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Spokane, Washington  Est. May 19, 1883
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News >  Business

Ridpath, Y building to go back on block

A nationwide auction that closed May 1 did not result in the sale of either the former Y Building on East First Avenue, or the Ridpath Hotel space once occupied by the popular Ankeny’s restaurant. But NAI Black agents Jon Jeffreys and Mark McLees said they plan to re-offer both properties as well as several others because of the leads that were generated.

McLees said the alliance with Florida-based Higginbotham Auctioneers worked well, but there was not enough time to sort out many of the issues that came up as the auction progressed. For example, he said, how elevator access to the two top floors – once home to Ankeny’s – would work while the rest of the Ridpath is redeveloped, or how utility metering would be split.

“We just needed more time,” McLees said. “It’s a new process.”

He said no firm offers were made on the Y Building or the space in the hotel, which closed last August.

The reserve price on the Ridpath floors was $2.6 million. The Y reserve was $3.1 million.

Jeffreys said the new auction, which concludes July 31, will give Black, Higginbotham and the parties who expressed interest in the properties time to answer some of the questions that came up in the first round of bidding.

He said there was interest from inside and outside the Spokane area, particularly from Western Washington, where more advertising will be focused.

McLees and Jeffreys said the former Empire Ford property on West Third Avenue also will be put up for auction. They declined to discuss what other properties might be listed except to say all are undeveloped.

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