First of former Macy’s building apartments to be ready for May rental

The former Macy’s building in downtown Spokane will have 114 apartment units by the end of the summer, according to Doug Yost, director of real estate investment for Centennial Properties.

The apartments will range from 750 to 1,600 square feet. Monthly rents have yet to be determined, but Yost estimated they would be from $1,100 to $2,800.

Four penthouses will take the building’s top floor, with the largest unit dominating the southwest corner, which features an angled window. The remaining seven floors of the building, now named The M, will have about 16 units per level.

The city of Spokane issued permits for residential units late last month, and Yost said the first units will be available to rent by May. The work to build the residential units is estimated to cost $1.25 million, according to permits.

Yost would not comment on the ground-floor retail space, other than to say the space’s shell would be complete in mid-March. Permits issued by the city in November indicate a Nike Factory Store will be the building’s major tenant.

The renovation of the building, which was the Bon Marche before Macy’s, is being done by Centennial Properties, a subsidiary of Cowles Co., which publishes The Spokesman-Review.