The City of Bellevue has entered into an exclusive negotiation agreement with Goldenrod Companies and American Resort Management to develop the second major phase of the Bellevue Bay Entertainment District.
Under the agreement, the development team will spend the next 120 days working toward finalizing a Master Development Agreement covering approximately 35 acres of remaining city-owned developable land.
Plans for the property could include dining, amusement, retail and lodging. The development team will also explore the addition of a dry amusement park that would complement the Wonder Water Park and expand the recreational offerings within the district.
“By partnering with Goldenrod, we are showing our residents, the state and the region what good investments look like, and how Bellevue is leading the way in economic development,” Bellevue Mayor Rusty Hike said.
Goldenrod Companies joins the project as a development partner, while the agreement also expands the city’s relationship with American Resort Management.
“We are honored to be part of the team bringing this regional destination to life and applaud the City of Bellevue and its residents for their leadership,” Goldenrod Companies Chairman and CEO Zach Wiegert said.
The Bellevue Bay Entertainment District is the principal effort of Bellevue’s Good Life Project, with the Mattel Wonder Water Park serving as its anchor project.
City officials said the water park is already performing above expectations in attracting private development and investment to Bellevue. Plans for the second phase could include dining, amusement, retail and lodging, along with a possible dry amusement park to complement the water park.
“American Resort Management is excited to be working with the great teams at Goldenrod and City of Bellevue to work towards a transformational vision for the community!” American Resort Management Chairman and CEO Richard Coleman said.
The exclusive negotiation agreement does not represent a finalized development agreement. Instead, it establishes a 120-day period for the city and development team to work toward completing a Master Development Agreement that would release the remaining developable property for the next phase of the district.
The larger Bellevue Good Life District is projected to generate more than $300 million in sales tax revenue over the 30-year life of the project, according to an analysis conducted by Creighton University economist Dr. Ernie Goss.
