Avenue Bellevue Penthouse Breaks Records, Sells For $8 Million

BELLEVUE, Wash., Aug. 11, 2021 /PRNewswire/ -- Avenue Bellevue (www.liveatavenue.com) announced today that a three-bedroom, three-and-a-half bath penthouse unit has sold for $8,004,000, making it one the highest priced condominiums ever sold in the city of Bellevue. At 2,725 square feet, the unit fetched $2,937 per square foot, setting an all-time record for the highest price per square foot for a condo sale in the history of the Pacific Northwest. Located on the 25^th floor of Avenue Bellevue's South Tower, the penthouse unit is one of just 141 "Estate Homes" and will have a 765-square-foot balcony and expansive views of Lake Washington, downtown Seattle and the Olympic Mountains. Like all Avenue Bellevue Estate Homes, the unit will also feature exclusively designed cabinetry from Ernestomeda, bathroom designs from Antoniolupi, Gessi fixtures, Gaggenau appliances and custom Poliform closets.

"Today is a proud day. Over the last year, we have persevered and continued construction on Avenue, even as other residential projects in Bellevue have stalled or been converted to commercial space. But as a Bellevue resident for more than 20 years, this project is very personal to me, and I am delighted that buyers and the community are responding so positively," said Andy Lakha, Principal and CEO of Avenue Bellevue. "Bellevue now has a place on the world stage as one of the most desirable cities in the U.S.—something that has attracted our investment partners, as well as prospective buyers from around the country. The future is bright for Avenue Bellevue, and we look forward to unveiling exciting news about our retail and lifestyle experiences in the coming weeks."

Located on the corner of NE 8^th Street and Bellevue Way, Avenue Bellevue will feature 365 luxury homes spread across two towers, including 141 "Estate Homes" in the South Tower and 224 "Residences" in the West Tower. The property's South Tower will also boast the Pacific Northwest's first-ever luxury InterContinental® Hotel (www.intercontinental.com), with 208 hotel rooms, event space, restaurants and bar, gym and spa, and a dedicated concierge team. 

The plaza connecting the two towers at Avenue Bellevue will feature high-end retail, food and nightlife, a fresh market and fine dining. Restaurants announced to date include a new sea-life focused restaurant from the three Michelin-star chef Joshua Skenes, as well as BUDDHAzen, a new contemporary Asian restaurant from the visionaries behind Buddakan, Tao, and China Grill.

Today's announcement builds on recent momentum as construction continues on Avenue Bellevue. Another Estate Home on the South Tower's 23^rd floor recently sold for $4.675 million, fetching more than $2,200 per square foot. In the West Tower, Residences are selling at $1,750 per square foot on average; in the South Tower, Estate Homes are averaging above $2,000 per square foot.

Demolition for Avenue Bellevue began in the fall of 2019 and construction is currently underway. In April 2021, it was announced that financing was secured for the project. The $700 million transaction with Silverstein Capital Partners (SCP) was the largest construction loan in Bellevue's history—and one of the largest recorded in the U.S. since the start of the pandemic. The development team is led by Fortress Development, with Silverstein Properties serving as a development advisor and JTM Construction as general contractor. Avenue's design team includes Seattle-based Weber Thompson and CollinsWoerman, as well as Hirsch Bedner Associates (HBA), the largest hospitality design firm in the world.

With delivery scheduled for early 2023, Avenue Bellevue is now more than 40% pre-sold. Interested buyers should reach out to info@liveatavenue.com to schedule a viewing appointment, or visit www.liveatavenue.com for more information.

About Avenue Bellevue
Avenue Bellevue is a two-tower mixed-use development currently under construction in Bellevue, Washington. Avenue will include 365 luxury homes, the Pacific Northwest's first-ever InterContinental Hotel, and 85,000 square feet of retail space, including fine dining, nightlife and shopping. Avenue was designed in partnership by Seattle-based, award-winning architecture firms Weber Thompson (www.weberthompson.com) and CollinsWoerman (www.collinswoerman.com), as well as Hirsch Bedner Associates (HBA) (www.hba.com), the largest hospitality design firm in the world. For more information about Avenue Bellevue, please email info@liveatavenue.com or visit www.liveatavenue.com.

About Fortress Development
Fortress Development is a commercial real estate developer and privately held investment company based in Bellevue, Washington. Founded by Andy Lakha, a Bellevue resident who has been in commercial real estate for more than two decades, Fortress' diverse team brings more than a century of combined experience and a commitment to quality, and to creating homes and communities that matter. For more information, visit www.fortressdevelopment.com.

MEDIA CONTACT:
Edelman for Avenue Bellevue
AvenueBellevuePR@edelman.com

SOURCE Avenue Bellevue, LLC