Rock Pointe Iii Construction Should Be Complete By August

Thu., June 27, 1996

Putsata Reang Staff Writer

Business keeps booming for entrepreneurs Walt and Karen Worthy, who continue to build an empire of office space on solid ground.

The couple, who own Worthy Enterprises Inc., are near completion of Rock Pointe III, the third addition to the slick Rock Pointe Corporate Center, which is the developers’ most noted venture.

The 160,000-square foot, 5-story structure, clad with black and red tile and reflective glass, matches the rest of the Rock Pointe complex at Boone and Washington and doubles its size, Walt Worthy said.

City officials estimate the building is worth about $12.7 million.

Worthy expects to finish construction by the end of July. Its first tenant, a financial company, is expected to take over one of the building’s 40,000-square-foot floors August 1.

Worthy is honing in on a niche market as the only company offering such large floor plates, said Jeff Johnson, director of leasing with Kiemle & Hagood Co.

”(Walt) has the amount of product nobody else is offering, and he has the foresight to go out and build that ahead of the market,” Johnson said.

Many office space leasing companies only offer 10,000- to 25,000-square foot spaces, Johnson said.

Johnson said the demand for office space is leveling off, but he expects the market to ease back into a steady growth over the next few years. He said Worthy is wisely preparing for the future.

In addition to the new unit, Worthy plans to build a 650-car parking structure near Rock Pointe III. Worthy said it would accommodate the building’s tenants with plenty of parking for visitors.

The Worthys have leased out about one-third of Rock Pointe III, and already are looking ahead for more expansion.

The pair recently bought three acres of land for a proposed new 100,000-square foot building north of Boone Avenue on Atlantic Street.

“It’s enough room for another significant building,” Worthy said.

The company must first tear down the old Spokane Woodworking Co. building and other structures on the site before they can start construction.

Worthy said groundbreaking could be in the next year. He declined to say how much this project would cost.

, DataTimes

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