Create World Group, a private Chinese real-estate company, is partnering with Seattle-based Daniels Real Estate to develop a six-story, 162-unit apartment building in downtown Bellevue. The project is called Mirador and the first phase, a $65 million apartment building, will begin next week. The second phase of the project is a 20-story, 110-unit condo tower which is slated to start construction towards the end of 2016.
After considering numerous cities on the West Coast, the company chose the Puget Sound region for its very first project in North America. With its well-educated population, successful companies, and premier institutions, the Seattle area was just what Tom Yang, president of Create World Group was looking for. The apartment building will be located at 1019 103rd Ave. N.E., which will appeal to prospective renters as it is close to Bellevue Square and other landmarks, yet has a quieter atmosphere than the downtown area.
The second phase’s condo tower will be financed through the EB-5 visa program, where Create World plans to recruit 70 investors. While the Mirador is the first EB-5 project in Bellevue, it is not the first time Chinese capital has come to Seattle’s commercial real-estate market. “If we truly want to be a ‘gateway’ city to Asia, then we should be partnering with more Asian entrepreneurs who are willing to invest in the overall vitality of our metropolitan area,” said Kevin Daniels of Daniels Real Estate. (Seattle Times) Kevin Daniels started to collaborate with Yang after first connecting with each other in China two years ago.
This story is based on a Seattle Times Article published on August 17th