Vulcan Breaks Ground on First Multifamily Project in Bellevue

Vulcan recently broke ground on a 1.4-acre development site at 13238 NE Spring Blvd. in Bellevue, WA, near the future location of the BelRed/130th light rail station. This is Vulcan’s first multifamily development project in Bellevue and is part of a robust development pipeline in the Puget Sound region.

“We are looking forward to entering the Bellevue multifamily market,” said Ada M. Healey, chief real estate officer for Vulcan. “The BelRed Corridor offers an exciting opportunity for sustainable transit-oriented development and Bellevue is poised to add 50,000 jobs, driving strong demand for apartments and rent growth in the years ahead.”

Ondina will contain 249 rental apartment homes aimed at accommodating the Eastside’s growing population. Meaning “little wave” in Latin, Ondina’s design concept is based on “Blue Mind Theory” – a scientifically supported theory that shows how being near water or images and materials that evoke waterscapes can make people happier, healthier and more connected.

Vulcan plans to participate in Bellevue’s Multifamily Tax Exemption program at Ondina, where 20 percent of the units will be rent- and income-restricted for households earning 80 percent of Area Media Income.

“Our deep experience developing and leasing thousands of multifamily residential units in Seattle will translate well to the Bellevue market,” said Scott Matthews, Vulcan’s senior director of acquisitions and residential development, “We expect demand to surge as workers return to offices and companies like Amazon and Facebook continue their Eastside growth trajectory.”