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December 16, 2010 in News
YWCA sells riverfront building for $3.2 million
The YWCA complex sits between the scenic lower and upper falls on the Spokane River.
(Full-size photo)
Spokane’s YWCA finally has sold its former prime riverfront campus.
The property, which overlooks the North Channel of Spokane River, sold Dec. 9 for $3.2 million to The Falls, said Trish McFarland, executive director of the YWCA of Spokane.
The Falls is a corporation formed this fall by Lawrence Stone, president of SCAFCO, a silo and steel stud manufacturer based in Spokane.
“This allows us to move forward and focus on our mission of empowering women and eliminating racism in our community,” McFarland said.
The purchase is the second significant property acquisition involving Stone in the last few years. In 2009, the Spokane City Council accepted Stone’s $2.1 million bid to purchase 48 acres of the former Playfair horse track in the East Central neighborhood where Stone is relocating portions of SCAFCO.
Attempts made to reach Stone were unsuccessful.
The YWCA sale was finalized more than a year after SRM Development reneged on a deal to pay $4 million for the building, 829 W. Broadway.
In 2005, leaders of the YMCA and YWCA announced that they were selling their downtown riverfront buildings to build a consolidated operation. The new Y, 930 N. Monroe, opened in 2009. But the sales of the former buildings became major headaches for the organizations as the real estate market collapsed.
The Spokane Park Board decided to buy the YMCA building for $5.3 million to incorporate it into Riverfront Park in 2006. The deal became controversial and wasn’t finalized until the City Council finished the purchase in 2009. SRM Development agreed in 2005 to acquire the YWCA and announced plans to build two 14-story condo towers on the site. But the deal fell apart after the real estate market crashed. SRM lost its $250,000 down payment on the building.
McFarland said that the final purchase price is enough to complete the YWCA’s and YMCA’s goal of raising $40.5 million, which paid, in part, for the new building on North Monroe Street.
“It’s the last piece of the puzzle for our capital campaign,” she said.
McFarland said the new space is a big improvement for the organization, but she does miss the surroundings of the former location.
“We’ll always miss the view and wonderful sound of the falls in the spring,” McFarland said. “It’s the best view in town.”
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Rock60 on December 16 at 2:00 p.m.
I’m really confused. What does the YWCA have to do with racism? Are Young Christian Women racists? Go figure.
oneanddone on December 16 at 2:53 p.m.
Most, or maybe all, of non-profit socialist entities have to keep banging on the racism/sexism/poor/disadvantage/etc drum in the hopes that they can pull at the heartstrings of the local liberals. Matters not one whit that it’s essentially just a code phrase. These kind of people like McFarland can’t order a pizza with out belting out the party line.
bethbear on December 16 at 3:31 p.m.
Rock60, I believe the YWCA person was referring to the YWCA Spokane’s mission, “Empowering women, eliminating racism.”
Blondscence on December 16 at 3:52 p.m.
We klnow Beth. The question was why “racism”? Admirable goal but what’s it got to do with the YWCA? Why highlight that? I guess we cast the nets as wide as possible and hope it feeds the YW. Message is: I”m for anything that sounds like a good idea as long as it might make us some money. There are multiple agencies with the eliminati ofon racism angle….
It dilutes the message of the Y. Donate to us!! donate to us!! We’re many things to many people! Just donate!!!
masomenos on December 16 at 4:00 p.m.
Yeah! You tell em. Those darn victims of spousal/parental abuse in inner city ghettos really need to stop making white suburbanites uncomfortable with unpleasant words!!!
And they have the gall to put “Christian” in the name, too….Sheesh…since when did Christianity involve helping the poor and the meek?!?!?
By the Way….Merry CHRIST-mas (none of those other un-WASP “holidays”) Don’t forget to donate to the NRA and the Heritage Foundation! REAL AMERICANS. Not those poor kinds.
zelda on December 16 at 5:03 p.m.
Mission-shmission. What I want to know is what Stone plans to do with the property. I’m assuming he’s not going to build a grain silo there.
I’d like to see a better-quality chain hotel built in downtown Spokane (meaning no disrespect to the Davenport). It would be terrific if downtown could have a grade-A chain hotel instead of all these third-tier economy lodgings. Surely somebody has a better idea for prime riverfront real estate than condos that don’t sell.
Dazzeetrader11 on December 16 at 6:51 p.m.
Maso…they take money from wherever they can find it. Doesn’t matter the mission…if they have to expand it for some donations..fine. They can be whatever the guys with the money want them to be. Sound familiar?
Zelda…I’d like to know too. Lots of fill there. Not sure but the excavation and clean up might be huge…by today’s mandates. Or maybe they’ll donate it to the YW for their “avoid racism shelters” :)
I do know this much…views are pretty and something grand should go there.
de3 on December 16 at 6:57 p.m.
Did the city pay $5.3 million for a building worth $3.2 million?
“The Spokane Park Board decided to buy the YMCA building for $5.3 million to incorporate it into Riverfront Park in 2006. The deal became controversial and wasn’t finalized until the City Council finished the purchase in 2009.”
That is what is implied by the article above and possibly some articles in the archive.
Even if they didn’t complete the deal (SR says they did) - wow - that’s a huge drop in value form $5.3 million to $3.2 million in just a few years.
mikeln on December 16 at 8:57 p.m.
You would think this site would have ended up being returned to riverfront park land for the enjoyment of all the people of Spokane. Now it looks like it will become a place for the well-heeled to enjoy. And I get the feeling that the taxpayers will end up loseing in the end.
jessiepn on December 16 at 9:24 p.m.
de3 wrote: “Did the city pay $5.3 million for a building worth $3.2 million?”
It was the YMCA building, located within the park itself, that was purchased for $5.3 million. This article is about the YWCA building, located on Broadway, which sold for $3.2 million.
liarsinnews on December 16 at 9:50 p.m.
The story rings hollow. As I like to say, digested food through the bull.
Dazzeetrader11 on December 17 at 1:23 a.m.
jessie..I think you missed the point. here goes: IF the YM costed the city $5.3 million…and IF the YW is a better property…why did the city spend so much? Verner and Shogan did it…spending you money on another boondoggle. You see when the private developer comes in, the price went down by $2.1 million. Why? Because Verner and Shogan and the City don’t know what they’re doing. They’re quite happy to spend your money frivolously.
And this property was indeed scheduled for 1 building, underground parking and the surface would have been park land…had the realtors not cut a quiet and private deal with the Y. Satisfied Mike? That was the intent before this deal just popped up with a “SOLD” sign on it.