Group Targets Valley Site For Business Park Proposal For 83-Acre Property Near Spokane Valley Mall Still In Early Stages
Spokane entrepreneur Bernard Daines and property developer John Stone are heading a group of investors who want to build a Spokane Valley technology and business park.
The group has entered into a preliminary agreement to purchase 83 acres northwest of the Spokane Valley Mall for the business park site.
Wayne Andresen, president of Inland Empire Paper Co., the property’s owner, confirmed that a letter of intent has been signed to sell the land to the investors.
The undeveloped land for the site is bordered by Indiana Avenue on the south and the Centennial Trail and Spokane River on the north.
Prospective buyers are still reviewing conditions of the deal.
John Stone, owner of John Stone Development, cautioned, “At this point it (the business park) is preliminary.”
One person involved with the transaction said Spokane County building height limitations apply to the land. The site has not been through an environmental inspection. Several steps would need to be taken to comply with zoning conditions.
On Thursday, Daines said several companies - which he did not identify - have shown interest in locating at the site, however no tenants have been signed. Daines said World Wide Packets, his newest start-up company, will fill some of the building space.
Daines said a limited liability corporation called Packet Park is being formed to handle site purchase and development.
Along with Daines and Stone, Daines said about nine other investors are involved with the acquisition.
Daines did not give an estimate for how much the land or the business park development would cost. He also did not offer a timeline for when the project might begin or be completed.
The complex is expected to include business “incubator” space for housing three or four start-up companies. Daines said.
Inland Empire Paper Co., the property seller, is a subsidiary of Cowles Publishing Co., which owns The Spokesman-Review.