Kemper Development Buys Oriental Rug Co. Corner Property
The PSBJ is reporting that the Kemper Development Co., has acquired a prime, corner location, adjoining Bellevue Square.
The location, on the northwest corner of Bellevue Way and NE 4th St., is enveloped by real estate owned by Kemper Development. Via the acquisition, Kemper will own all of the property between Bellevue Square and NE 4th St.
It has been rumored for some time that Kemper Development have been very interested in acquiring this landing so that they have more control over future development.
Previous plans have suggested that the property could be built luxury retail project.
The seller of the property, Farhad Khorram has owned and operated the Oriental Rug Co. for nearly 30 years at the Bellevue location.
The purchase price of the sale was not disclosed by either party.
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LD | Jan 28, 2013 | Reply
That’s one acquisition Kemper must be very happy about.
Kay | Jan 28, 2013 | Reply
Please let it be a Saks ! Or maybe a Ralph
Lauren Home Store. Whatever it becomes, I
know that Mr. Freeman with go forward with
a classy project, keeping in mind the weather in the Pacific Northwest, unlike The Bravern.
Katie | Jan 28, 2013 | Reply
He should turn it into more parking spaces. The easier he makes it for people to get in and park the more profits the mall will make. This is the reason I don’t shop there much anymore, always such a headache getting into the garage!
Jonka | Jan 29, 2013 | Reply
So their next retiring/going-out-of-business/everything-must-go same might be for real?
k | Jan 30, 2013 | Reply
kdc has had a project in the works called “the bellevue” for quite some time. it is a redevelopment of the penney’s parking lot/se corner of the mall. would look kinda funny to have to develop around the rug shop. you can bet the rug shop gets nuked and a boutique hotel/residential tower with podium retail goes up between penney’s store and red robin.
Rach | Jan 30, 2013 | Reply
YAYA! nice work KDC!
Ha | Jan 31, 2013 | Reply
Ha, first time their sign will be right!
Sara | Feb 19, 2013 | Reply
Kemper has been hot for that space for decades. So curious what got negotiated. Heard a 4 Seasons Resort w/ plans to nuke Pennys, but that was many years ago.
EnataiMan | Mar 18, 2013 | Reply
Looks like we are going to have residences in that corner.
http://www.bizjournals.com/seattle/news/2013/03/15/kemper-development-plans-to-expand.html
I hope some parts of the cool “The Bellevue” concept rendering get realized along with this.