 feet.

It's currently occupied by old low-rise buildings that house a tailor, nail salon and other retail.

Avenue Bellevue will be submitted for design review and permitting this month.

The DJC was unable to reach Lakha for comment about the Stanton site. Lakha previously tried to acquire the Stanton and southwest corner sites, but couldn't come to terms with the two owners.

Formerly with McCaw Cellular, Stanton is now a partner at Trilogy Equity Partners and CEO of the Seattle Mariners.

[https://media.bizj.us/view/img/11038086/avenue-bellevue-daylight*1024xx817-458-0-67.jpg]

Oops, the Mira II meeting is on Wednesday, October 17th. From: Everyone <everyone-bounces@lists.vuecrest.net> On Behalf Of Jonathan Kagle Sent: Tuesday, October 9, 2018 12:46 PM To: everyone@vuecrest.net Subject: [Vuecrest-list] Downtown Bellevue Development Update and Neighborhood Meetings Dear Neighbors, Recently, there's been a lot going on with the development of the part of downtown nearest to Vuecrest. Here is a quick summary, going eastward from our neighborhood: * The City of Bellevue is in initial planning stages of a redesign of the intersection of 10th and 100th (our east entrance). They are currently looking into a roundabout design, but it's still early. I will share more information as soon as I hear from the traffic engineer who is leading the effort. * The Lux Apartments at the corner of 10th and 100th are nearly complete. Expect significant traffic as new residents move in. Be sure to report any illegal parking, blocking of lanes by moving vans, etc. to the Bellevue Police. Photos and license plate info can be helpful. * The brown dental office building on 10th (immediately east of the Lux Apartments) redevelopment is active again. The developers missed several deadlines to submit a final plan, and were given multiple extensions by the planning department, with a final extension expiring December 3. Two weeks ago, they started submitting responses to issues with the city, but the project is blocked until they receive an easement from the new owners of the Fortin Group property next door. * The Fortin Group property, which includes QFC, Bartell, the office building and parking lot north of 10th, and the Le Chateau apartments, has been sold (see attached articles). Three years ago, the Fortin Group showed us detailed designs for a redevelopment and told us that construction wouldn't begin for at least 15 years, but with this sale, there will likely be significant changes. This project will have a profound impact on our neighborhood, and Vuecrest will take an active role to engage with the City and new owners. Note that this deal excludes the condos between QFC and Vuecrest, but they have engaged a broker to sell them as a single property. * The owners of the newly-completed Mira condominiums (southwest of the old Post Office) are underway on a new project on the site currently occupied by Papa John's Pizza. At the urging of the City, the developers of the "Mira II" project have reached out to us, and have set up a meeting for Vuecrest residents on Wednesday, October 16 at 7pm. Please email me for details if you are able to participate. * The properties along 8th from 102nd to Bellevue Way (See's Candy, Cost Plus, etc.) will be redeveloped in the next two years. The Cost Plus property design review period begins in the next month, and will include two towers (308 feet and 284 feet tall) containing condos, a hotel, and retail. More information to come. Also, the City of Bellevue has started the process of creating a new Neighborhood Area Plan for Northwest Bellevue (including Vuecrest, but excluding downtown) and has "Listening Sessions" scheduled for October 18th and 20th. See https://planning.bellevuewa.gov/planning/planning-initiatives/neighborhood-area-planning<https://nam04.safelinks.protection.outlook.com/?url=https%3A%2F%2Fplanning.bellevuewa.gov%2Fplanning%2Fplanning-initiatives%2Fneighborhood-area-planning&data=02%7C01%7C%7C38af7097405b4bd418b108d62e35fc2a%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C636747206734017121&sdata=GM%2BrV2VdGo5aQXdtfZQVF0qEr3RB9ijJnKVtdsugCGA%3D&reserved=0> for details. Finally, if you haven't already done so, please send in your Bellevue Neighborhood Enhancement Program ballot, which is due Friday, October 26th. The Vuecrest Board recommends voting for NW-6, NW-4 and NW-5. I know this is a lot, but staying informed and participating can help our neighborhood influence the changes around us. Regards, -Jonathan Jonathan Kagle Vice President Vuecrest Community Association www.vuecrest.net<https://nam04.