Surrey on Main is named after the building which previously served as the Seattle Times offices.
BELLEVUE, WA—Surrey on Main is a mixed-use residential project located at 10777 Main St. at the downtown corner of 108th Avenue and Main Street. The six-story building will include 113,700 square feet of residential space, 1,500 square feet of ground-level retail and two additional levels of below-grade parking, according to Pastakia + Associates.
"With well-designed residences, strong retail space and a prime location on downtown Bellevue's edge, we believe this will be a great new building for the community," said Pastakia + Associates founder and principal Tejal Pastakia.
Surrey on Main is named after the building which previously served as the Seattle Times offices that formerly occupied the site. It is located less than a half-mile from the future light rail station.
The surrounding neighborhood has a 14-foot multi-use pedestrian and bike path, and a 4,000 square-foot public plaza with seating, expansive plantings and commissioned public art. The property is located toward the southern edge of the city's central business district where Main Street intersects with 108th Avenue SE.
Surrey on Main is also slated for US Green Building Council LEED for Homes certification, and will include native plantings, seven existing trees on site, a green roof at the rooftop amenity deck and a solar array panel.
It will feature numerous resident amenities, including rooftop space with barbecue and green roof, a resident lounge with built-in seating and electric fireplace, a fitness center, a dog wash station and bicycles storage with a workshop.
Surrey on Main will feature 125 studio to three-bedroom homes with 37 different types of units, along with ground-level entry to select units along 108th Avenue. The project's 125 units will consist of a mix of studio, open one-bedroom, traditional one-bedroom, one-bedroom plus den, two-bedroom and three-bedroom units. Built-in washers/dryers and stainless-steel appliances will also be included in all units.
"As one of the first development projects under the city of Bellevue's new zoning code, we're so excited to be moving forward on Surrey on Main. With a focus on thoughtful design that enhances the neighborhood, we've worked to provide a truly graceful transition from nearby high-rises to the surrounding residential area, which is supported by our new public plaza and open space fronting Main Street. We look forward to bringing a rich new presence to this part of downtown Bellevue," Pastakia tells GlobeSt.com.
Completion is expected by summer 2021. Main project team members include Pavilion (general contractor), Encore Architects (architect), Vida Design (interior designer) and Pastakia + Associates (developer). The property will be managed by Blanton-Turner.
The project lender is CBRE. The CBRE capital markets team secured $47 million in construction financing for the development of Surrey on Main. Mollie Means and James Bach in Seattle originated the loan through CBRE's FHA lending platform on behalf of the borrower, Surrey on Main LLC.
The loan was funded through the HUD Section 220 new construction mortgage insurance program providing an interest-only construction period of 20 months with a 40-year non-recourse fully amortizing permanent loan. Pastakia partnered with the borrower to provide development services for the construction of Surrey on Main.
Issaquah apartments are the state's most expensive for renters, with an average rent of $2,312, followed by apartments in Bellevue, where the average monthly rent is $2,311, according to a recent report by RentCafe.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
