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Land Sale Sets Stage for $300-Mil Development

BELLEVUE, WA-Approval could come as soon as today on a mixed-use project that promises a 500- to 600-room hotel and two office towers with a combined one million sf of office space.

By Janet Parker | Updated on November 20, 2000

BELLEVUE, WA—Schnitzer Northwest has purchased the five-acre Raymer Square from Tochterman Management, making way for a multi-use project estimated at $300 million. Adjacent to the Meydenbauer Center convention facilities, the parcel at NE 8th St. and 112th Ave. is one of Bellevue’s most prominent Downtown locations.

For more than 100 years, the Tochterman family owned the property, which was originally part of a 15-acre farm. In the 1950s, seven acres were sold to accommodate the building of I-405. In 1999, the Tochtermans sold the land under the Meydenbauer Center to the City of Bellevue for $7.8 million plus land for an expansion of the center at $1.5 million.

In recent years, the family had taken a run at a major development with New York City-based Palladium Co., but the project was never brought to fruition. Connie Grant, a member of the family as well as the chair of the Bellevue Chamber of Commerce, said the decision to sell the property to Schnitzer was in part due to the fact that Schnitzer’s “goals and objectives for the property were so closely aligned” with Tochterman’s. Schnitzer Northwest is a partnership with Portland-based Schnitzer Investment Group.

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