Texas firm buys Jensen-Byrd property, plans Riverpoint student housing

A Texas company has purchased the Jensen-Byrd building and property at the Washington State University Spokane site and plans to convert it to student housing and possible commercial space.

The buyer is Campus Advantage , based in Austin. The purchase for $2.85 million was approved Tuesday by WSU regents via a phone conference.

The Jensen-Byrd property covers about 1.5 acres on the west end of the Riverpoint campus, east of downtown Spokane. An appraisal set the value of the 35,173-square-foot complex at $2.9 million. (This figure was listed as $2.1 million in earlier versions, and came from a 2001 appraisal. The newer appraisal was done in 2011.)

The property has three components: the original structure built in 1909, an addition made one year later, and a metal storage shed added in the 1970s. The structure has been vacant for more than 10 years.

The university tried twice in recent years to find a partner to develop the building, without success.

A WSU Spokane press release said Campus Advantage has built and manages student housing on or near university campuses in 21 states. A Riverpoint Campus Master Pla n notes that the area of the Jensen-Byrd building is suitable for housing and mixed uses.

Archive photo shows Matt Cohen, a Spokane historic preservation advocate, near the Jensen-Byrd building.

The WSU press release also noted 3,500 students attend class on the Riverpoint Campus, and the area has limited options for student housing nearby.

A WSU spokesman said questions about the building’s conversion or demolition need to be answered by Campus Advantage.