Progress in implementing the Overlake Neighborhood Plan is also moving forward with the sale of the Group Health property in mid-march to Capstone Partners and its investment partners. Group Health received a Master Plan and Development Agreement approval for its property in December 2011. The Master Plan is consistent with the Neighborhood Plan. When completed, the 28-acre site will include 1.1 million square feet of office and retail space, over 1,400 residential units, nearly 300 hotel rooms and a park. The Master Plan also requires the developer to create a total of 10 acres of new forest in Redmond as mitigation for removal of the existing trees, in addition to replantings on site.
Capstone teams have started further site and building design which will allow for a 2013 or early 2014 beginning for construction. The City’s role is to review specific plans for the proposed development to ensure consistency with the Master Plan and Development Agreement as well as the city’s Zoning Code. For more information, contact Dennis Lisk at email@example.com or 425-556-2471.
Be Part of the Transformation of Overlake!
Overlake today is a hub of urban activity, with excellent access via SR 520 and public transit to Downtown Redmond, Downtown Bellevue, Seattle, and the region. It is the third largest employment center in the region with about 46,000 jobs. Residents and people who work in Overlake have their pick of a wide variety of restaurants and shops. Business owners choose Overlake in part because of its unparalleled proximity to the world leaders in software and digital media.
Redmond is building on these assets by planning for significant urban growth in Overlake. When these plans are realized, thousands of new residents will walk from their homes to their jobs or to patronize neighborhood shops and services. Residents and employees will relax in one of three major parks, two of which are also regional stormwater facilities.
Beginning in 2023, light rail will quickly and conveniently transports residents, employees, and visitors between two Overlake stations and regional destinations. Complete streets and new nonmotorized crossings of State Route 520 will make transit more convenient to more people, and provide new connections between Overlake Village and the Employment Area to the north.
Overlake will continue to succeed as a regional hub of activity because the community together with private property owners and developers set a vision and established a strategy to achieve that vision.
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