Bellevue continues its march toward a more urban and vibrant downtown this weekend as Washington Square, the $1.2 billion to $1.6 billion mixed-use development, officially opens its first condo tower, which is 90 percent sold out.

That's part of the first phase of the project's evolution. Here's the big picture on the project, which is being developed by Wasatch Development Associates, founded by CEO Dell Loy Hansen in 1988: The project, occupying a full city block in the heart of Bellevue, will encompass 10 acres and will be constructed in five phases, with full build-out expected in about 10 years. It will include up to 2.5 million square feet of new office, residential, hospitality and retail space. The first phase of the project includes 379 condos and townhomes in two residential towers (24 and 25 stories tall), as well as nearly 15,000 square feet of street-level retail space.

Here's some nice background on the project by the Seattle Times. The project is creating buzz in the blogosphere, as well. Check this out to read what the buzz is all about.

Here's the press release issued Tuesday.

BELLEVUE, Wash. ¾ Jan. 8, 2008 ¾  With striking new condominiums and town homes, a luxury hotel, premier urban grocer, high-rise offices, lush courtyards and outdoor plazas, as well as several eclectic restaurants, boutiques and services, the vision for Washington Square promises to energize downtown Bellevue as part of the city?s remarkable transformation.  The $1.2 - $1.6 billion project will officially open its first residential tower this weekend to hundreds of new homeowners and welcome several new retailers to the community.

Located in the heart of downtown Bellevue, Washington Square represents one of the largest mixed-use developments in the Northwest and occupies a full city block bordered by NE 8th Street, NE 10th Street, 108th Avenue NE and 106th Avenue NE.  Washington Square spans over 10 acres and will include up to 2.5 million square feet of new office, residential, hospitality and retail space at full build out. The first phase of the project includes 379 condominiums and town homes in two residential towers (24 and 25 stories tall) as well as nearly 15,000 square feet of street-level retail space. 

?With such unprecedented momentum in downtown Bellevue reshaping the city?s skyline, we?re pleased that Washington Square will bring even greater vitality to the area and enhance Bellevue?s reputation as a world-class location attracting a growing number of residents, employees and visitors,? said Bellevue City Manager Steve Sarkozy.

?The opening of Washington Square?s first phase represents an exciting new milestone for not just the project itself but also the entire downtown Bellevue community,? said Dell Loy Hansen, CEO of Wasatch Development Associates, owner and developer of Washington Square. ?It is not often that you have the opportunity to come into the heart of such a burgeoning area and develop a new community within a community from the ground up unlike anything the city has seen.?

New Model for Urban Living

With its elegant, modern condominium towers, striking brick town homes, lively open-air retail amenities, European-inspired courtyards and state-of-the-art fitness center, Washington Square is redefining urban living in downtown Bellevue.

The project?s first two residential towers feature a mix of one-bedroom, two-bedroom and two-bedroom plus den floor plans as well as ground-level town homes ranging in size from 700-3,200 square feet.  Washington Square?s first residents will begin moving into Tower One on January 12, and Tower Two is expected to be completed in April 2008.  Demonstrating the overwhelming market acceptance for Washington Square?s unique urban living approach, over 90 percent of the condominiums in Tower One are now sold out.  Home prices currently range from $599,000 to $2.6 million.   

Washington Square offers an elegant urban lifestyle as part of a close-knit, pedestrian-oriented ?community within a community? environment that fosters a true sense of luxury, security and convenience. The impeccably designed condominiums and town homes are characterized by several distinctive features and amenities for its residents including a full-time concierge, 24-7 security, an on-site maintenance engineer, town car service, sound-proof home designs, secure and private storage units, expansive private balconies, lounge area complete with seating and full-service kitchen, as well as a state-of-the-art fitness facility. 

Thriving new retail hub

Washington Square will feature nearly 180,000 square feet of retail space reflecting an eclectic mix of lively retail shops, restaurants and services that create a distinctive shopping experience in downtown Bellevue.  As part of an active mixed-use environment, Washington Square is also designed to enhance the pedestrian experience by incorporate several shared gathering spaces and inviting retail streetscapes for greater community interactions and aesthetic appeal.

The first phase of Washington Square welcomes several of the Northwest?s top retailers. Allure Restaurant, a 5,000-square-foot lounge restaurant created by renowned restaurateurs Brian and Heidi Petoletti, will open in Tower One by summer 2008.  Also opening in the first half of the year will be local favorites Shnoo Yogurt, Bellevue Cleaners and Top Pot Doughnuts.  Future phases will also include a gourmet grocer and a variety of new restaurants, cafes and boutiques.