(SEATTLE) – Hines, the international real estate firm, along with Benenson Capital Partners and USAA Real Estate, today announced Main Street Place, a 6.75-acre, mixed-use development in downtown Bellevue, Washington.
The development will consist of approximately 1.2 million square feet of new high-rise office product on the north side of the site, enjoying expansive, unobstructed southern views, as well as approximately 400 units of low-rise apartments on the south portion. The ground plane will feature a dynamic pedestrian experience with approximately 90,000 square feet of retail and amenity spaces, along with public open space and pedestrian corridors throughout the site.
Main Street Place will be an exciting addition to Bellevue, one of the most active submarkets in the Seattle area. It will sit less than one block away from a future light rail station, scheduled to open in 2023, which will connect this site to downtown Seattle, Seattle-Tacoma International Airport and Microsoft’s headquarters in Redmond.
“The project’s location, flexibility and nearly a full super block in land area create the opportunity to deliver a new portal into downtown Bellevue,” said Ty Bennion, senior managing director at Hines. “This along with exceptional placemaking and ground-plane design will set Main Street Place apart from anything that currently exists in Bellevue. We are thrilled to be partnering with USAA Real Estate and Benenson Capital Partners on what we believe is one of the most exciting opportunities for community creation in our market.”
The project is being developed on a long-term ground lease with Benenson Capital Partners, a 115-year-old, family-owned company based in New York City. The Benenson family has owned the site for decades, originally acquiring the Albertson’s grocery store that initially inhabited the project and subsequently developing the retail center that currently exists.
“We are excited to bring the shared vision of Hines and the Benenson Capital to Main Street Place. We believe this development, with its proximity to the light rail system, stirring design and diversity of elements will create a wonderful vitality in downtown Bellevue,” said Richard Kessler, chief operating officer of Benenson Capital Partners.
“Likewise, we are enthusiastic about launching this partnership with Hines and Benenson Capital Company to build this exciting mixed-use district in Bellevue,” stated Carrington Brown, managing director of development for USAA Real Estate. “Main Street Place reinforces USAA Real Estate’s build-to-core strategy of investing in Class A, mixed-use projects in high-demand areas.”
Main Street Place’s planning and design reflect the values and promise of Bellevue. Amenities are abundant, including activated collaboration spaces and user-friendly outdoor common areas. Dramatic views can be found while exploring the public spaces, reinforcing an intimacy of experience between the occupants and place. Green living and the latest in sustainable design solutions are integral to the framework of the project.
“Our intention for Main Street Place is to create a vibrant, active and engaging mixed-use neighborhood that emphasizes quality of life,” said Doug Hocking, design principal at KPF. “The project’s friendly internal courts prioritize pedestrian comfort with social mixing areas that are energized with inspirational public art and framed views to Mount Rainier. We’re excited to create a new town center in Bellevue and support the area’s growth with vibrant and exciting mixed-use architecture.”
The design team working on the project include lead designer Kohn Pedersen Fox as well as GGLO, A+I, Design Workshop and MKA. Additionally, a team led by Steve Kohn of Cushman & Wakefield served as developer consultant for Benenson Capital.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 240 cities in 27 countries. Hines oversees a portfolio of assets under management valued at approximately $160.9 billion¹, including $81.7 billion in assets under management for which Hines serves as investment manager, and $79.2 billion representing more than 172.9 million square feet of assets for which Hines provides third-party property-level services. Historically, Hines has developed, redeveloped or acquired approximately 1,450 properties, totaling over 485 million square feet. The firm has more than 180 developments currently underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. ¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2020.
About Benenson Capital Partners
The Benenson group of companies dates back to 1905 and is still controlled by the Benenson family. Benenson Capital Partners is a leader among privately held operating companies in real estate investment, development and asset management. BCP manages 125 properties, including retail, office, industrial, multifamily, hospitality and land throughout the United States and Canada on behalf of the Benenson group of companies. The company focuses on core, value add and opportunistic investments across all major property sectors, as well as its historic leadership in the ownership of single-tenant triple-net leased properties occupied by major corporate tenants. Visit www.benensoncapital.com for more information.
About USAA Real Estate
With more than $26 billion of assets under management and 11 global offices, USAA Real Estate is an industry leader in acquiring, developing, financing and managing the highest quality real estate assets in North America and Europe. The mission of USAA Real Estate is to serve the financial interests of its investor clients by strengthening the profitability and diversity of their investment portfolios, which includes multifamily, industrial, office and hotel properties as well as e-commerce logistics and distribution centers, media production facilities and data centers. Aligned with a series of strategic partnerships cultivated over decades of co-investment, USAA Real Estate engages with preeminent sector leaders demonstrating proven domain expertise in a shared drive to achieve superior, risk-adjusted returns. For more information, visit usrealco.com.