Bellevue will be getting its first condo development in over a decade. Set to be completed in 2019, One88 is Bellevue’s first condo project since the housing crash.
Vancouver BC based Bosa Development, also responsible for Seattle’s Insignia building, has broken ground on the newest condo building at 188 Bellevue Way, across from the mall in downtown. This 21-story building will feature 143 units ranging in size from 1-bedroom to penthouse (5-bedroom) units.
Before the crash, several condo buildings popped up and over 1,000 new units hit the market. Since then many of these actually turned into apartments and the city has approved about 90 apartment and townhome buildings totally over 4,500 units. The last condo project broke ground in 2008.
Prices for condos are rising faster than single-family homes. The national median price for a condo is $320,00 compared to Seattle’s median price of $550,000! The issue is inventory. There just isn’t that many condo units available. This naturally increases the price. The prices for One88 haven’t been set yet but the term “luxury” has been thrown around quite a bit, which predicts prices to start around the $700K mark at least. First Hill’s Luma building has an average price of $697,000, a little more than a typical single-family home in Seattle.
One88 was the site of several restaurants but Bosa Development acquired it for $22.8 million in 2015. The Architect behind the construction is Amanat Architecture and Interior Designer Hirsch Bedner Associates. Amenities are projected to include an indoor pool, third-floor outdoor terrace, children’s playroom, fitness center and ground-floor retail space.
Units will be close to the Downtown Park, high-end shopping at the Shops at the Bravern and the Bellevue Collection. Most units will have beautiful views of Lake Washington, mountains and green spaces.
Stay up to date with the latest news, changes and first pre-sales of One88 on my blog and website. Contact me anytime for more details and information regarding Bellevue condos.