The Sound Transit Board of Directors announced they have approved transaction terms with developers to build almost seven acres of transit-oriented development (TOD) adjacent to the recently completed Operations and Maintenance Facility: East. BRIDGE Housing.
The partners were selected last year to develop the project, valued at more than $500 million.
Sound Transit and the City of Bellevue worked together on a plan to integrate the OMF East into the city’s plans for the developing BelRed corridor. The site is located across from the Spring District/120th Link light rail station and will open in 2023.
“Together, through creative engineering and partnerships, this area will now have not only a maintenance base, but also affordable housing, office, retail and a park, all within a short walk to the Bel-Red light rail station,” said Claudia Balducci, Sound Transit Boardmember and King County council chair. “Sound Transit and the City of Bellevue are working together to meet the needs of eastside transit riders, residents and employees and I’m excited to see this transit-oriented development project contribute to the kind of welcoming neighborhood we have always planned for the BelRed area around our new light rail service.”
BRIDGE Housing will serve as the qualified entity, lead developer, and affordable housing developer. BRIDGE has participated in the development of more than 18,000 homes on the West Coast.
“Sound Transit's Spring District site is an unparalleled opportunity for BRIDGE to bring much-needed affordable housing to the Bellevue community as part of a vibrant, mixed-use collaboration with Essex Property Trust and Touchstone/Urban Renaissance,” said Ken Lombard, president & CEO of BRIDGE Housing.
Touchstone will develop the commercial office component. They are based in Seattle and have worked in the region for more than 35 years.
"The Spring District/120th Station area is transforming into a transit-oriented community with thousands of new homes and jobs including some 280 units of desperately needed affordable housing,” said Peter Rogoff, Sound Transit CEO. “The economic development that is accompanying our Eastlink rail expansion must benefit everyone and we are thrilled that this project will deliver affordable housing alongside market rate housing, office and retail spaces surrounding our new maintenance facility and rail station, allowing residents quick access to opportunities on a light rail network stretching from Redmond to Seattle to Lynnwood and Federal Way by 2024."
The project is planned to include:
- Approximately 500 units of housing, of which around 280 are affordable units serving a range of incomes between 30% and 80% of area median income
- More than 400,000 square feet of office space
- Active ground floor uses including retail and resident amenities
- A public park
The multi-phase TOD is expected to be built out over the next decade, following recent residential and office growth in the adjacent Spring District.