Article by Puget Sound Business Journal.
The Eastside’s latest office-to-residential project is the Verdyn, a 31-unit townhome Bellevue project in the evolving Bel-Red corridor.
It’s a repeat play by Seattle-based Intracorp, which in 2017 developed a 49-unit townhome development, Avid. Located about three-quarters of a mile to the east just off Bel-Red Road, it was the area’s first new-construction, for-sale offering, and homes sold for over $1 million. Today, 17 of the homes have assessed values of around $1.3 million or more.
“We’ve been looking for a similar site ever since, and the Verdyn is the perfect next step evolution of housing in the Bel-Red corridor,” Paul Bottge, Intracorp’s Pacific Northwest president, said in a Wednesday news release.
Previously on the Verdyn site was a 1970s-era low-rise office building, which was demolished. Intracorp paid $12 million in late 2021 for the nearly 3.5-acre property, according to public records.
The Verdyn name is derived from its verdant setting on Goff Creek. “An urban oasis in the middle of the city,” Bottege said.
The city several years ago rezoned the approximately 2-mile-long corridor to foster compact, mixed-use neighborhoods along the initial segment of Sound Transit’s Eastside Link extension from South Bellevue to near Microsoft’s headquarters. The Verdyn is about a quarter mile from the Spring District mixed-use office development, which has a Link station.
Located at 12835 Bel-Red Road, the project’s 31 units are in four buildings. Two of the four buildings will be four stories and have a total of 16 residences, with primary suites with walk-out, top-level decks. The two other buildings are three-story townhomes; the 15 units have rooftop decks. Each unit includes an attached two-car garage.
“Prices are anticipated to start in the mid $1M,” states the release.
The “resort-style indoor/outdoor living spaces” have “pastoral views of the greenbelt or rooftop decks,” Lori Curtis, Intracorp’s vice president of marketing and sales, said.
Pre-sales begin Saturday at the sales office at 12951 Bel-Red Road.
Freiheit Architecture is the designer and Intracorp Homes the general contractor. Other team members are KPFF, civil engineer; Earth Solutions NW, geotechnical engineer; and Fora Landscape Architects.
Read the full article here.
Learn more about Verdyn here.