Big boxes · Washington
Overlake Plaza
Proposed mixed-use redevelopment (hotel, housing, retail) approved by Redmond, but no active construction after 2022 demolition; supported by housing market data and regional permit activity. · summary, model-written
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Site profile12 elements · what this retrofit is built with · tap a chip for the evidence
Finance and pipeline
Retrofit in the pipeline
This site: …proposed record · all sites with thisPlace
3+ other atlas sites within 10 km
This site: 8 within 10 km computed · all sites with this30,000+ vehicles a day on an adjacent road
This site: 83,708 on SR 520 fhwa-hpms · all sites with thisCounty permitting 2,000+ apartment units a year
This site: 7,119 units, King County census-bps · all sites with thisCounty typical rent $2,000+
This site: $2,323/mo zillow · all sites with thisInterstate or freeway within 600 m
This site: SR 520 fhwa-hpms · all sites with thisStrategy
Redeveloped
This site: …a 210-room hotel, 500 apartments, more than 2,200 stalls of underground parking, restaurants, retail and office and park space record · all sites with thisNew use
Hotel
This site: …a 210-room hotel, 500 apartments, more than 2,200 stalls of underground park newtypes-extraction · all sites with thisHousing
This site: …a 210-room hotel, 500 apartments, more than 2,200 stalls of underground parking, restaurants newtypes-extraction · all sites with thisOffice
This site: ,200 stalls of underground parking, restaurants, retail and office and park space Approved by City of Redmond. newtypes-extraction · all sites with thisPark and open space
This site: of underground parking, restaurants, retail and office and park space Approved by City of Redmond. newtypes-extraction · all sites with thisRetail (continued)
This site: …more than 2,200 stalls of underground parking, restaurants, retail and office and park space Approved by City of Redmond. newtypes-extraction · all sites with thisNow
| Status | Retrofit proposedWikipedia no source |
|---|---|
| Strategy | Redevelopment, proposedWikipedia no source |
| New uses | hotel, housing, office, park, retailWikipedia no source |
| What is there now | a 210-room hotel, 500 apartments, more than 2,200 stalls of underground parking, restaurants, retail and office and park spacenewtypes-extraction reported |
| Redeveloper | Seritage Growth Propertiesnewtypes-extraction reported |
Planning
| Entitlement year | 2018Wikipedia no source |
|---|---|
| Planning notes | Approved by City of Redmond.Wikipedia no source |
Site context
| Housing permits, King County (WA), 2024 | 7,119 units in 5+ unit buildings, 1,093 in 2–4, 2,352 single-family; 2023: 7,274 in 5+Census BPS |
|---|---|
| Other atlas sites nearby | 8 within 10 km, 19 within 25 km: Overlake Seritage property (0.0 km); Sears site at Overlake Plaza (0.0 km); Kirkland Parkplace (5.6 km); Kirkland Heights (6.3 km); Totem Lake Mall (6.4 km)computed |
| Retail trade in the county, 2025 (BLS QCEW) | 102,448 jobs in 5,725 establishments; average annual pay $60,273; employment location quotient 0.72; employment -1.1% on the yearBLS QCEW 2025, NAICS 44-45, private |
| Jobs located in the tract, 2022 | 11,465 jobs; 679 in retail trade, 1,970 in accommodation and food (workplace blocks summed to tract 53033032331)Census LEHD LODES8 WAC 2022 |
| Upward mobility (Opportunity Atlas, 2010 tract) | children of low-income (25th percentile) families reached the 49th income percentile as adults; -0.3% incarcerated at the 2010 count (93 children in the sample); born 1978–83, measured 2014–15Opportunity Insights |
| Food access (USDA FARA 2019, 2010 tract) | not a low-access tract at 1 mile; 3% of residents more than 1 mile from a supermarket; poverty rate 7.3%; median family income $134,688; 123 SNAP householdsUSDA ERS |
| Schools | Lake Washington School District (PK-12); 5 public schools within 1 mile: Benjamin Rush Elementary; Redmond Elementary; Contractual Schools; Old Redmond SchoolhouseNCES EDGE |
