May 20, 2013 in Business

Bellevue Square plans $1.2 billion expansion

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BELLEVUE, Wash. (AP) — Developer Kemper Freeman plans a $1.2 billion expansion of his Bellevue Square, Bellevue Place and Lincoln Square hotel and shopping complex in downtown Bellevue, Wash.

Kemper Development Co. announced plans Monday to add 2 million square feet of retail, office, hotel and entertainment space. Construction is scheduled to start in 2014 and be completed in 2016.

Freeman says he’s encouraged by 48 straight months of sales increases at the existing properties.

“With the influx of high net worth individuals and the area’s booming tech market, luxury retailers have been circling the Pacific Northwest region in search of high profile locations for some time,” he said in a prepared statement.

Seattle’s Eastside suburbs — home of Microsoft and other high-tech companies — have an average household income of $120,000.

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