Bellevue Vista to Brizo: The Math Behind Replacing 30 Apartments With 239

At 1051 108th Avenue NE, Bellevue is getting a very visible lesson in redevelopment math.

Bellevue Vista Apartments is coming down. Brizo, an eight-story apartment development, is taking its place. The change is from 30 apartments to 239.

That is nearly eight times as many homes on the same site. The lot isn’t getting bigger. The building is doing considerably more work.

Bellevue Vista dates to 1977. Its property manager’s description lists 30 apartments, including studios and two-bedroom townhome-style units, with private entrances and surface or carport parking.

It is the kind of lower-rise layout that uses substantial land for a relatively small number of homes.

The redevelopment has been years in the making. The city’s Brizo permit record dates the land-use application to December 2021. Its current description identifies 239 residences, with five stories above a three-story base and two additional levels below ground.

According to Downtown Bellevue Network’s October 18 report, demolition is underway. Spokane-based SRM Development bought the property in March 2023 for just over $14 million.

An earlier city design-review document described 220 units. The current permit record and latest reporting use 239, a useful reminder that redevelopment plans can change between early approvals and construction.

The economic logic starts with land: an expensive site can support more homes when the building goes up.

Using a rounded $14 million purchase price, the land bill works out to about $467,000 per existing apartment if divided among 30 units. Spread that same amount across 239 proposed apartments, and it is roughly $59,000 per unit.

That is an illustration of land allocation, not a construction budget or an appraisal. The older property’s purchase price also reflects its existing buildings and income. Demolition, labor, materials, financing, fees, parking, and the developer’s return still have to fit into the project.

More apartments create more potential rental income. They also create much larger construction and operating bills. A taller building does not come with a bulk discount on everything.

The reported $72.5 million construction loan shows the scale of financing involved. That loan amount is not the total project cost, and it does not reveal the developer’s profit.

The net increase is 209 homes, once the 239 apartments replace the existing 30.

That distinction matters. “239 new apartments” describes the new building. “209 additional homes” describes the change in supply.

There is also a gap between demolition and delivery. Removing the old apartments reduces the housing stock before the replacements are finished. The eventual unit gain does not erase disruption for former residents, and the totals alone cannot show how individual households fared.

Brizo is reported as a market-rate rental project. It adds rental choices, rather than 239 homes for buyers to purchase. More supply can broaden options, but this one project cannot tell us what Bellevue rents or home prices will do.

Demolition and construction can bring noise, trucks, and temporary access changes. Check actual construction notices and approved plans for specifics; a rendering will not tell you Tuesday’s truck schedule.

Buyers nearby should review the building’s approved height and position relative to windows, outdoor space, and views. Visit on a weekday, and ask how access and parking could change during construction.

The practical takeaway for Eastside buyers: investigate the permits around a home before making an offer. A quiet neighboring property today may already have a much busier future approved.