One block in a building boom.

As Onni 606 begins excavation, about ten projects are under construction across Downtown Bellevue at the same time — several clustered on the very same 106th Avenue NE corridor, including The Artise (788 106th), Four106 (320 106th) and Bellevue Plaza (117 106th).

Zoomed out, a 2022 inventory counted 17 downtown megaprojects — 67 buildings proposed or under construction — that, if all built, would add over 8,200 homes, more than 12 million square feet of commercial space, about 1,450 hotel rooms and nearly 30,000 parking stalls. Onni 606 is the largest single piece of that boom.

The closest megaproject is Amazon's Bellevue 600, one block west at 600 108th Ave NE. Its 43-story, 600-foot first tower topped out in September 2024, but the planned second tower remains paused with no firm timeline — in April 2026 Amazon opened “The Meadow,” a 1.75-acre public park, on the stalled parcel instead.

So as Onni 606 starts digging in mid-2026, the block immediately west is finishing one 600-footer and sitting on a paused second — a study in contrasting construction tempo within the same tower cluster.

Onni 606's homes are planned as rental apartments — consistent with Onni's build-to-hold model — running one- to three-bedrooms, with the larger units concentrated on the premium upper floors. That distinguishes it from for-sale condo towers like Avenue Bellevue and One88. The hotel is Onni's own “Level” brand of furnished suites for nightly and 30-plus-night stays — an aparthotel hybrid rather than a conventional flag.

The rental market is tight: Downtown Bellevue apartment vacancy ran around 3.8% with average rents near $3,100 and no new units delivered in the prior year. The office market is the opposite — Bellevue CBD office vacancy stood at about 25.4% in early 2026 — though it is tightening, with no new Eastside office buildings slated to deliver in 2026 and vacancy projected to fall back below 20% within a year, well before Onni's ~896,000 sf office would open.

The benchmark luxury comp, Avenue Bellevue, pairs 365 for-sale condos with a 208-room InterContinental charging from the $500s to $7,200 a night. On affordability, Bellevue's Multifamily Tax Exemption offers a 12-year property-tax break on a project's housing if at least 20% of units are set aside for income-eligible households (a baseline of 80% of area median income) — the chief mechanism that could apply to Onni's roughly 1,289 rental homes.

Bellevue's prior downtown megaproject offers a benchmark for disruption. The $1B-plus Avenue Bellevue saw its InterContinental hotel slip through several announced opening dates — October 2023, then January, April and June 2024 — before finally opening July 18, 2024, roughly two years past its original target. Onni 606's program runs close to five years.

Onni 606 dedicates a 30-foot-wide segment of the Grand Connection, Bellevue's landscaped pedestrian spine — and that corridor's keystone is now funded. The vehicle-free Grand Connection Crossing over I-405 will link City Hall Plaza, near the Downtown Bellevue light-rail station, to the Eastrail trail through Wilburton.

Budgeted at roughly $175–230 million and targeted to open around 2030 — the same horizon as Onni 606 — the crossing won a 25-year King County tax-increment-financing deal on May 5, 2026. It runs a minimum of 30 feet wide, widening to about 40 feet over the freeway; a longer-term “Lid Park” vision would add roughly 200,000 square feet of green space between NE 4th and NE 6th.

Onni 606's ~1,289 homes (plus ~896,000 sf of office) land inside a deliberate rebalancing: Downtown Bellevue's resident population is projected to grow from about 16,000 in 2022 toward roughly 37,000, shifting the pipeline's ratio from about 3.25 jobs per resident to around 2.2 — a downtown pivoting from offices toward housing.