The city of Bellevue has tapped Impact Hub Seattle LLC to lead its economic strategy of growing entrepreneurial success here, entering into a two-year agreement this week to repurpose the Lincoln Center as a startup incubator.
Making use of the property, slated for demolition in 2017 to make way for Sound Transit’s East Link light rail extension, the city and Impact Hub will now renovate the property to create an environment to attract and grow business startups.
“Our goal is hundreds,” said John Sechrest, co-managing director for Impact Hub Bellevue. “There’s 700 people that are members of Impact Seattle, and we certainly believe there’s demand like that in Bellevue.”
A temporary-use agreement allowed Impact to begin moving over several of its Kirkland hub members prior to the city council’s approval of the lease on Monday. Applications will be accepted for more startup companies and added at the Lincoln Center as renovations are completed. About one-third of the space is currently occupied.
Impact Hub Bellevue was able to capitalize on the city’s ability to offer space below-market — $8.20 per square foot for 7,220 square feet of the north building, with expansion options — and Bellevue and Impact will share in renovation costs.
Impact anticipates $86,600-$130,000 will be committed to tenant improvements to the second floor for co-working and startup office space, while the city will contribute up to $30,000 for a ground-floor event space. It is also exploring installing gigabit telecommunications to the building.The architect behind Impact’s Pioneer Square hub — the largest and fastest-growing of the nonprofit’s 70 worldwide locations — will lend expertise to the design for the Bellevue hub next week.
“We’ve certainly seen some exciting thoughts come from them,” Sechrest said, adding the age of the building provides opportunities and challenges. Lincoln Center was constructed in 1975.
While the investment may seem great for a building that will only remain standing for the next two years, Sechrest said Impact is committed to Bellevue for the long term, and plans to pursue a more permanent facility ahead of demolition of Lincoln Center’s north building. Impact looked at more than 50 properties for an Eastside hub, but chose Bellevue due to the city’s interest in a collaborative partnership, Sechrest said.
“We’re expecting that we’re making a long-term investment in Bellevue and the Eastside,” he said.
Repurposing the Lincoln Center for Impact Hub Bellevue will be accomplished in three phases, the shared 2,222-square-foot event space being first and optimistically slated for completion by the end of January, Sechrest said.
Stan Bounev moved from the Kirkland hub to Bellevue with his business partner, Rui Wang, on Wednesday. They are starting a company that specializes in security vulnerability testing.
“We like the overall setting and being able to have connections to other startups and people, and being able to help each other,” Bounev said. Impact Hub Bellevue also will offer a number of programs to members and nonmembers to help entrepreneurs looking to start a company or startups seeking mentorships. Impact hosts as many as 20 events a week in Seattle, but Sechrest said fewer are expected to occur in Bellevue at this time.
