No new bids for Ridpath

The top two floors of the Ridpath Hotel again failed to attract a bidder in a national auction that closed Saturday, but a former Empire Ford dealership property on West Third may be changing hands, said Jon Jeffreys, one of the NAI Black associates handling the properties.

The Ridpath floors and the adjacent former YWCA Building were first put up for auction this spring. Although there were no bidders, Jeffreys and fellow associate Mark McLees said at the time the level of interest justified a second go-round that would give potential buyers more time to inspect the property and arrange financing.

Jeffreys said Monday that uncertainty about the future of the rest of the hotel, owned separately, discouraged bidders.

“It’s keeping that place dark,” he said. “It’s a huge obstacle.”

The properties for sale are owned by a Spokane company, Poacher’s Rock LLC. The remainder of the building is owned by 515 Washvada Investments LLC.

The Ridpath’s top floor once was home to Ankeny’s, one of the city’s premier nightspots because of its 360-degree views of Spokane. The restaurant closed last August.

The reserve price on the Ridpath floors had been $2.6 million; on the Y Building, $3.1 million.

Jeffreys said Black, which worked with Florida-based Higginbotham Auctioneers on the auction, will continue to market the properties.

He said the former Empire Ford dealership at 423 W. Third Ave. drew three bids, $1.1 million being the highest. Ford Motor Credit Co. has the first lien on the premises and will have to approve the bid or negotiate other terms, he said.

Jeffreys did not identify the bidder.

Black and Higginbotham also came up empty on some properties on the West Plains, but Jeffreys said talks will continue with would-be buyers.