Island company takes down `shrink wrap" building

The Dwelling Company, a Mercer Island real estate development firm, is about halfway through demolition of a structure commonly known as the ``shrink-wrap building'' in downtown Bellevue. The building at the northeast corner of Bellevue Way N.E. and N.E. 12th Street, which leads into Bellevue's core shopping district, has been wrapped in plastic since 2001 when the previous developer stopped work on it. It has been an eyesore for neighborhood residents and business owners alike

Formerly named Ida Terrace, the 2.5-acre site will be turned into a 49-unit townhouse project called ``1200 Bellevue Way.''

``We tried to design something that no one has seen before,'' said Noree Milligan, Marketing Director at The Dwelling Company. The two- and three- story townhouses with traditional brick facades and landscaped street entrances are designed to be more intimate and private than the high-rise condominiums that are more typical to the area, Milligan said. The units will start at a cost of about $499,000.

The Dwelling Company expects the demolition to take another week-and-a-half before it begins construction on the $33 million project.

It is expected to be completed in late 2006.

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