{"id":1004069419,"date":"2013-03-25T09:00:08","date_gmt":"2013-03-25T17:00:08","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=111321"},"modified":"2020-05-18T22:58:59","modified_gmt":"2020-05-19T06:58:59","slug":"capstone-plans-redmond-portland-developments","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/capstone-plans-redmond-portland-developments\/","title":{"rendered":"Capstone Plans Redmond, Portland Developments"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

Capstone Partners is moving forward with two new development projects in the Northwest\u2019s largest metro areas. The company acquired a 28-acre site in Redmond from Group Health Cooperative for $32.6 million, with plans to capitalize on Microsoft Corp.\u2019s expansion in the area with a mixed-use community. It is also aiming to construct a grocery-anchored community in Portland, to the tune of about $60 million.<\/p>\n

The Redmond site sits at 2464 152nd<\/sup> Ave., N.E., and will eventually house 1,400 residential units, as well as 1.1 million square feet of commercial space including office, retail and a 300-key hospitality element. The site, formerly owned by Group Health Cooperative, had served as the Group Health Overlake Hospital campus until 2008, the Puget Sound Business Journal<\/em><\/a> writes. With Capstone determined to get planning sorted out for the site, construction could begin as soon as the fourth quarter of this year or the beginning of 2014.<\/p>\n

The Portland project is Grant Park Village. The former Albina Fuel property was set to become a 300-unit condominium development, but Capstone, which replaced the Spokane-based developer that was originally working with owner KAL L.L.C., has opted to build apartment units. The development will be anchored by a New Season Market grocery store, which will occupy 34,500 of the available 47,000 square feet of retail space. According to the Portland Business Journal<\/em><\/a>, although the completed development will meet LEED standards, the developer will not pursue certification from the U.S. Green Building Council.<\/p>\n","protected":false},"excerpt":{"rendered":"

Two developments in the Northwest’s largest metro areas are moving forward after developer Capstone Partners cemented its involvement with them only recently. The company acquired a 28-acre development site in Redmond from Group Health Cooperative for a $32.55 million fee. The company plans to develop a mixed-use project on the newly acquired site, mainly to capitalize on Microsoft’s expansion in the area. The other project the company has lined up is a grocery-anchored community in Portland. That announced development would cost the company around $60 million.<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1610],"tags":[1815],"class_list":["post-1004069419","post","type-post","status-publish","format-standard","hentry","category-latest","category-seattle","tag-national"],"acf":[],"yoast_head":"\nCapstone Plans Redmond, Portland Developments - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/capstone-plans-redmond-portland-developments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Capstone Plans Redmond, Portland Developments\" \/>\n<meta property=\"og:description\" content=\"Two developments in the Northwest’s largest metro areas are moving forward after developer Capstone Partners cemented its involvement with them only recently. 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