American Capital Group, a real estate investment and development company, announced Jan. 10 the acquisition of 4.59 acres of land in the Totem Lake neighborhood in Kirkland for $30 million.

The firm reports the land will be used for the development of a five-story residential and retail property, featuring 493 apartment units, 20 percent of which will be workforce housing, and more than 11,000 square feet of ground floor retail.

Located at 12700 and 12704 NE 124th Street, construction of the property, led by American Capital Group, is expected to begin in spring 2023. With its proximity to I-405, residents will be easily connected to major employers such as Amazon, Meta (formerly known as Facebook), Google and Microsoft.

The community’s location will also provide residents walkable access to The Village at Totem Lake, which includes 360,000 square feet of retail anchored by Whole Foods, Trader Joe’s and a Cinemark movie theater.

The development project comes at a time of rapid growth for the greater Seattle area. Kirkland has experienced nearly 20% population growth since 2010, with more than 6,000 businesses expanding to the region, driven by leading technology and Fortune 500 companies. Job growth in the Seattle area is expected to increase by 43% over the next 10 years.

According to the developer, Google, Amazon and Microsoft have planned expansions to their existing office spaces underway, which will provide a combined 40,000 new jobs to the area.

“The influx of high-paying technology jobs in greater Seattle has attracted a number of new residents to the area, with Kirkland becoming an in-demand living destination in recent years,” said BJ Kuula, president of American Capital Group.

The community will feature a mix of studios, plus one-, two- and three-bedroom layouts as well as high-end amenities including common areas with cafes and kitchens, resident lounges, barbecue areas and a fitness center.