The Freeman family, owners of Kemper Development Company (KDC), announced Friday that they will explore a sale of The Bellevue Collection, the 5.5 million-square-foot retail, dining, hotel, office, residential and entertainment complex at the center of downtown Bellevue. The family-owned company plans to select a broker shortly to begin the sale process.
The Bellevue Collection encompasses Bellevue Square, Bellevue Place and Lincoln Square North and South. According to KDC, the properties will continue to operate normally, and community events and cultural programming, including Snowflake Lane, will go on as planned through 2026.
Why Now
KDC said several factors played into the decision, including Kemper Freeman’s retirement last year. Freeman took over the business from his father in the mid-1970s and led the redevelopment of Bellevue Square beginning in the 1980s, transforming a small open-air center into the retail anchor of a destination that today includes three office towers, three major hotels, luxury residential apartments, more than 200 stores, restaurants and entertainment venues, and two movie theaters.
The company described the move as a multi-faceted business decision about the right path forward. The family’s stated intention is to identify a buyer who shares its longstanding regard for the surrounding community and has the capability to further enhance the property…