The Essex On the Park is the latest entrant into downtown Bellevue’s luxury condo landscape. At a time when other Bellevue projects are being impacted by the market downturn (i.e. European Tower, Washington Square), Essex is moving forward.
The project has three things in its favor – (1) the smaller scale of the project, (2) it’s backed by The Royal Group, the Abu Dhabi-based parent company of Essex’s developer, Hydra Developments of Seattle, and (3) access to funding through The National Bank of Abu Dhabi.
Essex will be comprised of only 32 luxury condominium homes located adjacent to Bellevue’s Downtown Park. The homes are spacious, ranging in size between 1,200 and 2,900 square feet and are being offered from $1 million to $4+ million.
A presentation center should be completed and opened to the public by year’s end and will feature finish options as well as kitchen and bath vignettes. However, pre-construction reservations are currently being accepted by private appointment for interested buyers. Approximately, a quarter of the units have been reserved.
The developer anticipates razing the existing structure in September with completion and occupancy slated for the fall of 2010.
Essex is the first project for Hydra, which plans to develop up to 8 properties in the region before expanding to other parts of the country. Lease Crutcher Lewis is the contractor and Shugart Bates the architect.
Source: PSBJ, Seattle PI, Essex On The Park
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July 26th, 2008 at 10:36 am
This is a great infill project. That Old Bellevue area is going to become real attractive in the coming years with the new waterfront park and the increasing density.
July 27th, 2008 at 10:36 am
This seems like a great project. The Seattle area seems to offer a lot of options for those buyers looking for a jigh end condo complex/development. Here in Tucson Arizona condo’s are far and few between however Tucson is world class for patio/ second homes on world class golf courses.
July 31st, 2008 at 1:23 am
These units are much larger than ones at The Bravern, and Washington Square. Also, it is very attractive to those Medina empty nesters whom are looking to downsize from their larger homes into something more manageable but still want to have enough space to store their goods (junk).
March 27th, 2009 at 2:14 pm
Update – Hydra Development announced it will proceed with the project as a hotel rather than condos.
http://seattlecondosandlofts.com/2009/03/essex-on-the-park-goes-hoteling