The old Haggen store located next to the Crossroads shopping center will be the site of a new 176 residential home development. The lack of new homes and developments is especially prominent on Seattle’s Eastside neighborhood in cities like Bellevue and Kirkland. Just recently, the city of Bellevue approved the design of a new 176 unit townhome project as well as a new retail division located at 15751 NE. 15th St.
The new project called Crossroads Village, will alter the look dramatically of this East Bellevue community. There will be a total of 29 buildings with over 15,000 ft.² of retail space developed on the side of an abandoned grocery store surrounded by several acres of parking.
Polygon Northwest, a division of William Lyon Homes, has yet to apply for construction permits, even though the plan has been unanimously approved by the city.
This location has been in dire need of new housing as in 2014 and 2015, inventory plummeted 57% to just 40 available properties according to the Northwest Multiple Listing Service. The demand has far exceeded the supply with nearly 100 closings last month alone. According to the research, the NWMLS calculates that this area has less than half a month supply of homes for sale. This is among the lowest in King County. Typically, a fair market is balance between buyers and sellers with a 4 to 6 month supply.
With the supply of less than two months for homes across the four county metro region, the demand is ever-increasing. For Bellevue alone, the median sales price was up 5.6% of the end of 2014 at $528,000.
Polygon Northwest also needs to provide public benefits to the project in order to get the approval for the housing construction. In addition to these townhomes and the retail center, a wide pedestrian promenade with small retail shops to connect the project to crossroads Mall will be completed. There will be a Park Street with tree-lined paths and landscaping on the south side of NE. 15th St. This new project is sure to bring a little relief to the supply and demand of East Bellevue.
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Image by Flickr