Outlook for Downtown Bellevue Remains Strong

By now I am sure all of you are aware of the nationwide credit crisis, the failing housing market, and some of you have maybe even suffered from the volatile stock market. These are just a few factors that are contributing to the nation’s recession fears. These economic drivers seem to be widespread across the country. However, the Puget Sound region and in particular Downtown Bellevue appears at this time to be different, or at least delayed.

Supply and demand is a common theory that helps to illustrate economic trends, and based on the 2007 fourth quarter office market statistics, compiled by the CB Richard Ellis research department; this is an economic indicator that continues to shine. Downtown Bellevue vacancy rate for office space ended at 6%, 4 points lower than the 10% mark commonly know as a healthy office market.

In the Q4 nearly 500,000 net square feet of office space was leased in an office market that consists of just over 6.1 million square feet of inventory. In addition, lease rates have increased drastically over the last year, in some cases by more than 20%, as the high water mark has increased to about $43 per square foot annually. Because landlords have increased asking rates for the office space, this is a clear indication that demand has increased.

Based on extensive demand for office space driven by the increasing work forces of corporate giants such as Microsoft, Expedia, and Yahoo, this local economy and in particular the office market in Downtown Bellevue will remain insulated from the rest of the nation at least for the foreseeable future.

Eddie Bauer Cuts 76 Bellevue Jobs

In a move to re-align the organization to its new strategic direction, Eddie Bauer Holdings announced a reorganization of their corporate staff across three locations, eliminating a total of 123 employees in Bellevue, Chicago, and Columbus.  76 of which were out of Bellevue.

Neil Fiske, President and CEO, commented, "We have taken a major step to streamline the organization, simplifying process, and focus our resources on our strategic priorities. We acknowledge in our last earnings call that our overall costs are too high and that we were going to take action in early 2008 to become more cost competitive."

The Downtown Bellevue headquartered company which is located at Lincoln Square is looking to cut $25-30 million out of the operating cost structure of the business with the end result being a "leaner, stronger, and more focused organization."

Among one of the biggest moves this month, all design functions are to report directly to Neil Fiske, CEO, including the newly-developed Outerwear, Activewear and Gear group.

On a personal note, we here at the Downtown Bellevue Network wish the best for those who were laid off and hope that Eddie Bauer can regain its footing in the marketplace.

Downtown Bellevue's circulator bus possibily delayed

Downtown Bellevue, as we've previously reported, is in the works of getting a bus to circulate and transport passengers within the Downtown core. With the increased amount of residents anticipated to move in, and with the many condominium and apartment projects in the works, it'll make for a transportation headache.

Unfortunately, as the Seattle Times reported today, King County Metro Transit officials stated that more money would be needed for the project and be delayed two years later than anticipated. The project will cost an estimated $1.3 million a year, an extra $185,000 more than anticipated, and county officials are asking the city to pay for it.

The bus as proposed would now would run in a loop cornering Bellevue Way, Main Street, 110th Ave NE, & NE 10th St (see picture for bus route). The vans would allow for 19 people to ride and would operate weekdays from 6am - 7pm, Saturdays 9am - 7pm, and some Sundays.

The best part about the buses is that they will be free! They won't get you very far, but it will be great for residents and workers alike. Not having to fight the traffic or deal with parking, if just wanting to travel within the Downtown limits, would be a benefit for many.

Picture courtesy of Seattle Times

Asian Spoons - New Asian Fusion Restaurant Opens

Asian Spoons, an Asian fusion restaurant, opened its doors to customers last Monday in Downtown Bellevue. Located at 850 110th Ave NE and connected to the Marriott hotel, Asian Spoons is a small, intimate restaurant with nice but simple Asian-themed decor.

With most of the menu items not exceeding $12, it makes a great place to grab a quick lunch, but is also decorated elegantly enough for a sit down meal. Menu items include simple appetizers such as Crunchy Beef, Ginger Orange Chicken, Lettuce Cups, and more. Want to stick to something safe that you're familiar with? Try the Teriyaki, Fried rice, or Yakisoba! One thing we noticed, upon the meals arriving, was the unique smells and flavors of what seemed to be familiar dishes. These dishes are what we would like to call "simply sophisticated" (simple, yet not boring).

Located near many business buildings, it caters to the working professional by providing wireless internet to their customers!

Asian Spoons promotes their dishes as healthy and fresh. Although we didn't try everything on the menu, we can attest to this being true on most items, especially the Chicken & Cucumber Salad! Also to note is their Sunday Brunch starting at 10am. Located at 110th you won't miss the cute logo with green chopsticks. If you're hungry for Asian, and want something fresh, give it a try.

