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The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

Parker Howell

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News >  Business

Foreclosure forum puts face on crisis

After working for five years for a small, family-owned company, Heather Howard was laid off in fall 2006. She didn't immediately qualify for unemployment, and she faced payments on her credit cards and car loan, medical costs and mortgage costs – all on $1,050 a month. Her biggest fear was losing her home.
News >  Business

Liberty Lake project has lower-cost units

Construction has started on a 100-acre, mixed-use development in east Liberty Lake where developers plan to provide work force apartments and senior living – some of the first affordable housing in an area that's seen rapid growth. Framing is under way on the 75-unit First Liberty Apartments, the first phase of a master-planned community by Hayden-based Whitewater Creek Inc. Renamed Hawkstone, the development on land southeast of Appleway Avenue and Simpson Road is authorized to have more than 800 residences, several acres of parks and a commercial hub when completed.
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Affordable housing planned for mentally ill

Nonprofit Spokane Mental Health will break ground next week on two East Central Neighborhood buildings to house people with chronic mental illnesses. Keystone Corners, to be built at 2021 and 2218 E. First Ave., will offer federally subsidized, one-bedroom apartments to people who have documented disabilities and make less than 50 percent of the area median income. The roughly $3.4 million project, also sponsored by nonprofit Spokane Neighborhood Action Programs, will help compensate for the recent loss of low-income housing downtown, said Sheryldene Rogers, a development consultant with Goodale & Barbieri Co.
News >  Business

Condo cooldown

With the last of their children leaving home, Tim and Rebecca Gump two years ago began looking to downsize from their five-bedroom North Spokane home to a downtown condominium. The couple found themselves attracted to the vibrancy of downtown, Tim Gump said, and wanted the convenience of being able to "lock and go." When they discovered the Upper Falls Condominiums on the north bank of the Spokane River, many of its 32 units already were taken, he said. But they landed a 3,300-square-foot, fifth-floor condo overlooking the river, moving in last June. The price: $1.2 million.
News >  Business

North Idaho sees a slowdown, too

Luxury condominiums continue to crop up along Kootenai County waterways. But the regional condo-market slowdown also has affected North Idaho, said Anne Anderson, owner of Lakeshore Realty in Coeur d'Alene. She estimates there's a roughly two-year supply of moderate- to high-end condos in the county.
News >  Business

Here’s the dirt : Riverwalk II begun

Low-income renters, including those with disabilities and large families, will have more available housing after the expansion of a Spokane County apartment complex designed to be both affordable and sustainable. Nonprofit Spokane Neighborhood Action Programs broke ground Monday on a second, 51-unit phase of Riverwalk Point, its low-income apartment complex off Upriver Drive east of Spokane.
News >  Business

BofA building’s new owners planning $2.5 million makeover

As the tallest building in Spokane, the five-sided Bank of America Financial Center has stood out on the downtown skyline for nearly 30 years. Now, the 20-story building's street-level appearance is slated for a face lift, part of about $2.5 million in renovations planned by new owner Unico Properties LLC.
News >  Business

Here’s the dirt: Walls to rise soon on YMCA-YWCA building

Crews next week are expected to start building the exterior walls of the joint YMCA and YWCA building on North Monroe Street. Those block walls will house aquatic and fitness centers, child care, community gathering areas, and services for teens, job seekers and victims of domestic violence. Although construction was delayed, the YWCA hopes to occupy the 80,000-square-foot campus, at 930 N. Monroe St., in April 2009, said Monica Walters, YWCA executive director.
News >  Business

YWCA site plans proceeding

SRM Development LLC is moving forward with a condo tower proposed for the YWCA site near downtown Spokane, more than a year after announcing the project. The Spokane-based development company has scheduled a public meeting to solicit informal comments on the proposal, which would require a shoreline conditional-use permit because of its proximity to the Spokane River.
News >  Business

Inn auction fails to secure buyer

Hannah's Garden Inn on Spokane's lower South Hill remains for sale after a public auction Monday afternoon failed to net a buyer. While owners did not receive the minimum opening bid of $1.3 million, negotiations could lead to a contract in the next couple of days for at least that much, said auctioneer Jim Owen, division manager for Higgenbotham Auctioneers International Ltd.
News >  Business

Ski area may expand

A new chairlift serving about seven ski and snowboard trails on the north and west sides of Mount Spokane is envisioned in a near-term development proposal for Mt. Spokane Ski and Snowboard Park. It likely will be several years, however, before snow-sports enthusiasts see major changes at the state-owned park.
News >  Spokane

Our profile is rising

Dozens of new buildings are springing up on the Spokane and Cheney skylines, but residents probably haven't noticed unless they use Google Earth. Downtown Spokane structures, from the historic U.S. Bank Building to the Spokane Convention Center, join dozens of Eastern Washington University and downtown Cheney buildings in an online database of 3-D models viewable through Google's mapping program.
News >  Business

Local home values are up

When Debbie Mills put her late mother's northeast Spokane house up for sale in November, her Realtor suggested she ask just less than market price. Mills received a full-price offer in a little more than a week. But in a time of tightening credit nationally, the would-be buyer couldn't secure financing and the contract expired. Mills expects a new, $119,900 deal on the roughly 900-square-foot bungalow to close soon, and she attributes her success to pricing.
News >  Business

