The proposed Issaquah Terrace development could transform a former quarry site into a vibrant neighborhood.
The applicants, Lakeside Industries and Polygon Homes, aim to add about 300 homes on roughly 13 acres adjacent to Issaquah Highlands.
The City Development Services Department is conducting a preliminary review of the proposal.
Plans call for 268 stacked flat rental homes and about 30 rental townhomes on a campus-like site. Buildings will be arranged to allow residents and visitors to move around easily on foot to the nearby King County Metro Transit Issaquah Highlands Park & Ride and the Grand Ridge Plaza retail hub.
The project also includes transportation improvements.
A new pedestrian signal will allow residents and visitors to easily cross Highlands Drive Northeast at the transit center.
A new signal will provide access to Issaquah Terrace and future access to Lakeside property east of Highlands Drive Northeast.
In December 2012, the Issaquah City Council approved a development agreement with Lakeside to transform a quarry site and industrial land into dynamic, pedestrian-friendly neighborhoods.
Issaquah Terrace is the first project to be proposed under that agreement.
Work is expected to start on the site in summer 2013, with building construction expected to start this fall. The final buildings are projected for completion in summer 2015.