Wallace Properties, the commercial property management company, recently requested approval for a design review from the City of Bellevue for a multi-family residential building. The address is 11027 Northeast Fourth Street.
In city records, the project is called “111th Ave NE Apartments”. It is planned to have eight floors, 140 units and 112 parking spaces.
As per demand, 111th Avenue NE Apartments is a transportation-focused, labor-intensive apartment building that will provide 20% of the apartments at capped rents for those earning 80% of the area’s median income. or less. The site is extremely passable. The units are smaller, which allows market rate units to be more affordable in downtown Bellevue.
The comprehensive plan repeatedly recognizes the importance of projects that provide affordable housing. As a Wallace Properties employee explains, “Affordable housing is a priority for the community and an issue for businesses concerned about the cost of housing for workers.” They said that without a project like the one proposed, the city’s affordable housing goals cannot be achieved.
Apartments will have a variety of unit types and sizes, ranging from studios starting at 411 square feet to two-bedroom units over 1,000 square feet.
The project is located less than 800 feet from the downtown transit hub and less than 1.4 miles from the Downtown and East Main light rail stations. It is also two blocks from the Grand Connection.
The project will use the MFTE incentive, which is the “state property tax exemption program”. Bellevue City Council approved the multi-family tax exemption program on June 28. The updated program provisions came into effect the week of July 12. This is an affordable housing incentive for new apartment developments in targeted neighborhoods of Bellevue (one being downtown). It provides a 12-year exemption from property taxes paid on the housing portion of qualifying projects in exchange for setting aside 20 percent of units for income-qualifying households.