Residential/mixed-use development plans can now proceed.
Frontier Renewal, a nationally recognized leader in brownfield redevelopment, has sold its Bellevue@Main property located at Bellevue Way & Main Street in Bellevue, Washington. The 2.76-acre site sits at the entrance to Old Bellevue and just a few blocks from Bellevue’s Central Business district. The 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.
Frontier Renewal acquired the property with a joint venture partner in June 2010. The company created a comprehensive environmental risk management program for the property that included an environmental insurance policy and a cleanup program that integrates with development plans. Frontier Renewal’s work on the site has created the opportunity for residential/mixed-use development plans to proceed.
“Frontier Renewal is excited to see this property go in to development. With the high demand for residential property in Bellevue, the ability to put contaminated properties back into productive use is rewarding,” said Eric Williams, President and CEO of Frontier Renewal. “Through application of our capital and expertise, we were able to unlock the intrinsic value of the property.”
About Frontier Renewal:
Frontier Renewal is a brownfield redevelopment company that acquires environmentally challenged real estate. We integrate a unique combination of real estate, environmental, and financial expertise and capabilities to our projects. We acquire and take title of environmentally challenged real estate, utilize our money to develop a complex capital stack, assume and extinguish environmental liabilities, and reposition properties for highest and best use. Visit www.FrontierRenewal.com.