Snow Doesn't Faze Downtown Bellevue

Although receiving a decent amount of snow in Bellevue last night, Downtown Bellevue was practically unaffected. Everything today is running as normal. See traffic cams in Downtown Bellevue to check current weather conditions.

Pictures taken in Downtown Bellevue this morning

Bellevue Among "100 Best Communities for Young People"

Bellevue ranked among the top 100 Best Communities for Youth, decided upon by America's Promise Alliance. This group's mission is to ensure that children receive fundamental resources. The communities, which are the best places for young people to live and grow, are awarded. All types of communities are taken into consideration for this award, ranging anywhere from rural to urban and large to small.

For the third year in a row Bellevue has earned this honor of being nominated to this list. Some of the programs that were taken into consideration for this award were the following: Bellevue's 24 Hour Relay, Wrap-Around Services, TRACKS, and more.

Bellevue has notoriously been known for it's safety and cultural diversity. With all the growth and the new "Downtown" population, will it continue to be a good and safe city to raise kids in?

Ask Lea: Weekend Nightlife

Please help me in introducing Lea to the Downtown Bellevue Network team.  She will be our fourth writer!  Although she is new to you all, she has been helping our team for months.  She will write a column entitled "Ask Lea." She's a lifelong resident of Bellevue and lives Downtown.  With her great Bellevue knowledge she'll answer questions from you, the readers, on a bi-weekly basis.  Send in your questions to info@downtownbellevue.com!

-Michael

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Lea,
I just moved to the Downtown Bellevue area for my job, and I

 don’t have any idea of what to do on the weekends around town. Any suggestions? - Bored in Bellevue.

Dear Bored in Bellevue,
You’re in luck! You’ve moved to Bellevue at the cusp of its breakthrough into the nightlife scene. Hard to believe, especially if you’re from the Seattle area or beyond, but this once quiet suburb is turning into something quite superb.

There are many fun places to hang on a Friday or Saturday night in Bellevue, but I’d like to tell you about my favorites. On a Friday night, I’d start out with a drink somewhere and then migrate to a more eventful scene. My favorite place to relax and sip on a cocktail is at the Bellevue Westin hotel. “Cypress Lounge” offers a relaxing setting with a uniquely modern twist. I like to sit in the lower area with the glass fireplaces, cozy up with a fruity martini, and engage in some great conversation. Last week, they even had live music…a bit loud for my preference, but still entertaining for the average guest.

From Cypress, I would head to Lucky Strike Lanes. Yes, the bowling is expensive, but you’re bound to have a good time whether you roll the ball or not. Although it has only been open for a few weeks, it has had consistent traffic and a diverse crowd. You’ll find mom, grandpa, and a 21-run all in the same place. This may sound strange, but the place is so big that you’ll be sure to create your own atmosphere in the corner of your choice. Dark lighting, plenty of bustle, and a classy dress code makes this place a winner!

On a Saturday night, my choice is Vertigo Lounge and Grill. I might catch an early wine tasting at Vino100, dinner at Joey’s, or some evening shopping, but Vertigo would definitely be my late night spot. There’s an ever-changing crowd, guest DJ’s, leather to lounge upon, and tons of dancing if you’re up for it. Of course I can’t leave out their signature drink, “Vertigo Viagra,” blue in color and loaded with Red Bull to keep your hips moving!

Around 1am when things die down in Downtown, most people head to the Eastside’s version of Dick’s, Jack In the Box, on Bellevue Way. They make a killing on Saturday nights! Who knows how long it will last, until the next condo tower buys the land they’re sitting on, so you better enjoy it while you can.

Whatever you decide to do, I can assure you that you won’t have to go far from home to find a good time.

Here to banish you boredom,

Lea

Avalon Meydenbauer Apartments, Ready for Move In

Downtown Bellevue's most conveniently located apartment building, Avalon Meydenbauer, has long been under construction and is now ready for occupancy.

Located kitty corner to Bellevue Square at 10410 NE 2nd St, the apartments are centrally located in Downtown Bellevue. In addition to the great location, amenities include a fitness center, resident lounge, Wi-fi access, and luxury interiors. One of the greatest luxuries of this building will be the on site Safeway (unless customers choose to use the even more convenient Amazon Fresh).

Avalon Meydenbauer will be the first of many apartment buildings that will be coming to market within the next couple of years. Can the Downtown Bellevue market sustain so much luxury apartment growth?

