It’s happening. The Eastside is changing. Factoria is coming to life. On a recent trip to the running track at Newport High School, I stumbled upon proposed land action signs posted around the current (and rather dumpy) Factoria Mall. Rumors have circulated for more than a year that the mall would get an extreme makeover, which would include U-Village-like outdoor shopping, upscale restaurants and modern condominiums.
Now with official City of Bellevue signs posted, architects assigned to Factoria mall, Kimco Redevelopment Group, are moving forward with the redesign to create Marketplace at Factoria. Target is re-situating. Grazie Ristorante Italiano closed its doors on June 29 to make way for Target. Torero’s is upgrading locations and moving into the old Billy McHale’s building.
This is a hallelujah for homeowners in the area. It’s also a sign of relief for the company remodeling the apartments just across the street. One week ago, they were advertising the sale price of the “luxury apartment homes” in the mid $200’s. Now with the mall’s projected completion sometime in 2009, the developers have decided to lease the apartments. SMART MOVE! They will be able to capitalize on the inflated rental market and then sell the apartments for probably much more than originally projected.
Nearly 30 homes within one mile of Factoria mall are currently listed for sale on Redfin. Half of those homes have been on the market for more than 45 days. If possible, it might be a good idea for them to hold on the property for at least another eight months to allow the public more time to understand the value of Factoria homes. If the graph below is an accurate representation of the area, Kimco isn’t going to let this cash cow fail.
Here’s a look at the Marketplace at Factoria project demographics.
|1 Mile||3 Miles||5 Miles|
|Average Household Income||$95,331||$109,254||$110,702|
|Median Household Income||$76,838||$83,317||$84,992|
Graph provided by Kimco Redevelopment Group