Avista Development is seling a parcel of East Sprague Avenue, which is part of the South Landing development in the University District, to an affiliate of McKinstry.
Terms of the purchase of the 66,000-square-foot parcel, in the 500 block of East Sprague, were not disclosed, but the deal is expected to close this summer. The sale is between Avista Development and Emerald Initiative, which is an independently-owned affiliate of McKinstry, according to a news release.
Options for development of the site are still being explored.
“We are excited for the opportunity to be a part of the growth and innovation happening in Spokane and the University District,” said Dean Allen, CEO of Mc- Kinstry and principal of Emerald Initiative.
The South Landing is home to the Catalyst building and Scott Morris Center for Energy Innovation. The five-story Catalyst aims to be one of the largest zero energy and first zero carbon buildings in North America. The four-story Scott Morris building houses a shared-energy plant that will provide centralized heating, cooling and electricity for multiple buildings in the South Landing development.
“Avista Development chose to sell this parcel of land to Mc- Kinstry affiliate Emerald Initiative, because several years ago when then-Avista Chairman and CEO Scott Morris envisioned creating the five smartest blocks in the world and sought out partners who could help bring his vision to life, the group from McKinstry proved to be the right partner to help make it happen,” said Dennis Vermillion, Avista president and CEO.
McKinstry describes itself as a national leader in designing, constructing, operating and maintaining high-performing buildings. Its affiliate Emerald Initiative develops, owns and operates commercial real estate and alternative energy infrastructure to create sustainable buildings, according to the news release.
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