For those of you interested in moving in the prices & Square Footage start at:
Studio 486 Sq ft - $1,125
1 Bedroom 730 Sq ft - $1,490
2 Bedroom 1022 Sq ft - $2,080
3 Bedroom 1403 Sq ft - $2,860

We are curious to get your feedback in the comments section; do you think these prices are high, low, or what you expected?

Events at The Spot Off Main

The Spot off Main, Main Street's newest hang out since they opened in October, has been event-focused; heading into 2008, they will be no different. The owner's belief is that being an integral part of the community is very important!

Tomorrow, Tuesday, January 22nd at 8:00pm, The Spot Off Main will be featuring Eastside History Trivia Night. If you think you know a lot about this area, this will be the opportunity for you to show off and win some great prizes. And if you need an extra push to get off the couch and have fun tomorrow, you'll be glad to know that some of the proceeds of the event will go to Eastside Heritage Center.

Busy on Tuesday? This Friday The Spot Off Main will have Men's night, which will allow for a 15% off discount to all men on their bar tabs. Saturday will featuring a "Hats & Heals Party," where people wearing creative hats and/or heels will receive hourly discounts.

Cheers to some fun in Downtown Bellevue at the Spot Off Main!

Crime Down In Bellevue in 2007

Crime you ask? Well yes, there actually happens to be some crime in Bellevue. The city of Bellevue has posted the FBI's crime results for the first half of 2007. Impressively there were no homicide cases in the first half of 2007!

The most notable stat is that Bellevue's violent crime is down to 64 incidents in the first half of 2007, compared to 98 in 2006 (violent crime includes murder, rape, robbery, and aggravated assault...yes, the bad ones).

Linda Pillo, the recently hired police chief in Bellevue, has a tall order to improve or at least maintain the high level of safety not only in Bellevue, but in the Downtown Bellevue area and its growing nightlife scene.

We took some of the stats from the report, and gave them to you in more of a graphical representation:

Crime Offenses Jan - June 2006 & 2007



Stats from City of Bellevue

Getting around in Bellevue Just Got Easier

Living/working in Bellevue and just can't seem to figure out how to get around? There's no need to wait any longer because Transmanage, the transportation arm of the Bellevue Downtown Association, recently launched Choose Your Way Bellevue - CYWB - (chooseyourwaybellevue.org).

The site provide resources to those who:

• Bike & Walk
• Bus
• Carpool
• Flex
• Ferry
• Rail
• Vanpool

For each option, CYWB provides all the resources around it and answers some very useful questions that you might have. The resources here are for everyone - employers, students, parents, those wanting to get to work, and those just looking to meander Downtown Bellevue and see the awesomeness (yes, I just said awesomeness) of the city!

While most of the resources are from other organizations (Sound Transit, Washington State DOT, King County Metro, Flexcar), we were very impressed to see how it's all laid out.

The Commute Cost Calculator on the site, offered to help us determine how much we were paying per month and year. We each learned how much using alternate means of travel could save us annually, which was neat! Some of the maps are outdated, so some of the pathways may not actually be available for bikes, walking, etc. Hopefully CYWB can let us know what alternate routes exist.

Overall, we found the site useful.

Two Office Buildings Sold in Downtown Bellevue

Investment sales in the commercial real estate market continue to be bullish in Downtown Bellevue as the Washington Mutual Plaza and the Key Bank building have both sold this month. Washington Mutual Plaza located at 118 106th Ave NE was built in 1995. The 96,691 square feet of office and retail space sold for $41.1 million.

Key Bank located at 10655 on NE 4th Street was built in 1971 and consists of 96,009 square feet of office space.

In addition, Dex once rumored to be relocating to City Center Plaza announced that the company will be renewing its existing lease at Sunset Corporate Campus along the I-90 corridor. Also, ING (former Sharebuilder) has also been rumored to be relocating to City Center Plaza. Now the company appears to be contemplating a move to Seattle rather than Downtown Bellevue. City Center Plaza which is currently under construction is scheduled to be completed during the second quarter of this year and is currently the only building in the Bellevue CBD under construction with available office space.

Inside Lucky Strike Lanes

Is it a bowling alley or a lounge? Well...after visiting, it is clearly both.

The 23,000 square foot venue is separated into three distinct sections. The first thing you'll see upon entry is the largest lounge in Downtown Bellevue. The lounge has a very retro feel, with dim lighting and brown upholstery. On most Friday and Saturday nights, they will feature a DJ to keep the parties lively. Keep walking past the lounge, and you'll enter the "Luxe."

