Bellevue homebuilder purchases 48 Issaquah Highlands lots

May 31, 2011

By Warren Kagarise

Taylor Development, a Bellevue-based real estate firm, is joining Issaquah Highlands developer Port Blakely Communities to foster development in the Harrison Street neighborhood, a ritzy collection of custom homes perched on Grand Ridge.

The real estate firm purchased 48 lots in the neighborhood for $6.36 million. Taylor Development and Port Blakely announced the deal May 23.

The sale encompasses more than half of the lots along Harrison Street. The neighborhood includes about 90 home sites. So, far 35 have been sold, and of those, 24 are completed or under-construction.

The neighborhood features a panorama — on clear days, at least — of the Bellevue and Seattle skylines, plus the Olympic Mountains.

“Issaquah Highlands is among the Northwest’s premier communities and the acquisition of a large number of home sites in the highly desirable Harrison Street neighborhood represents a key opportunity for Taylor Development,” company President Kevin Taylor said in a news release.

Keith Niven, city Major Development Review Team program manager, said the sale does not change the plan for Harrison Street as a neighborhood of custom homes. Port Blakely intends to provide oversight of the design and review process.

The acquisition is part of a series of construction projects planned, completed or in progress for the highlands.

Construction in the highlands is proceeding on a Swedish Medical Center campus, a $30 million apartment complex, a YWCA residential complex and the zHome eco-conscious townhouses.

In addition, Pulte Homes plans to break ground on a $20 million, 5.86-acre residential project in June. Bellevue homebuilder Polygon Northwest is poised to announce plans for a home project in the months ahead.

Port Blakely estimates the combined projects generate almost $475 million in construction activity and about 1,500 jobs in the region.

“Taylor Development brings fresh energy and enthusiasm to Issaquah Highlands along with a record of successful projects along the I-5 corridor,” Port Blakely Communities President Rene Ancinas said in a news release. “Together, our companies share a commitment to ensure continuity of the neighborhood’s character, high design and quality standards neighbors have come to expect.”

Warren Kagarise: 392-6434, ext. 234, or wkagarise@isspress.com. Comment at www.issaquahpress.com.

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