A new high-rise building project in downtown could be in the near future if the Four 106 project continues on its current trajectory.

The first phase of proposed buildings, a two towered project with 270 apartments and 329 parking spaces, would be constructed at 320 and 350 106th Avenue Northeast in Downtown Bellevue. A hotel and retail space for lease on the bottom floors along with possible office space are part of the plans.

An open comment period on the proposed multi-use high-rise building in Downtown Bellevue is available to the public after an application was completed earlier this month.

The project would demolish four buildings before work on the towers and underground parking garage could be completed, including the Key Bank building, one of Bellevue’s first high-rise buildings.

Several businesses were leasing in the one- and two-story buildings to be destroyed in Phase I. The first phase of the project would have towers of 27 and 22 stories and is scheduled to be completed in spring of 2018. Phase II and phase III of the project would be slated at an estimated five and 10 year completion dates respectively. The Key Bank building would fall under Phase III.

The developer of the proposed project is the Fana Group of Companies. The project is next door to the ongoing construction on the SOMA Towers on the corner of Northeast Second Street and 106th Avenue Northeast.

Bellevue Chiropractic, Ignition Partners and Blueprint Consulting Services currently operate on the parcels of land where the first phase towers are slated to be built.

Fana President John Powers was unavailable for comment. Fana owns the Key Bank building, and purchased the Pacific Continental Bank building property on 108th Avenue Northeast last year for $13.5 million.

A public meeting regarding the project will be held at Bellevue City Hall at 6 p.m. on October 29 at Bellevue City Hall, 450 110th Avenue Northeast.