D e c e m b e r 2 0 1 3w w w. t h e s p r i n g d i s t r i c t . c o m

Seattle

Bellevue

SR-520

Mercer Island

Seattle

Bellevue

SR-520

Mercer Island

Seattle

Bellevue

OFFICE 3,715,000 sf

RESIDENTIAL 1,222,000 sf

HOTEL 199,000 sf

RETAIL 158,000 sf

TOTAL 5,294,000 sf

ENTITLED MASTER PLAN

STRONG HOUSING DEMAND• Shrinking apartment vacancy rate with continued strong

demand• Region predicted to add 135,000 new residents in next 3

years

STRONG COMMERCIAL DEMAND• 27 million sf owned or leased by tech companies• Strong growth predicted +2.7 million sf “in the market”

now

TECHNOLOGY LEADERSHIP• UW, Microsoft, Amazon, Expedia and many, many others• Strong entrepreneurial culture

PUBLIC INVESTMENTS• $2.8 billion new light rail extension to Eastside• $4.65 billion new 520 bridge to Eastside

REGIONAL OPPORTUNITY

TOP RATED SCHOOL SYSTEM• Bellevue International High School is #1 in state, #7 in

nation• Top rated district in state

HIGH INCOME• Median income $81,000

CULTURAL DIVERSITY• 41% foreign born - one of the most diverse cities in the U.S.• Chinese and Indian nationals dominate software developer

workforce in region• +15,000 H1B visa and full time foreign workers/year• Demand for new civic spaces to congregate, share

BELLEVUE OPPORTUNITY

DEMAND FOR URBAN OPTIONS• High density, diverse urban environment versus suburban

campus, big box or low rise designs

SUBURBAN CAMPUS ISOLATION• “At Nintendo we felt like we were trapped.”

….Former Nintendo sr. exec now at Amazon• New Amazon recruits refer to preference for urban campus as

“South Lake Union envy”

RECRUIT AND RETAIN EMPLOYEES• Concur Technologies moved from suburbs to Bellevue in 2013• Significantly higher cost per sf• Stated reason: Urban location meant better recruiting,

retention

URBAN VS SUBURBAN

CONVERGING TRENDS

DEMAND FORURBAN REAL

ESTATE

DEMAND FOR HUMAN

RESOURCES

• MSFT, AMZN, TMO, Expedia hire thousands per month

• High cost to recruit talent

• Top recruiting/retention predictors– Short commute– Amenities– Urban environments

• Region: 27 million sf owned or leased by tech firms

• Strong demand by tech firms

• Region adding 135,000 new residents thru 2015

• Preference for urban environments w/ suburban access

RESEARCH• Wright Runstad and Shorenstein visited dozens of high

density and transit oriented developments in the US– San Francisco: Mission Bay, Merchandise Mart: Twitter– Portland: Pearl District– Denver: Lower Downtown District

CENTURIES OLD DESIGN PRINCIPLES• Human scale, parks and squares, restaurants and retail• Pedestrian and bike friendly• Connected to transportation networks

MODELS FOR SUCCESS

ARCHITECTURE TO RECRUIT, RETAIN• “The person we hire today needs a totally different office

experience than the person we hired 5 years ago,” Sr. exec Expedia

NEW DESIGN PRIORITIES• Larger floor plates - 30,000 sf +• Open floor plan, line of sight to anyone, serendipitous

interactions• Higher ceilings for larger windows, indirect light• Spaces to mingle as well as meet• Showers, lockers, bikes, dogs• Walking distance to “everything”

NEW OFFICE REQUIREMENTS

LARGEST SINGLE TOD IN WESTERN US• 5.3 million sf of office, multifamily housing, hotel and retail• 16 city blocks with Light rail station• $2.3 billion total investment• 15 year development plan

SUSTAINABLE• Density around transit• Designed to LEED standards

21st CENTURY PROJECT• Urban style housing, neighborhood retail, office and hotel

mixed use• Embraces diversity• Compliments other Bellevue neighborhoods

NEW URBAN NEIGHBORHOOD

NEW OFFICE DESIGNS

Office - Block 16324,506 sf

Office - Block 24166,614 sf

MULTIFAMILY HOUSING - 320 UNITS

INTERNET STARTUP• “The Spring District is very appealing. Our number one

driver in selecting our new office is to recruit and retain employees,” Founder and CEO, Internet start up

ESTABLISHED SOFTWARE COMPANY• “We need great offices to compete with growth-oriented

startups for employees…..” • “…..Our stock, compensation and teams are fixed, but our

work environment can be a competitive advantage.” Software Marketing Executive

FEEDBACK

MORE THAN BUILDINGS

CREATING A PLACE

TIME TESTED PRINCIPLES

MIXED USE

PEDESTRIAN

DIVERSE

AUTHENTIC

A FOCUS ON SUSTAINABILITY

DENSITY

LEED-ND

MOBILITY CHOICES

A CRITICAL MASS OF PEOPLE

WORKING

LIVING

DINING

CONNECTED

RETAIL

RECREATION

THE HUMAN STORY

TIMELINE2013• Demolition and construction underway

2014• Infrastructure for Phase 1 complete• Apartment construction begins• Office construction begins

2015• First neighborhood elements open

2016• Occupancy of housing and offices• Additional development begins

2017• Light Rail construction begins

HERE COMESTHE NEIGHBORHOOD

w w w. t h e s p r i n g d i s t r i c t . c o m