The historic Knickerbocker Apartments have been sold for $2.7 million.
The purchase marks the continued return of developer Rob Brewster to Spokane, who has in the past 20 months purchased the McKinley School in East Central, the former Sterling Savings Bank building downtown and a small corner grocery store in the South Perry District through the Seattle-based company he runs, InterUrban Development.
Brewster said he planned to finish renovations started by the building’s previous owners, completing work in 10 unlivable apartments in about six months. Rent will be between $950 and $1,200. He also said the company planned to convert the ground floor into a coffee house.
The Knickerbocker, built in 1911 at Fifth Avenue and Howard Street, is the first residential purchase for Brewster, whose other recent acquisitions have been geared toward converting historic buildings into modern retail and office space.
Since 2010, the Knickerbocker has undergone extensive renovation thanks to the previous owners, Mary and Eric Braden, who were recognized for their restoration work with an award from the Spokane Preservation Advocates in 2015. They completed renovations to 20 apartments before selling the property to Brewster.
Since August 2016, InterUrban has purchased nearly $10.4 million in properties in Spokane.