C
apstone Partners and PGIM have revised plans for a development site in Downtown Bellevue, swapping an 11-story office building for a 27-story apartment highrise next to Amazon offices. The Seattle-based developer and New Jersey-based unit of Prudential Financial now propose a 335-unit tower at 305 108th Avenue NE, according to reports from the Puget Sound Business Journal and Connect CRE.

    The site was previously approved for a 33-story condo tower but was purchased by Capstone and PGIM in 2021 for $32.5 million. Initially, they planned an office building with underground parking, but shifted gears after the pandemic led to increased office vacancies in Downtown Bellevue.

    The revised project will feature 355 apartments, shops, and restaurants on the first two floors, as well as four levels of underground parking for 282 cars. The ground floor will have retail space, while the second floor will contain additional retail and a resident-only terrace deck. Apartments will have floor-to-ceiling windows and external balconies.

    The development site is located near Amazon's offices in Bellevue, where the company was expanding its workforce before the pandemic. Despite being considered one of the better office markets in the US, Downtown Bellevue's office vacancy rate stood at 19.9% in June.