Redmond’s Overlake Village is about to get a serious affordability boost. Nonprofit developer Bellwether Housing is gearing up to break ground on Prisma, a six-story affordable apartment building that will sit right next to the Overlake Village light rail station. The project will bring roughly 328 new homes online for low- and moderate-income households, including family-sized two- and three-bedroom units, with construction expected to begin in 2026 and first residents moving in by 2028.
Project snapshot
According to Sound Transit, Prisma is planned as a six-story, mixed-use building located immediately beside Overlake Village Station. The development is expected to include 328 apartments and about 505 bedrooms, ranging from studios to three-bedroom homes. Sound Transit selected Bellwether Housing as its development partner and is positioning the site as transit-oriented affordable housing, with residents effectively living next door to the regional light rail system.
Who it will serve and what it will offer
Bellwether Housing states that Prisma is intended for households earning roughly 30% to 80% of the area median income, with specific set-asides and services for people with physical, intellectual, and developmental disabilities. The nonprofit also points to on-site community features, including a resident courtyard, a café terrace, and space for small business incubation and cultural programming. Resident support services will be delivered by community partners, aiming to make the building feel less like a simple apartment block and more like a community hub.
Timeline and the city’s role
The City of Redmond’s project page lists Prisma under Project No. LAND-2024-00007 and shows that the proposal is currently under review. The city has posted plan sets, traffic and drainage studies, and design review materials for the public to sift through. Those documents identify the site near the planned Overlake Village station and will guide the permitting process, public comment, and any agreements the city strikes around ground-floor uses or public programming.
Funding and partners
Sound Transit reports that King County has pre-committed $5 million to the project and notes that Prisma is eligible for state Bond Cap and other financing tools. The Sound Transit board approved business terms with Bellwether in 2023. Project materials list Perkins Eastman as the design firm and Walsh Construction as the lead contractor, underscoring that a mix of public and private partners is lining up behind this transit-adjacent development.
Why local leaders are watching
The Business Journals reported that city officials see Prisma as a direct response to Redmond’s critical housing gap, particularly for families and lower-income residents living near major employment centers. City staff have also been talking about how Redmond might secure ground-floor space for public services as part of broader oversight and planning for community benefits, signaling that this is not just another apartment project in their eyes.
What to watch next
Bellwether’s project timeline calls for community outreach, design work and permitting through 2025, with construction slated to begin in 2026 and an anticipated opening for residents in 2028. Neighbors, future tenants and policy watchers can follow the evolving plan sets and review materials through the city’s project portal. As Prisma moves from paperwork to shovels in the ground, key milestones to watch will include permit approvals, funding commitments and any city council actions tied to ground-floor uses and public programming.
