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September 23, 2023
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Redmond, WA Dev Parcel Goes for $35 Mil


A 100k sf land parcel in downtown Redmond, WA was sold in a deal worth $35 mil. The rectangular parcel, located at 16135 NE 85th St, near the geographic center of downtown Redmond, is fully entitled for development into 425 residential units.

The site is within walking distance of the future Downtown Redmond Link light rail station, expected to be complete in 2024. The property is surrounded by parks, trails, restaurants, breweries, retail, transportation and several large employers.

Initial plans proposed prior to the sale called for two nine-story apartment towers with ground-floor retail space. The design included one-, two- and three-bedroom floorplans.

Redmond is known for its concentration of industry-leading companies and highly skilled talent. Top companies in the fields of enterprise software, cloud technology, interactive media and gaming, and space tech all have offices in Redmond. The city is home to approximately 5,900 businesses and 90,000 employees. About half of Redmond residents are renters, with the average single-family home sales price in the area standing at around $1.3 mil.

CBREs Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto represented the seller.

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