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Overlake today is a hub of urban activity, with excellent access via SR-520 and public transit to Downtown Redmond, Downtown Bellevue, Seattle, and the region. It is the third largest employment center in the region with about 46,000 jobs. Residents and people who work in Overlake have their pick of a wide variety of restaurants and shops. Business owners choose Overlake in part because of its unparalleled proximity to the world leaders in software and digital media. At a Glance Median household income: $84,000 Average wage: $105,000 71% of area residents: college graduates Walk score: 82 very walkable Expected growth, 2010-2030: 5,000 new homes, 25,000 new jobs. Zoning regulations include incentive program that allows buildings of up to 12 stories (10 for commercial buildings) and FAR up to 4.0 for residential space and 0.55 for commercial space Traffic Counts (average weekday) • 148th/24th: 35,200 • 152nd/24th: 28,900 Served by B-Line RapidRide Transit OVERLAKE Overlake buzzes with activity throughout the day and evening as tens of thousands of technology workers, and thousands of area residents, patronize area businesses. Overlake stands-out for its diversity of retail and restaurant offerings, especially specialty and ethnic groceries and cuisine. Redmond is building on these assets by planning for significant urban growth in Overlake. When these plans are realized, thousands of new residents and employees will walk between home and work, or to patronize neighborhood shops and services. Residents and employees will relax in one of three major parks, two of which also integrate regional stormwater facilities into their design. Beginning in 2023, light rail will quickly and conveniently transport residents, employees and visitors between two Overlake stations and regional destinations. Complete streets and new non-motorized crossings of SR-520 will make transit more convenient to more people, and provide new connections between Overlake Village and the Employment Area to the north. ---PAGE BREAK--- Population 5,300 90,700 206,000 Male/Female 57%/43% 52%/48% 51%/49% College Graduates 71% 58% 60% <20 22% 22% 23% 20-34 33% 27% 25% 35-64 28% 38% 40% 65+ 18% 14% 12% Median Age 31 38 38 Households 2,176 38,888 84,296 Average Size 2.21 2.32 2.34 Owner Occupied 23% 50% 58% Renter Occupied 77% 50% 42% Median Income $84,000 $78,000 $84,000 Population Households Age Transportation FACTS/FIGURES Radius: 1 mile 3 mile 5 mile Interactive Media and Digital Arts Redmond is the state-designated Innovation Partnership Zone (IPZ) for the Interactive Media and Digital Arts industry. The mission of the IPZ is to foster continued success of the industry in Redmond, and to enhance Washington’s economic competitiveness overall. This mission is achieved by partnering with key industry leaders to provide a business environment supportive of entrepreneurship, education, and research to foster development of technical and business skills needed to support the industry long-term. Redmond expects to play an active role in supporting existing businesses, fostering an environment to encourage and facilitate start up businesses, and attracting new businesses to the area. 6 all-day routes; including B-Line RapidRide, serving local and regional destinations 2 light rail stations open in 2023 Walk score: 82 very walkable Traffic counts (average weekday): 148th/24th: 35,200 152nd/24th: 28,900 Andrew Bauer, AICP, Senior Planner [EMAIL REDACTED] [PHONE REDACTED] Environment Because the City values its natural environment, including forests and streams, trees and natural habitats, mitigation efforts are a component of the Overlake Village plan. For example, mitigation efforts have included planting several acres of new forest with approximately 3,300 trees and 31,200 shrubs/ferns. The new forest areas will be permanently protected and will provide significant, and growing, environmental benefit. 11-2016 Jill Smith, Economic Development Manager [EMAIL REDACTED] [PHONE REDACTED] www.redmond.gov/overlake