ELEV8 - Phase 1

A San Francisco-based development company has purchased a controlling share in the Elev8 development in downtown Bellevue, which is seeking to build four towers in the city’s core.

Nyhus Communications, which represents the project, said Stanford Hotels purchased the stake from Plus Investments, Inc. The Daily Journal of Commerce reported the stake was sold for $128 million and that Plus Investments had spent $76 million acquiring 4.6 acres in downtown Bellevue in 2014 and 2015.

The Elev8 project will be built in two phases. The first phase has been approved by the city of Bellevue and construction permit reviews are underway.

Phase 1 would include two residential towers, one low-rise building and six levels of underground parking, city documents show. They will be located at the intersection of Northeast 8th Street and 110th Avenue Northeast. The two towers were approved for a 450-foot buildout each, with two stories of retail podiums. It will provide the city with 350 condo units and 423 apartments and more than 1,450 parking stalls, according to Polaris Pacific.

Source: https://www.bellevuereporter.com/news/stanford-hotels-purchases-controlling-stake-in-elev8-development-in-downtown-bellevue/

Plus assembled and acquired over 4 acres of prime property at the gateway to Bellevue. The vision became a 3.1 million sf master planned high-rise community called Elev8. Plus sold majority interest after fully entitling two 450 ft high-rise residential towers with the city of Bellevue.

Rising from the highest point in Downtown Bellevue, Elev8 is a sustainable office-focused, transit-oriented, pedestrian and bike-friendly, mixed-use project. Elev8 is Bellevue’s largest master-planned development, promoting collaboration and innovation through the perfect balance of jobs, housing and unique amenity offerings. Plus is a partner with Stanford Hotels out of San Francisco.