Hines, Benenson Capital Partners and USAA Real Estate Partner to deliver new mixed-use project in downtown Bellevue
SEATTLE, June 10, 2021 / PRNewswire / – Hines, the international real estate company, along with Benenson Capital Partners and USAA Real Estate, today announced Main Street Place, a 6.75-acre mixed-use development in the city center Bellevue, Washington.
The development will include approximately 1.2 million square feet of new high-rise office products on the north side of the site, offering breathtaking views to the south, as well as approximately 400 low-rise apartment units on the south side. . The ground plan will provide a dynamic pedestrian experience with approximately 90,000 square feet of retail and amenity space, as well as open public spaces and pedestrian corridors throughout the site.
Main Street Place will be an exciting addition to Nice view, one of the most active submarkets of Seattle area. It will be located less than a block from a future light rail station, scheduled to open in 2023, which will link this site to downtown Seattle, Seattle-Tacoma International Airport and Microsoft Headquarters in Redmond.
“The location, flexibility and almost all of a super block of project land create the opportunity to deliver a new portal downtown Nice view,” mentionned Ty bennion, Senior Managing Director at Hines. “That, along with the creation of exceptional spaces and floor-standing design, will set Main Street Place apart from anything that currently exists in Bellevue. We are excited to partner with USAA Real Estate and Benenson Capital Partners on what we believe is one of the most exciting opportunities for community building in our market. “
The project is being developed on a long-term ground lease with Benenson Capital Partners, a 115-year-old family business based in New York City. The Benenson family have owned the site for decades, originally acquiring the Albertson grocery store that originally inhabited the project and subsequently developing the retail center that currently exists.
“We are excited to bring the shared vision of Hines and Benenson Capital to Main Street Place. We believe that this development, with its proximity to the light rail system, its moving design and the diversity of elements will create a wonderful vitality in the city center. Nice view,” mentionned Richard kessler, COO of Benenson Capital Partners.
“Likewise, we are excited to launch this partnership with Hines and Benenson Capital Company to build this exciting mixed-use neighborhood in Nice view, “declared Carrington Brown, General Manager of Development for USAA Real Estate. “Main Street Place reinforces USAA Real Estate’s core construction strategy of investing in Class A mixed-use projects in high demand areas.”
The planning and design of Main Street Place reflects the values and promise of Nice view. Amenities are plentiful, including collaborative enabled spaces and friendly outdoor common areas. Dramatic views can be found while exploring the public spaces, reinforcing an intimacy of experience between occupants and the venue. Green living and the latest sustainable design solutions are an integral part of the project framework.
“Our intention for Main Street Place is to create a vibrant, active and engaging mixed-use neighborhood that emphasizes quality of life,” said Doug Hocking, design director at KPF. “The project’s friendly indoor courts prioritize pedestrian comfort with areas of social mix energized by inspiring public art works and framed views of Mount Rainier. We are delighted to create a new city center in Nice view and support the region’s growth with dynamic and exciting mixed-use architecture. “
The design team working on the project includes the lead designer Fox Kohn Pedersen as well as GGLO, A + I, Design Workshop and MKA. In addition, a team led by Steve kohn of Cushman & Wakefield was a consultant developer for Benenson Capital.
Hines is a private global real estate investment company founded in 1957 with a presence in 240 cities in 27 countries. Hines oversees a portfolio of assets under management valued at approximately $ 160.9 billion¹, including $ 81.7 billion in assets under management for which Hines acts as investment manager, and $ 79.2 billion representing over 172.9 million square feet of assets for which Hines provides third-party services at the property level. Historically, Hines has developed, redeveloped or acquired approximately 1,450 properties, totaling over 485 million square feet. The company has more than 180 developments currently underway around the world. With extensive experience in investing across the spectrum of risks and all types of property, and a pioneering commitment to ESG, Hines is one of the largest and most respected real estate organizations in the world. Visit www.hines.com for more information.
Includes both the World Hines Organization as well as RIA AUM as of December 31, 2020.
About Benenson Capital Partners
The Benenson group of companies dates back to 1905 and is still controlled by the Benenson family. Benenson Capital Partners is a leader among private operating companies in real estate investment, development and asset management. BCP manages 125 properties, including retail, office, industrial, multi-family, hotel and land at United States and Canada on behalf of the Benenson group of companies. The company focuses on core, value-added and opportunistic investments in all major real estate sectors, as well as its historic leadership in the ownership of single-tenant triple net leased properties occupied by large tenant companies. Visit www.benensoncapital.com for more information.
About USAA Real Estate
With over $ 26 billion of assets under management and 11 global offices, USAA Real Estate is an industry leader in acquiring, developing, financing and managing the highest quality real estate assets in North America and Europe. USAA Real Estate’s mission is to serve the financial interests of its investor clients by strengthening the profitability and diversity of their investment portfolios, which include multi-family, industrial, office and hotel properties as well as logistics and e-commerce distribution, media production facilities and data centers. Aligned with a series of strategic partnerships cultivated over decades of co-investing, USAA Real Estate engages with distinguished industry leaders demonstrating proven expertise in the field in a common drive to achieve superior risk-adjusted returns. For more information visit usrealco.com.
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SOURCE Benenson Capital Partners