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

STCU moving to Schade

Jennifer Sudick Staff writer

The group of investors which recently purchased the historic Schade Towers has signed the building’s first tenant.

Spokane Teachers Credit Union has signed a five-year lease for 4,500 square feet of ground-level space in the building at 528 E. Trent Ave. The credit union will use part of that space for member services, such as applying for a loan and opening an account; the remaining space will be the business-services hub for the credit union’s nine branches.

STCU President and CEO Steven Dahlstrom said he has been considering the space for about a year. He said a branch currently in the Spokane County Title building, at 1010 N. Normandie St., will relocate to the Schade Towers to be more active in the developing University District.

“This spot is right in the middle of what’s happening in downtown Spokane,” Dahlstrom said. “We are reconnecting to some of the roots of Spokane.”

In what Dahlstrom called a “fairly significant” investment for the credit union, STCU will spend $400,000 in upgrades for the space, which includes the purchase of furniture and wireless computers. The branch will rely on an expanded ATM machine to be installed in the spring of 2006, to take the place of teller services. Dahlstrom said he expects the new branch will employ about 20 people and will open in early September.

Barry Baker, president of Baker Construction and a partner in the Schade Towers investor group, said the STCU lease is an important milestone in two years of working with the city and state to get the $7.5 million renovation project under way.

A parking lot on the east side of the building and renovations on the interior will be completed by STCU’s opening.

Dave Black, a Spokane real estate executive and another partner in the Schade Towers investor group, said the expectation is that the building will be fully leased in about 14 months.

He said plans for the ground level include a restaurant, and the upper three floors will be office space, which the investment group hasn’t started leasing yet.