A land use application was recently filed with the City of Bellevue by SRM Development regarding the former Silver Cloud Inn site. The property is located at 10621 Northeast 12th Street, across from a neighborhood park.
The proposal is to build 239 multi-family residential units and 220 basement parking spaces. Plans for “Silver Cloud” include seven levels of residential floors.
According to city records, two residential buildings connected by an underground parking structure are the preferred design option. The project aims to create a “vibrant urban environment” with dense housing, landscaping and strategically placed open spaces that enhance the downtown northern portion of downtown Bellevue.
According to a representative from SRM Development, they are still very early in the design process and information regarding the project is subject to change as they progress through the eligibility process with the City of Bellevue.
An investment group led by SRM Development and Northwest Commercial Real Estate Investing purchased the Silver Cloud Inn property. They engaged Studio Meng Strazzara and SRM Interiors for the architecture and interiors.
Construction is expected to begin in 2023.
SRM Development bought the Silver Cloud Inn for $30 million, according to public records. The site is 1.23 acres and currently has 40,642 square feet of a developed building (the hotel).