Group Health Cooperative Redmond, WA

background

Land entitlements / master plan for $900 million of commercial and residential development. Group Health Cooperative approached Capstone Partners in the fall of 2009 to create a development plan for a surplus hospital campus site and to negotiate corresponding master plan and development agreements with the City of Redmond. The City had previously provided general approvals for a concept designed by an institution who planned to purchase the site in 2008 but terminated their purchase plans in light of worldwide economic changes taking place at the time. Capstone Partners created a vision for maximizing value on the site and a methodology to develop the site over time with one or multiple buyers.

Status

• City staff and the City Design Review Board have approved the overall plan in the Spring of 2011.
  
• Commercial density has been increased by 80% in the revised plan to allow for over 1.1 million square feet of commercial and retail space, a 300 room hotel, a 2.5 acre park, .5 acre urban trail and a phased implementation of over $9 million of roads and street improvements.
  
• Several code modifications have been negotiated and implemented to facilitate the planned vision for the site.
  
• The development and master plan agreements will provide for predictable schedules for fees for roads, storm, parks, and trees and are likely to be executed Summer of 2011.