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Thursday, May 15, 2003
Freeman to take over stalled Lincoln Square project
Bellevue Square developer Kemper Freeman Jr. plans to assume control of Lincoln Square, the stalled commercial and residential project across the street from the regional mall.
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Freeman's Kemper Development Co., which also owns and operates the nearby Bellevue Place hotel and office complex, announced today that it has signed a letter of intent to become majority owner of Lincoln Square.
The current developer, Lend Lease Real Estate Investments, halted construction of the huge retail, office, hotel and condominium project nearly a year ago, in the face of the weak economy.
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Freeman said at a news conference that he plans to reconfigure the retail portion of Lincoln Square to bring more storefronts onto Bellevue Way Northeast, complementing Bellevue Square and turning the street into a more vibrant shopping corridor.
Financial terms of the anticipated deal with Lend Lease were not disclosed.
Work is expected to resume early next year on the project's parking garage, retail segment and residential/hotel tower. Those portions of the project would be completed in the fall of 2005.
Construction of the 27-story office tower won't restart until the market warrants it, Freeman said.
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