Legacy and Chinese partner purchase Redmond Square for $31MDecember 19, 2016 bySamantha Pak forRedmond Reporter
The Redmond Square business complex in downtown Redmond was sold to Legacy Partners last month for $31 million.
The sale went through Nov. 10 and was the result of 6-8 months of conversations between Legacy, a privately owned national real estate firm, and the land seller.
According to a Legacy press release, the company partnered with a Beijing-based public company for the sale. The Chinese company is traded on the Hong Kong stock exchange and is known for its specialization in green building techniques.
“Legacy and their new partner were intrigued with finding such a sizeable parcel so well-situated and with such great visibility,” said Legacy senior managing director Kerry Nicholson in the release. “The new parks, proposed light rail station and the expanding restaurant and retail scene make this an exciting time to work and live in downtown Redmond. Legacy is eager to continue contributing to the development of this community.”
According to the release, the purchased land is within a few blocks of the planned light rail station and the Redmond Town Center as well as the Redmond Saturday Market, a number movie theaters and the Redmond Library. The release continues, stating that Redmond Square is surrounded by green space and is adjacent to the Redmond Central Connector, which extends the length of the downtown, with public art and bicycle and pedestrian paths that border the south side of the property.
Parker Nicholson, general manager of the joint Legacy team that acquired the site, said they are planning to develop a mixed-use community on the site.
The release states that the 3.8-acre property, which is located at 16425 Cleveland St., has a capacity for more than 600 residential units. And while the project is still in its early stages of planning, Parker Nicholson said they are looking at a combination of for-sale condominiums, apartments for rent and upscale senior living for the site’s residential units.
In addition, he said they are planning for commercial use, with at least 25 percent ground-floor retail coverage. Current plans for the site, Parker Nicholson said, also include a European-style pedestrian walkway to break things up.
“It’s a very complicated site,” he said, adding that they are planning for construction on the project to start in 18-20 months.
Currently, Redmond Square is home to more than two dozen tenants, from restaurants and retail, to medical offices and health and fitness-related businesses.
The Reporter contacted the complex’s property administrator Lori Smith for a comment but she said she could not discuss the sale at this time and referred the Reporter to Legacy and Parker Nicholson.
Parker Nicholson said Legacy’s new project on the site will have between 30,000 and 50,000 square feet of retail space and the businesses currently located at Redmond Square will have the option to lease space in the new development once construction is complete if they choose to.
“We’re not trying to shut them out,” he said, adding that some may choose to stay, others will not.
Parker Nicholson said Legacy believes in downtown Redmond becoming an urban/suburban nexus and walking community and this is the third property the company has purchased in downtown Redmond.
According to the release, the company recently completed and sold Milehouse, a six-floor apartment complex at 8300 160th Ave. N.E. In September, Legacy also broke ground on its Triangle project, a six-story building bordered by Northeast 79th Street, Redmond Way and 166th Avenue Northeast, that will include 195 units and 9,500 square feet. In addition, in 2009, Legacy was master developer of the six-acre Riverpark site at 15803 Bear Creek Pkwy, which encompassed apartments a hotel and office space, the release states.
[ See All News ]