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.vuecrest.net&data=02%7C01%7C%7C38af7097405b4bd418b108d62e35fc2a%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C636747206734017121&sdata=qPHJu0EVREL6mqA1aqiTcJe8Pw%2FIxMj5zN250w92BO0%3D&reserved=0> B.C. group pays $145M for 11-acre Bellevue site [cid:image003.jpg@01D45FC5.880B1250] In April, the Fortin family decided to sell 11.3 acres it owns north of Bellevue Square. That property has now sold for almost $145 million in two transactions recorded by King County on Friday. The buyer, through an LLC, was Pinnacle International Group of Vancouver, B.C. Public records indicate a loan from Citibank. Kevin Shannon and Ken White of NKF's El Segundo, California office represented the Fortin family. Pinnacle's brokers were not announced. The deal was worth about $295 per square foot of land. NKF confirmed that all 11.3 acres were sold. The property is usually identified as Bellevue Village, with a QFC and Bartell at 10116 N.E. Eighth St. The shopping center dates to 1966. The six parcels also include a small two-story office building at 10112 N.E. 10th St., developed in 1954; and the 66-unit Le Chateau apartments at 1111 102nd Ave, N.E., which is 51 years old. There are also some smaller undeveloped areas on the site, which is on both sides of 10th. The site has split zoning. VIA Architecture prepared a feasibility plan for the Fortins before the property went on the market, with high-rise towers made possible by Bellevue's new zoning. Other structures would have to be mid-rise. Pinnacle is new to the area. It mostly builds high-rise condominiums and upscale apartments in Canada, though it has a San Diego office. The 46-story Pinnacle on the Park opened in San Diego three years ago, with 484 units, and is the tallest residential tower in that city. Pinnacle also develops hotels. Most of its work has been in Vancouver. The firm's website cites 40 years in the field, with over 10,000 units developed. It's both a builder and developer, and is led by Michael De Cottis. Pinnacle is related to Vancouver's Onni Group, which is active in this area. Italian immigrant Inno De Cottis founded Onni in 1965. Inno spelled backward is Onni. Inno is one of several brothers who began immigrating to Vancouver in the 1950s and became builders. There was a falling out among them in the 1980s, with several lawsuits filed since then. The family lineage is complicated. Michael is reportedly the youngest of the four surviving brothers, and has led Pinnacle since 1993. Onni and Pinnacle appear to operate separately, and even as rivals. Redeveloping the Fortin site would take years and probably proceed in phases. No new plans have been filed yet with the city of Bellevue. But the sale came late Friday, and not all details could be verified by deadline. The Fortins founded QFC in 1954 and sold their remaining share of the business in 1986. They and QFC have offices on the property. Terms for the current retail leases are unknown. [cid:image003.jpg@01D45FEB.D5BD8E30] John Stanton sells chunk of Bellevue site for $19M By BRIAN MILLER<mailto:brian.miller@djc.com> Journal Staff Reporter Over 10 years ago, using LLCs, local telcom magnate and investor John Stanton began buying small retail properties on a block north of Bellevue Square. The zoning has changed considerably since then. Stanton's total investment as of last summer was $10.5 million. Now he's sold all three parcels at 810-832 102nd Ave. N.E. <https://nam04.safelinks.protection.outlook.com/?url=https%3A%2F%2Fgoo.gl%2Fmaps%2FfoqkSnm7TuN2&data=02%7C01%7C%7C38af7097405b4bd418b108d62e35fc2a%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C636747206734017121&sdata=EV%2Bux%2F7A82n%2F%2B3GcGAAfiNHL8YW8HMIKqVorRy7BezY%3D&reserved=0> for $18.8 million to an unidentified buyer. King County recorded the transaction last week. The property, on the east side of the block, totals almost 27,700 square feet. Brokers were not announced. The property wasn't publicly listed for sale. The deal was worth about $678 per square foot. The buyer is registered in Delaware as 810-832 102nd Avenue NE LLC, with a lawyer in Bellevue. Public records indicate a loan from Goldman Sachs. There's also a mailing address at the new Lincoln Square South office tower. No new plans have been filed with the city. The site is zoned for construction up to about 260 feet. It's currently occupied by old low-rise buildings that house a tailor, nail salon and other retail. Its separately owned neighbors are, on the block's northwest corner, the former University Book Store building; and a low-rise building on the southwest corner, home to Starbucks and other retail tenants. The northeast corner was developed a decade ago with AvalonBay Communities' Avalon Towers. The southeast corner - the Sleep Country building - has unnamed owners who granted a long-term ground lease to Kemper Development Co. On the south side of the block, developer Andy Lakha has spent $44 million for about 2.7 acres at 10300 N.E. Eighth St. Most people know the site as Cost Plus World Market. Lakha borrowed most of his acquisition funding from Goldman Sachs. Lakha's Fortress Holdings LLC has proposed two towers up to 290 feet tall, now called Avenue Bellevue (formerly The Elan). Weber Thompson designed the project, with CollinsWoerman as architect of record Although the details of that project have changed slightly (to 251 hotel rooms, no apartments, 330 condominiums and 810 underground parking spaces), a consultant working with Lakha said the site hasn't changed in size, and that the Stanton property wasn't part of it. Avenue Bellevue will be submitted for design review and permitting this month. The DJC was unable to reach Lakha for comment about the Stanton site. Lakha previously tried to acquire the Stanton and southwest corner sites, but couldn't come to terms with the two owners. Formerly with McCaw Cellular, Stanton is now a partner at Trilogy Equity Partners and CEO of the Seattle Mariners. [https://media.bizj.us/view/img/11038086/avenue-bellevue-daylight*1024xx817-458-0-67.jpg]