Construction crews are laying foundations for a new 148-unit apartment complex at the corner of Broadway and Vercler.
The project consists of 13 buildings on an 8-1/2-acre site at 12623 E. Broadway. According to project manager Tim Grigsby of Inland Construction, the complex should be complete by June 1996.
Some units, however, are scheduled for completion by late fall or early winter of this year.
Grigsby said the first structures should be going up later this month or in early August.
The complex will be called The Village on Broadway, and is owned by a limited liability corporation of the same name. Grigsby said the local partner in that corporation is Alvin J. Wolff, Inc. Realtors. Spokane County Department of Buildings records list Bellevue-based Drew Hall & Associates as another involved party.
Architect David Fall of Johnson Braund Design Group, the Seattle-area firm designing the project, said the apartments are being designed with low rental costs in mind. Fall said the project was initially going to receive funding from the U.S. Department of Housing and Urban Development, but will now be financed privately.
Fall said original plans for a recreation center have been nixed, and the number of total units has been scaled back by about 12. He said those changes were made in an effort to control costs and keep rental prices competitive. Fall said rental costs will vary depending on the final cost of construction.
Project manager Grigbsy guessed rents will range from $500 to $700, but added he does not have final price information.
sponsored Jargon is confusing, by definition. And the financial world has its own set of cryptic words.