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

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.

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.