City of Bellevue AgendaPacket City Council Regular Meeting 2026-06-23
City Sets 99-Year Ground Lease for Kelly TOD Housing
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Description
Bellevue plans to enter into a Predevelopment Agreement and subsequent 99-year Ground Lease with BRIDGE Housing for redevelopment of the City-owned Kelly TOD parcel into an affordable, arts-focused mixed-use housing project. The agreement sets predevelopment conditions around permitting, financing, affordability targets, and a development agreement, with nominal lease rent of $1 per year in exchange for 99 years of affordable housing use.
Contract Details
Contract Amount
$1 per year ground lease (total $99 over 99 years)
Vendor
BRIDGE HOUSING
Agency
City of Bellevue, TX
Contract Type
FACILITIES
Document Date
June 23, 2026
Contract Term
99-year ground lease following predevelopment phase; outside date to meet conditions June 30, 2029
Renewal Date
2128-06-30
Renewal Info
Ground lease term is 99 years with nominal rent; no renewal terms are described, and lease supersedes the predevelopment agreement upon closing after conditions are met by June 30, 2029.
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