Posts tagged: Sherwood building
The downtown business beat continues producing more real estate deals.
In Friday's paper was the announcement two groups bought the side-by-side buildings formerly called the Sherwood Mall. In fact, the buildings were built in different eras, and are probably best managed as two different structures.
The smaller building is the corner building once known as the home of First National Bank. It's at the corner of Riverside and Stevens.
That building was acquired by an investors group that includes Spokane Chiefs and Spokane Indians owner Bobby Brett, and area developer Chris Batten.
Brett is general manager of 1953 Box LLC, the company owning the corner building … and the name refers to the year this building went up, in 1953. The earlier building that sat there was not two stories. We'll go hunting for the historic photo of that bank that later was torn down.
The plan is to rebrand the building as the Numerica Building, and Numerica Credit Union will take most of the main floor. The rendering here, provided by nystrom + olson archiecture, shows the exterior of the building after remodeling.
The “real” Sherwood building, at 510 W. Riverside,was purchased by an LLC called Sure Would, whose principal is Tom Clemson, the president of Inland Group.
Here's a lesson in market timing. Sterling Financial, which bought the two buildings back in the 1970s, sold them in 2007 to a North Idaho doctors' group, for $3.7 million.
This past month, Clemson's group paid $800,000 for the eight-story building, while Box 1953 LLC paid $500,000 for the corner building. Certainly both properties will take some major renovation. But those are decent deals for good downtown real estate.
In 2010 the properties were assessed at $2.7 million together.
Brian and Cami Hamilton, who since 2010 operated the downtown Metro Cafe at 502 W. Riverside, closed the doors on Feb. 28.
The couple subleased the eatery, on the second level of the Sherwood Mall, from Andrew Swanson, who operated it for many years. The business began about 25 years ago and remained a popular lunchtime destination, known for its quality sandwiches and other offerings.
The Hamiltons could not be reached for comment. Sources say they still had more than a year available on the sublease.
However, last year after Sterling Savings Bank moved more than 200 workers from the next-door Sherwood Building (at 508 W. Riverside) and the lower level of the cafe building, business declined for the cafe, Swanson said.
Some of the tables at the eatery are being repurposed at used at Luna, on the South Hill.
New owners recently acquired the side-by-side buildings. The owners of the former Sterling corner building say a Spokane architectural firm will take the space used by Metro Cafe.
The Spokesman-Review's Friday editions will provide more details on plans for the two Sherwood buildings.