The Luxe is a new concept at Lucky Strike with a posh private party area. It has a dedicated bar, four private bowling lanes, and a larger than life video projection screen.

The third area is the bowling alley. It is equipped with 16 lanes, video projection screens, and plasmas everywhere! The bowling ranges in price, anywhere from $35 - $75 an hour, depending on the day and the time (see the pricing rates).

Bellevue's newest hot spot is going to make waves. It will be the place to go! Regardless of what you want to do, it has it all...and more than enough space to move around in!

Downtown Bellevue Happy Hour Section Added

In our continuous attempt to bring our viewers the resources they want, we have added a Happy Hour section.

There are quite a few happy hours in the core of Downtown Bellevue (we have 25 listed). We hope that by rolling out this resource that we're able to diversify the venues you currently attend on a weekly basis.

Some restaurants offer discounts on food, others on drinks, and some offer both. These happy hour specials are a great way to sample food from a restaurant or relax with a drink.

Let us know if we've missed any of your favorite Downtown Bellevue Happy Hours within this listing.

Building Boom Makes Little Noise says Seattle Times

The Seattle Times ran an article this weekend about the downtown "building boom." Although having 15 projects underway in Downtown Bellevue, there have been very few complaints to the city due to noise.

An interesting fact to note from the article is that the city in the past has only received less than 20 calls a year about construction impacts, which includes noise and traffic (The city has even won awards for the way it has managed the roads throughout the construction).

Construction in Bellevue is limited to 7am - 6pm on weekdays, and 9pm - 6pm on weekends.

Bellevue Towers Onward and Upward

If you've looked up lately while driving around Downtown Bellevue, you might have noticed the two large residential condominiums filling the sky. These quickly rising structures belong to Bellevue Towers.

When complete, the South Tower of Bellevue Towers will reach 450 feet tall, and will be the highest peak in all of Bellevue. Currently the vertical construction on the two towers is complete up to floor 33. If you think that is high, just wait...they have about 10 more floors to build.

This massive project demands as many as 600 workers at one time to ensure the expected completion date of April 2009, with homeowners to move in as early as November 2008. With 199 unique floor plans, buyers will enjoy special custom living spaces, unlike other "cookie cutter" condos. Residents of Bellevue Towers will enjoy many luxury amenities, such as an urban garden, fitness center, spa, free valet parking for guests (one of my favorites!), and much more.

The building might be big, but Bellevue Towers and the development team have been making large strides in impacting the environment as little as possible. As preciously reported, when complete, Bellevue Towers' buildings are striving for LEED Gold Certification.

With 540 homes in the air, it will bring a lot more ground traffic into the Downtown area. Homeowners be able to enjoy new retail on the ground floor of Bellevue Towers, which will be able to accommodate 20,000 square feet. According to Bellevue Towers this will translate from anywhere from about 3 - 5 tenants. Bellevue Towers expects to begin announcing tenants within the first quarter of this year.

With less than a year to go before buyers move in, Bellevue Towers is already making a large impact on the Downtown Bellevue skyline.

Washington Square Opens this Weekend

Washington Square condominiums, at the block of NE 10th & 8th street and 106th & 108th ave NE, have completed their first phase of one of their two new condo towers. Customers purchasing units in this first phase will be welcomed to move in this weekend.

The 188-unit tower first went on sale to buyers in spring of 2006 and was then followed with sales for the second tower months later. These condo owners' wait of a year and a half is now over, and they will now be able to move into their homes which was once, only a concept.

With over 160 units sold in the first tower, and 110 in the second, Washington Square will be buzzing with people. Owners will be able to enjoy announced retail such as Top Pot Doughnuts, Allure Restaurant, Shnoo Yogurt, Zupans Market, and Bellevue Cleaners.

Washington Square has recently had stories written in The Seattle Times and Seattle PI, regarding their progress and near completion in the first tower.

This development has lead the way for many other luxury projects including Bellevue Towers, The Bravern, European Towers, and more. These two condo towers are only the beginning for development company, Wasatch Development, that has plans for up to seven buildings within the block. These other towers include senior living, office buildings, and a hotel.

KFC / Taco Bell Closes in Downtown Bellevue

The KFC on Bellevue Way and Main Street, which shared the space with Taco Bell, closed its doors for the last time on New Years Eve night.