New memory software for online gamers

Chatting with friends in multiplayer computer games or cranking up tunes mid-frag no longer need take online gamers out of the action, thanks to free software by a Sandpoint firm. PlayXpert LLC says its downloadable application also enables hardcore gamers to monitor system settings, research game lore and search the Web — without bogging down game play. The software has attracted "tens of thousands" of users, said CEO Charles Manning. The company says its PlayXpert interface, which appears as a semi-transparent window over games, runs without sharing game memory and functions with almost any game, allowing players to communicate and organize in new ways.
News >  Business

Spokane software maker suing Microsoft

A small Spokane software company is suing software giant Microsoft Corp. for allegedly infringing its copyright. Maplewood Software Inc. claims Microsoft violated its copyright on a computer database Maplewood built for the Redmond-based corporation by duplicating it, according to the suit filed last week in U.S. District Court. The company also alleges breach of contract, unjust enrichment and "conversion" of its property.
News >  Business

Economist blames U.S. credit crunch

Inflation and a credit crunch are the biggest problems threatening the U.S. economy as it nears a recession, Eugenio Alemán, a senior economist and vice president of Wells Fargo & Co., told real estate professionals Thursday afternoon. "Today we are going to a recession because we have credit issues, not because we have a crisis in the housing market," said Alemán, keynote speaker at an annual forum on Inland Northwest real estate. "The housing market has been in recession for two years, almost."
News >  Business

Valley’s Pheasant Hill Inn gets a new, local brand

Formerly a Best Western, the 104-room hotel across from Valley Hospital and Medical Center has a new name: Pheasant Hill Inn & Suites Magnuson Grand Hotel. The change reflects a switch to a new hotel brand offered by Spokane-based independent group Magnuson Hotels. Founded five years ago to help independent hotels attract reservations, the company last fall began offering its own branding.
News >  Business

South Hill B&B up for sale

A Spokane bed and breakfast popular for garden weddings is headed for the auction block early next month. Hannah's Garden Inn, on Seventh Avenue above Deaconess Medical Center, will be auctioned by Higgenbotham Auctioneers International Ltd. Inc. on March 3. The live, public auction will be held inside the property's historic structure, the Corbet-Aspray House, with a minimum bid of $1.3 million.
News >  Business

Here’s the Dirt: Mountain Gear’s ‘green’ wins gold

Renovations to outdoor retailer Mountain Gear's headquarters in Spokane Valley made the building 39 percent more energy efficient than a traditional facility, translating into $22,000 saved in electricity and gas costs annually, the company said. Fifty-six percent of construction waste from the job – including 64 tons of metal and 3.6 tons of lumber – was diverted from landfills, according to the company.
News >  Business

Startup developing new way to recover precious metals

Silver and gold mining helped shape the economic and ecological landscapes of the Inland Northwest. Now, a Spokane-based startup company aims to apply new technology to the problem of how best to separate those precious metals from other mined materials. MIPSolutions Inc. says the process it's developing, which involves reusable resin beads that trap molecules of silver or gold, makes extracting those precious metals more efficient and environmentally friendly than current methods.
News >  Spokane

Obama scoops up delegates

Washington Democrats turned out in record numbers Saturday to give Illinois Sen. Barack Obama a handy victory over his rival for the presidential bid, New York Sen. Hillary Clinton. McCain won the Republican caucuses with just 26 percent of delegates, only slightly more than Mike Huckabee's 24 percent, even though McCain came into the contest with a commanding national lead.
News >  Business

Rural shopping center closer

A proposed 714,000-square-foot shopping center in rural Whitman County has cleared two major hurdles, paving the way for a complex county officials envision as a regional draw. Boise-based developer Hawkins Companies LLC expects national home-improvement chain Lowe's will be an anchor tenant for the center, to be located north of state Route 270 just across the border from Moscow, Idaho. Whitman County commissioners last week gave preliminary approval to use as much as $9.1 million in bonds to pay for roads and other infrastructure at the site, and Moscow is dropping its opposition to Hawkins' requests to tap groundwater.
News >  Business

Here’s the dirt: Lincoln Plaza nearly full

One of downtown Spokane's distinctive office buildings is almost entirely leased after being less than half-full in 2006. The eight-story Lincoln Plaza, at Lincoln Street and Riverside Avenue, is about 95 percent leased, said Tom Barbieri, president of property manager Goodale & Barbieri Co. Insurance and financial firm Moloney+O'Neill plans to remodel the top two floors, while a branch of discount stock brokerage Charles Schwab is slated to occupy part of the building's street-level space.
News >  Business

Get your GibbyThin

Finding promotional compact discs in the mail or on newsstands isn't novel – they've long been used to push Internet providers and bundled with magazines. A Spokane Valley media company, however, hopes its spin on a new type of flexible, thinner DVD will grab the attention of newspaper and magazine publishers and direct-mail advertisers.
News >  Business

UPF bought by investor groups

A trio of out-of-state investment firms has purchased a Spokane-based company that provides outsourced services to banks and credit unions, such as tax-payment monitoring and flood determinations. Privately held UPF Services LLC employs about 30 to 40 locally, and the firm will look to add sales staff to expand its presence nationally, said David Hanson, the Denver-based chairman and managing director of private equity firm Lynwood Capital Partners. UPF already serves several hundred financial institutions, he said.