Seattle & Northwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Bellevue Awards $12M for Housing Development Project
Imagine Housing, a nonprofit housing provider, received $12.1 million from Bellevue’s city council to build 100 affordable residential units at 2650 148th Ave SE in the Lake Hills area.
The four-story project on the land of St. Andrew’s Lutheran Church is slated to break ground in 2027. Imagine Housing has raised $15.5 million for land acquisition and construction costs, reported the Puget Sound Business Journal.
The money adds to a capital stack that already includes $2 million from the state Housing Trust Fund, $1 million from King County/City of Bellevue Connecting Housing to Infrastructure Program, and $500,000 from A Regional Coalition for Housing.
The proposal, dubbed Forest Edge, calls for a four-story property community at 2650 148th Ave SE with homes ranging from studios to three bedrooms, a courtyard, on-site resident services, and underground parking.
