According to the Puget Sound Business Journal, Capstone Partners announced it will break ground next week on the $1.2 billion / 245,000 square-foot Esterra Park mixed-use development project next to Microsoft’s headquarters and the Overlake Village light-rail station. Capstone purchased the 28-acre property in 2013 for $32.55 million. This project is scheduled to open in 2023.
Th Eastside has become one of the hottest office markets on the West Coast with many large companies such as Amazon, Google, and Facebook expanding into an “increasingly tight market.” The vacancy rate on the Eastside is less than 8 percent with Redmond at 3.9 percent.
Today, more than 2,000 apartment units and a 285-room Westin dual branded aLoft / Elements Hotel are under construction. Capstone has one more site that is undergoing the permitting process for an additional 600 apartment units. When completed, the Esterra Park project will house 6,000 – 7,000 people and include 600,000 square-feet of office / retail / hotel space around a 3-acre park.
To read the full Puget Sound Business Journal article, click here.