Iconic Bellevue, WA destination is up for sale after 80 years
BELLEVUE, Wash. - The Bellevue Collection, the massive 5.5 million-square-foot retail, dining, residential, hotel, office and entertainment complex in downtown Bellevue, could soon be sold to new ownership.
What we know:
The Kemper Development Company announced Friday it is exploring the sale of the premier Eastside destination, which encompasses Bellevue Square, Bellevue Place, and Lincoln Square North and South.
The company was founded 80 years ago with the opening of Bellevue Shopping Square, a 16-store outdoor shopping center. Over more than 50 years under the leadership of Kemper Freeman, who retired last year, the company expanded its footprint into the regional hub seen today.
Now, following Freeman's retirement, his family is seeking new ownership in what they described as a "multi-faceted business decision." The company will begin the sale exploration process after selecting a real estate broker.
What they're saying:
"Kemper always believes that a great development is measured by more than square footage or revenue; it's measured by the life it brings to a community," said Jim Melby, CEO of Kemper Development Company. "He wants Bellevue and the Eastside to be a wonderful place to live, work and raise a family. He has created one of the country’s premier retail and mixed-use destinations — a place that has strengthened the surrounding community through millions of dollars in tax benefits for the city, thousands of jobs, and generous support for arts, health, education and family causes throughout the region. We are proud of what this legacy represents for our community."
Officials confirmed the property will continue operating normally throughout the sale process. Snowflake Lane and other community events will continue as planned through 2026.
The Bellevue Collection currently features three office towers, three major hotels with 1,100 rooms, high-rise apartments, two movie theaters, more than 200 retail stores, and more than 50 dining and entertainment venues.
What's next:
A timeline for completing a transaction beyond selecting a broker was not announced. Company officials will likely provide updates as the sale process continues.
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The Source: Information in this story came from a press release from The Bellevue Collection and the Kemper Development Company.