Opus NW Taking Shot at Stalled Lincoln Square Development

BELLEVUE, WA-Lend Lease Real Estate Investments Inc. is negotiating the sale of Lincoln Square, its stalled 1.4-million-sf development in Downtown Bellevue. The buyer is Bellevue-based Opus Northwest, a source close to the company tells GlobeSt.com.

The estimated $360-million project includes a hotel, condominiums, retail and office space. Construction began in 2000 and was halted in August 2002 because of the economic downturn. If the sale goes through, city building official Gregg Schrader tells GlobeSt.com there is “a reasonable chance” that construction will restart later this year on one of the largest mixed-use construction projects in the nation.

In February, building permits for the project expired due to 180 days of inactivity but were promptly reissued by city planners, this time with approval to develop the project in phases rather than all at once. The permits were immediately reissued because Lend Lease, knowing it wouldn’t likely restart construction in time, applied for them in October. With the new permits, Lend Lease or a new owner has until next February to restart construction and three years to complete it, a city planning official tells GlobeSt.com.