REDMOND, WA—Capstone Partners says its3-million square foot Esterra Park project hasmade significant progress.

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Avalon Bay Communities has begun constructionon the first 500 apartment units, and CSMCorporation has closed on the purchase of land for a 250room dual branded Starwood Hotel. Capstone isready to start construction on the first 250,000 squarefoot office building with an additional 380,000 squarefeet in design. Finally, the design for a three-acre centerpiece,park at Esterra Park, received unanimous approval from the city'sparks and trails commission.

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The park will feature the best elements of an outdoor urbanpark—places to gather, recreate, splash, and contemplate. The28 acre, sustainable, transit oriented, mixed-useproject sits next door to Microsoft, 1.5 millionsquare feet of existing retail, and is just off SR-520. A futurelight rail station will be across the street.Capstone says Esterra Park will be the first true urban live-workcampus ever created in the Pacific Northwest. The project willinclude over 1.2 million square feet of commercialspace, over 1,400 residential units, a 250room hotel, all surrounding a new 2.7 acre park. Capstoneestimates 7,000 to 8,000 people will live and work at Esterra Park.The project is the first phase of Redmond's 170 acreOverlake Village master plan which will hold30,000-40,000 people when completed.

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“We are very excited to be part of the Esterra Park masterdevelopment; the opportunity to invest in institutional qualityreal estate which combines an urban live / work environment in atraditionally suburban market is extremely rare and we look forwardto helping implement the vision that Capstone Partners and the Cityof Redmond have developed for the community,”said BrianFritz, senior vice president of AvalonBay Communities,Inc. The firm currently owns and operates over 3,500 units in thePuget Sound Region and has over 1,100 units underconstruction.

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CSM Corporation, an owner and operator of hotels, apartments,and commercial buildings across the U.S. plans to build a dualbranded hotel. Starwood brandsAloft and Elements will combinefor a 250 room hotel with overnight and extended stay options. Thefirst of both of these brands in the Seattle area.

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“It's hard to imagine a better location and a better project fora successful hotel, said Michael Coolidge of CSM.“The scale and design of Esterra Park are perfect for a modern live/ work environment that companies and residents are looking for intoday's environment; and the proximity to Microsoft is undeniablyattractive.”

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The hotels are modern; the designs are open and fresh intendedto accommodate the overnight business traveler, a couples' weekend,or a week-long business or vacation stay. A conference center willlink the facilities along with a bar / restaurant and other typicalamenities.

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.