By Nick Wood
BELLEVUE – The Bellevue Village Board on Wednesday approved a plan for a 13-lot commercial development on 45 acres of undeveloped land at the intersection of Lime Kiln Road and Monroe Road.
The vote was held after press time, but the request by Mau & Associates on behalf of landowner Bob Schlag has been unanimously approved by the planning commission and was recommended by staff.
Andrew Vissers, director of commercial development for the village, said Tuesday that there are some questions remaining about details such as street names, but from the overall planning perspective, the proposal is pretty straightforward.
Once approved, Vissers expects site plans to start coming in the next couple of weeks with the potential for new buildings going in this fall and early next year.
The property is currently zoned B-3 – Intensive Business District.
An outlot and eight of the 13 lots would be located north of Costco, between Lime Kiln Road (CTH V) and Monroe Road (CTH GV), in the area commonly known as the triangle.
Of the eight lots, there will be seven smaller lots ranging in size from one to three acres, with one larger, 14-acre lot on the northwest corner of future Town Hall Road extension and Lime Kiln Road.
Access to the development would be restricted from both Lime Kiln and Monroe roads with the majority taking access off a future extensions of Town Hall Road or Costco Way.
The other five lots will be located across Monroe Road, south of the Target/Pick ’n Save shopping center, and will range in size from a half acre to just over five acres.
Vissers said the highly sought-after and easily developable lots are along Monroe Road, and there are already a lot of potential buyers lined up.
He expects the smaller lots to command anywhere from the high six figures per acre to over $1 million per acre for a prime corner lot.
The larger 14-acre lot would require a different type of buyer, and they have a few they’d like to target.
Keeping the 14-acre lot intact allows flexibility to go after a larger development, but still allows flexibility if no buyers emerge.
“It may be subdivided in the future, but we don’t want to hamstring ourselves,” Vissers said.
Vissers expects prices for the larger parcel to fall into the $250-300,000 per acre range.
An outlot, located at the top of the triangle, is intended to be developed as a stormwater pond and constructed by the developer.
If it’s determined that it can be a regional pond, then the lot and pond could be dedicated to the Village.
The entire proposed development is part of a tax incremental finance (TIF) district.
With a TIF district, the village fronts the cost for construction of the infrastructure including roads and utilities, with the money paid back over time through taxes on increased property value.
The land is currently taxed as Agricultural with assessed value in the hundreds of dollars per acre.
Construction of the infrastructure began in June and is expected to be completed in November.