Bellevue Way & Main Street

Bellevue, Washington

 

Property Highlights:

  • A 2.7-acre parcel assembled by a developer unaware of the extent of contamination
  • A location just blocks from the city’s downtown high-rise core and a planned light-rail station, and in the midst of popular retail, dining and entertainment districts
  • Property has been impaired for decades with significant soil and groundwater contamination as a result of historical operations that included a dry cleaner, a gas station, and automobile repair facility

Unlocking Property Value:

  • Property acquisition that shifted environmental obligations away from the property seller and lender
  • Comprehensive risk management, protecting future buyers/developers
  • Thorough, responsible environmental engineering and cleanup of soil and groundwater
  • A $23 million capital stack, comprising Frontier Renewal’s own equity fund, negotiated insurance settlements and a $10 million bank loan, to get the project done

Outcome:

  • Property sold to a developer who is planning a mixed-use development with 260 residential units and 30,000 square feet of ground-level retail space

Redeveloping brownfields, like one in downtown Bellevue, Wash., makes efficient use of public infrastructure and private assets