SRM to Start Construction on 135-Unit Workforce Development in Bellevue

The project benefits from Microsoft’s Affordable Housing Initiative, which will help ensure long-term affordable rents.

By Christine Serlin

Developer SRM is bringing a two-phase multifamily development to Bellevue, Washington. The first phase, Nuovo, will feature new below-market housing units. Dale Sweeney Architects

Locally based developer SRM has closed a $38 million construction loan through Washington Trust Bank to build Nuovo, the first phase of a two-part multifamily housing community near downtown Bellevue, Washington. Both phases will deliver apartments at below-market rents and will be built without public funding thanks to participation from Microsoft’s Affordable Housing Initiative.

“Creating this many housing units near downtown Bellevue and light rail is possible because of the ongoing engagement and diligence of many public, private, and nonprofit housing supporters in Bellevue—including strong leadership from mayor [Lynne] Robinson, the Bellevue City Council, and city staff team,” said Microsoft Philanthropies senior director Jane Broom.

The first phase, which is expected to start construction later this month, will comprise a five-story building with 135 one- and two-bedroom units for residents earning 80% to 100% of the area median income (AMI). According to SRM, once construction is complete, it will transfer the building to a nonprofit housing operator to preserve long-term affordability.