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OR FAX FORM ON PAGE 115 TO 503-242-1814
Commercial Development Site in Issaquah Highlands, next to Grand Ridge
Plaza, Issaquah, Washington
PUBLISHED RESERVE:
$2,300,000
LAST ASKING:
No Prior Sale
SIZE:
53,976± Square Foot Site
ZONING:
Urban Village District
PROPERTY INSPECTION:
At Any Time
FINANCING:
Subject to Seller’s approval of Purchaser’s
credit: A 30% down payment with the balance secured by
a first deed of trust, amortized over 25 years at 6% interest,
calling for monthly payments of principal and interest; all
due and payable at the end of 2 years.
DESCRIPTION:
This commercial development site is
located at the corner of 10th Avenue N.E. and Falls Drive,
next to Grand Ridge Plaza, the only major retail center in
Issaquah Highlands. Grand Ridge Plaza is anchored by
Safeway, Regal Cinemas, Marshall’s and Dick’s Sporting
Goods. Issaquah Highlands is a 2,200± acre master-plan
community 18 miles east of Seattle, along I-90. When
complete, Issaquah Highlands is projected to contain 3,250
residential units, 2.9 million square feet of commercial use,
and 425,000 square feet of retail.
Swedish Medical Center, with both hospital and medical
office complex, is located at Issaquah Highlands. Bellevue
College is building a new campus on a 20± acre site near-by.
A 63± acre site next to Swedish Medical Center, originally
purchased by Microsoft, was sold to a Seattle developer
in 2013 for a mixed-use project, with both multi-family and
commercial uses.
The site was originally approved, with permits, as a 111 room,
five-story, Residence Inn by Marriott with parking garage.
The Seller has invested $750,000 in site preparation, including
construction of a foundation wall to be used in development
of the hotel.
Permits have expired, and the site is now non-strategic to the
Seller’s on-going operations.
The Declarant of Use Covenant, which had restricted the site
to hotel use, has been terminated, providing a new owner
the option to develop the site for up to a maximum of 90,000
square feet of office and additional commercial uses.
There is a balance of $500,000 in system development charges pertaining to the property, which will
be paid by the Seller at closing. Please see Supplemental Information Package for copies of pertinent
documents.
The Seller is providing short-term seller financing, as incentive, in order to accelerate the sale of this
development site at Issaquah Highlands.
LOCATION:
1100 10th Avenue N.E. – Issaquah, Washington. APN# 3630360050
SEALED BIDS DUE NO LATER THAN 5:00 PM, NOVEMBER 18, 2015
149
Seattle
Lake Sammamish
Grand Ridge Plaza
10th Ave. NE
NE Falls Drive
Please Note:
Sketch plan
is conceptual
only. Neither
the Seller nor
its agents have
submitted plan
or made any
applications
to a public
agency.