| Elevation | 40 ft above sea level at the site pointUSGS 3DEP |
| Storm events in the county, 2016-2025 | 8 county-logged events: 6 heavy rain, 1 debris flow, 1 flood; $34,994,000 property damage reported; 1 direct deaths; forecast-zone events (most flood, winter and heat) not countedNOAA Storm Events |
| Homes for sale in ZIP 98052, 2026-09 | median list price $1,050,975 (-19.5% on the year); 192 active listings; median 40 days on market; 15% with a price cutRealtor.com Research |
| Retail trade in the county, 2012 to 2023 | 5,912 establishments (-10%); 104,570 jobs (+8%)Census CBP |
| Housing market in the county | typical home value $824,870 (-2% 1 yr, +7% 5 yr); typical rent $2,323/mo (+2% 1 yr), 2026-09Zillow Research |
| Traffic on the busiest road within 600 m (2024) | 83,708 vehicles a day on SR 520 (freeway or expressway, 6 lanes); 2,963 trucks; 34 counted segmentsFHWA HPMS |
Summary, model-written
Sears store closed in 2018. Demolition occurred in 2022. Developer Seritage Growth Properties submitted construction permits in 2021 (later lapsed), but city approved the redevelopment plan in 2018. Site is proposed for mixed-use: 210-room hotel, 500 apartments, 2,200+ underground parking stalls, retail, office, and park space.
Why. City approved the plan. Housing market shows 7.4% 5-year ZHVI growth ($824k latest). King County permits show $2.7B in 2024 construction (2,352 single-unit, 7,119 multi-unit).
Where it stands. Status: proposed. No construction underway (demolition completed 2022). Neighboring cluster includes 8 projects within 10km (all proposed or built).
For a planner
- City approved plan (2018).
- Housing demand supported by 7.4% ZHVI growth.
- Nearby projects: 0km peer (Overlake Seritage property) also proposed for redevelopment.
For a developer
- Mixed-use plan includes hotel (210 rooms), 500 housing units, and 2,200+ parking stalls.
- Permits show strong regional construction activity ($2.7B in 2024).
- No active construction yet (demolition done, permits lapsed).
What we do not know yet
- No current construction timeline.
- Permit lapses (2021) may delay project.
- Exact parking configuration (underground) not confirmed in planning notes.
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Similar sites
- Overlake Seritage property, Redmond, WA · Big boxes · same strategy: redevelop; also in WA; 0 km away
- Sears site at Overlake Plaza, Redmond, WA · Big boxes · same strategy: redevelop; also in WA; 0 km away
- Trailhead, Issaquah, WA · Garden apartments · same strategy: redevelop; also in WA; 16 km away
- 12th Place, Building A, Bellevue, WA · Office parks · same strategy: redevelop; also in WA; 7 km away
Elsewhere on the web
Search images: Google · Bing · Commons · references: ULI case studies · Google Scholar
Multifamily screen
- already in play: under construction, approved, or sold to a developer with housing plans
- county grew 4.6% 2018–23
- median rent $2,035
- housing in the record
Inputs: record fields (size, status) and county Census ACS 2018–2023 figures (growth, rent). How the points work. Not a recommendation.
History and original facts
| County | King County |
|---|---|
| Census division | 9 · Pacific |
| Notes | Draft from thenewstribune.com, model-extracted, unreviewed: The former Sears store at Overlake Plaza in Redmond closed in 2018, was demolished in 2022, and is proposed for redevelopment into a 210-room hotel, 500 apartments, underground parking, restaurants, retail, office, and park space. |
Not yet recorded: acres, GLA, year opened, original developer, retrofit year. Know it? Tell us.
Timeline
- 2018 Sears store closed
- 2021 Construction permit applications submitted
- 2022 Demolition took place
Sources
- Former WA state Sears site among Seritage's final assets | Tacoma News ...
5 quoted sentences
Overlake Plaza
formerly home to a Sears store, which closed in 2018.
Demolition took place in 2022.
construction-permit applications were submitted by Seritage in 2021
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