Worthy has ideas for tower

Tue., Aug. 24, 2004

By Alison Boggs alisonb@spokesman.com (509) 459-5314

Now that Davenport Hotel owner Walt Worthy owns the 17-story Metropolitan Financial Center, he’s thinking it might be a good place for 150 to 200 hotel rooms and some “ultra-plush” condominiums.

“There wouldn’t be anything like it in town,” Worthy said of his idea for two 5,000-square-foot condos on the building’s top floor. “I’m seriously considering that.”

Five minutes after closing on the deal Monday to buy the 178,000-square-foot building, Worthy was speculating about what he’ll do with it. The building at 601 W. First was sold as part of Metropolitan Mortgage and Securities’ bankruptcy filing.

In June, Worthy bought the $12 million note on the building from previous lender IDS Life Insurance. He declined to say how much he paid.

Metropolitan deeded the building to a company owned by Worthy called Spokane Acquisition LLC in lieu of foreclosure.

Under the deal, Metropolitan will continue to lease the 10th floor from Worthy for $15,000 a month. The hotelier had offered three months’ free rent if the deal closed by Monday.

Worthy said he is considering creating hotel rooms on 10 to 15 floors of the building because at the Davenport, “we’re short on rooms from time to time.” Worthy said he also is thinking of retail space and possibly a bank on the first couple of floors.

Worthy said he plans to build a parking garage across the street. As part of the deal, Worthy paid $1 million for the lot at First and Post that accompanies the building. The parking garage likely would have “at least 400” parking spaces, he said.

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