This marks another fast food option in Downtown Bellevue eliminated. It won't be long before you will need $10 or more if you plan to eat out in the area. The fast food options are getting quite scarce.

The closing of the KFC was propelled by a project in the works, which as presented, would be called "Bellevue at Main Street." As proposed, it would be 138 apartment homes, 33,000 sq ft of retail and commercial real estate, and accommodate 492 parking stalls.

Newest Member of the Team Gives Insight into Commercial Real Estate Market

My name is Brian Biege; I am the most recent member of the Downtown Bellevue Network team. My mission is to provide YOU with the most up to date and relevant insight into the commercial real estate market in Downtown Bellevue. I will cover topics such as tenant relocations, updates on development projects and proposed buildings, ownership changes in the market as well as statistical office market trends. As for me, I am a commercial real estate broker at CB Richard Ellis, specializing in office and industrial properties in Bellevue and the greater Eastside. My knowledge and expertise have been cultivated during my time as a research analyst for CBRE, and now as an active broker Downtown. Any feedback is always appreciated, any questions are recommended and of course any leads or referrals are valued.

Heads-Up
Over the last twelve months, Downtown Bellevue is quickly evolving into one of the most dynamic cities on the West Coast; once a dull suburb of Seattle, DB is emerging not only as a premier place to work, but to live and play as well. However, the city’s profile is far from complete, with extensive mixed use, office and residential projects currently under construction or still in the planning stages preparing to break ground. This, combined with the 130,000 and 150,000 square foot planned expansions at Bellevue Square and Washington Square, is helping to shape DB into the next major hub of the Puget Sound region.

The Pulse
There are three class A office buildings totaling over 1.7 million square feet under construction. Tower 333, recently renamed the Expedia Tower, as Expedia recently announced its relocation to the Bellevue CBD and will occupy over ¾ of the building, consists of 400,000 square feet. The Bravern, another high profile mixed use development consisting of 750,000 square feet which Microsoft has leased in its entirety, is scheduled to be completed during the 4th quarter of 2008. Finally, City Center II, located at NE 6th and 110th Ave NE, will consist of 572,000 square feet and should be delivered by the 2nd quarter of 2008. Currently, this high rise is the only building that has not been entirely pre-leased; although Dex and Sharebuilder have been rumored to be leasing a large portion of the space.

In addition, Downtown Bellevue has a variety of office and retail developments at the planning and permitting stages in the pipeline. The projects are highlighted by Bentall Capital, who is close to breaking ground on phase III of the Summit. The building would consist of 315,000 square feet of office space. In addition, Washington Square Phase II and 4 Bellevue Center, developed by SRO and located at NE 8th and 106th, would consist of over 1 million square feet of office product.

Overview
As the city, anchored by corporations such as Microsoft, Eddie Bauer, Drugstore.com, Oracle, and Symetra, continues to increase its footprint in the region, there is no doubt that we are seeing the infant stages of what this vibrant area will become. And with the additions of Yahoo, Neiman Marcus, Expedia.com and the planned expansion of Microsoft in the Bravern, it’s clear that DB is at the forefront of the Eastside revolution.

Bellevue Beats Seattle, Says "The Stranger"

In a recent article written by Charles Mudede at The Stranger, he talks about how in November The Bellevue City Hall building won an American Institute of Architects 2007 Honor Award for Washington Architecture.

The majority of the article talks about how Bellevue's architecture in the past has been considered, as he states, "a very, very, very ordinary one." He goes on to call Bellevue's marriage with architecture, "all about bills, bank machines, and shopping."

This for the most part has been true until now. Downtown Bellevue's past has been notoriously known for Bellevue Square Mall and sleepy office buildings, but the skyline is now filled with cranes, showing great growth. Exciting tenants such as Yahoo! and Expedia.com are now flocking to Bellevue buildings, which have some of the lowest vacancy rates in the nation. This, along with many condos and apartment buildings, will bring a lively and rich culture to the Downtown core.

The article continues to criticize Seattle City Hall in its approach to the design and praises Bellevue's well done job of simplicity and good design. The Seattle favored newspaper ends with:

"This must never happen again! Let's hope that Bellevue City Hall is an anomaly. Bellevue must remain as Bellevue, with its malls, office buildings, and other products of what architect Rem Koolhaas calls junspace. Seattle must generate and dominate the higher culture of the region."

There are many other beautifully designed buildings under construction and on their way towards completion in Downtown Belleve. The flourishing growth of buildings and culture has just begun. Seattle, be prepared, this is nowhere near the last of the awards we'll be receiving.