Downtown condo project sidelined by rising costs

A downtown Spokane building that was slated for 56 condos is now on the market for $6.3 million.

Rising construction and insurance costs have sidelined City Place, a project that was to transform the former Executive Court of the Ridpath Hotel into a condo complex.

Grant Person, vice president of Tomlinson Black and a partner in the project, said overall costs for the tower have risen by more than 50 percent in the past 18 months.

Along with added fees for contractors and materials, Person said state-mandated insurance for condo developments also pushed costs up.

“We’re not talking about a small amount of money here — it’s several thousand dollars,” Person said.

Although the group would still like to do the condos, they’re now unsure if the costs would drive the price of the units up too much for the Spokane marketplace.

The four partners, who also include developer and Tomlinson Black executive Dave Black, decided to list the property. If the building doesn’t sell — and construction costs come down — the project might still move forward, Person said.

In spite of the cost challenges of the project, Person said downtown condos are a viable commodity. Plus, he said, there’s no overabundance of properties that are move-in ready.

But part of the problem in looking at the feasibility of creating City Place in downtown Spokane, he explained, is assessing this relatively new downtown condo market.

“Frankly, I don’t think any of us know how deep that is because I don’t think there have been many units sold.”

Rookery block to become parking lot

A gaping hole in city center where the half-gutted Rookery and Mohawk buildings recently stood is likely to become a parking lot.

“My understanding is that they are proceeding with turning that into a paved parking lot,” said Marlene Feist, public information officer for Spokane.

Property owner Wendell Reugh has workers excavating to put in sidewalks, Feist said.

For the folks working in the Fernwell Building next door, having sidewalks will be a welcome change from doing frog-like leaps along traffic and puddle-jumping to get to the curb.

“We’ve been without sidewalks for three years. Everything is just going slow, slow, slow,” said Tom Power, who is the managing partner for the Fernwell Building.

During a phone interview last week, Power sounded off on an ordeal that began six years ago with crumbling sidewalks and continued with back-and-forth efforts to save the buildings, which were historic but required extensive renovation, and a demolition that seemed to go on forever.

“There was an earthquake happening here for months,” Power said. “I’ve got a huge hangover and I’m carrying some baggage.”

The western side of the Fernwell Building was connected with concrete to the Mohawk Building and when that came down it scarred the Fernwell.

“We were actually connected. Anytime that building shook, we shook,” Power said.

A representative of city engineering said she expected crews to start removing old concrete today and, soon after, to get started on pouring new sidewalks. The sidewalk work will begin on Howard Street, from Sprague to Riverside avenues and then extend on Riverside from Howard Street east.

Power said the city told him the location could remain a dirt lot through the summer and he’s unsure as to when the sidewalks will be done.

Production company purchases downtown building

The owners of North by Northwest, a local film company, have purchased a building at 1209 W. 1st Ave.

Representatives of the company, who couldn’t be reached for comment, have met with city planners to discuss building an addition, said Dave Compton of Spokane’s Planning Services Department.

Spokane County assessor’s records show that North by Northwest Partners LLC recently bought the 15,586-square-foot property and building for $750,000.

Compton said the project is still in the pre-development phase. Plans include adding a second story that’s about 4,200-square feet, and building a 2,400-square foot addition in the rear.

FexEx Kinko’s new store is open

FedEx Kinko’s is celebrating the grand opening of its new office and print center, at 4610 N. Division St., on Tuesday, a company news release said.

It’s the first Spokane store to feature the company’s new layout.

The design is about one-third the size of a traditional center, but features about 700 office products, twice the typical amount, and a pack-and-ship station.

The store is among 1,500 digitally-connected FedEx Kinko’s stores in 11 countries, including three in Spokane.