Report and Update – Holly House Property Sale

Jan 30, 2021 | Members Only

There’s exciting news from the Holly House Task force.  After working for the last several months to position the property for a sale, and getting it on the market, the Task Force and the board have received several offers to purchase the property and are preparing to enter into a new contract for sale.

The property was put on the market in early December,  and generated substantial interest.  Mitchell Belcher of Berkadia Real Estate is representing us as our broker.   The highest and best use of the property continues to be for residential (condominium/townhouse) development, and the market has remained very strong here in Bellevue for suitable property.

The HHSCTF (Holly House Sale Closure Task Force) is currently making a recommendation to the Financal Stewardship Committee and the Board regarding the best offer among several that have been received.

After the experience that we all have been through over the past two years trying to shepherd a sale of the property through some frustrating obstacles, we believe now that the biggest hurdles have been cleared.  While any sale contract is expected to be subject to further feasibility study, we have high hopes for a smoother ride this time around.

Questions are welcome and may be directed to Craig Nelsen as chair of the HHSCTF.