Vancouver, British Columbia-based Pinnacle International Group in 2018 acquired the blue-shaded property. It recently filed plans for a two-tower mixed use development that will have nearly 3,200 stalls of underground parking.
Early details of another mega project in downtown Bellevue have emerged.
Vancouver, Canada-headquartered Pinnacle International Development is proposing two 26-story towers for 11 acres just north of Bellevue Square shopping mall. The scope of the development is underscored by the nearly 3,200 stalls of underground parking that are planned.
Separated by Northeast 10th Street, the south property is home to the QFC and Bartell Drug-anchored Bellevue Village Shopping Center. The north site is home to an old office building and an apartment complex. Each site will have one tower.
On the south property (10116 NE Eighth St.) residences, commercial space and a boutique hotel are planned, according to a predevelopment application that Pinnacle recently submitted to the city. There will be about 153,500 square feet of office, 166,000 square feet of retail and some 1,750 parking stalls.
The tower on the north parcel (10112 NE 10th St.) will have residences, 150,000 square feet of retail anchored by a grocery and drug store and 1,400 parking stalls.
A likely scenario would have Bartell and QFC as the anchors. QFC’s headquarters are in an old building on the property. The Business Journal has reached out to both companies for comment.
Kandice Kwok, co-founder of global design firm JYOM, is listed as the applicant. She has not yet responded to the Business Journal’s inquiries. JYOM has offices in Shanghai, Hong Kong and Vancouver, Canada.
In 2018, Pinnacle bought the properties for $145 million from the Fortin Group, a group of family-owned real estate management companies. When it marketed the properties for sale, Fortin said the size and location of the sites created “a transformational opportunity for the future of the city.”
A number of large-scale developments are planned for Bellevue, where Amazon is expanding.