The Dirt: Saltese Creek multifamily project acquires funding

About $25 million of construction financing has been secured for the development of Saltese Creek, a 192-unit multifamily project being built just south of the intersection of Tschirley Road and Sixth Avenue in Spokane Valley.

The loan obtained from BOK Financial, a Tulsa, Oklahoma-based investment firm, according to a news release from the broker of the deal, Chicago-based Cushman & Wakefield.

Saltese Creek includes plans for six residential buildings featuring a mix of one-bed, two-bed and three-bedroom units. A roughly 4,000-square-foot clubhouse is also part of the project. The clubhouse will feature a fitness center, dog wash, lounge and a pool, according to the news release.

Chris Moyer, executive director for Cushman & Wakefield, said the project is, “perfectly positioned to capitalize on the growing demand in Spokane Valley.

“With its proximity to both urban attractions and natural outdoor recreation, Saltese Creek is poised to be a standout community.”

Apartments planned near REI

Developers have submitted permits to the city of Spokane to build two, four-story apartment buildings near the intersection of Sharp Avenue and Monroe Street.

The 0.33-acre property, at 1009 W. Sharp Ave., is currently vacant land, according to Spokane County property records. The plot will host 40 units, according to permits submitted earlier this month.

Each building is planned to consist of 20 units and encompass about 23,000 square feet. The two structures will cost a total of about $4 million to construct, according to permits. The project is about a block north of the REI Spokane at 1125 N. Monroe St.

Spokane-based Marcon Renovations was hired as the general contractor for the project. Trek Architecture, a Spokane company, designed the development, permits documents show.

Project in Whitman neighborhood

The Vets on North Lacey, a housing development for veterans experiencing homelessness, was originally pitched by the Catholic Charities of Eastern Washington, a Spokane nonprofit, in April. It’s back with a few changes.

The project, located at 6208 N. Lacey St., consisted of four, one-story buildings that will have a total of 12 bedrooms, according to Spokesman-Review reports. The organization expected to break ground this month but didn’t, project documents showed.

But last month, the property was sold to Volunteers of America of Eastern Washington and Northern Idaho, a social service provider, according to county records.

Though the property changed hands, the project was not entirely scrapped. According to permits submitted to the city of Spokane earlier this month, Volunteers of America is planning a similar project that will have five buildings and a total of 12 units.

Buildings will vary is size and design.

Building A, will offer three, one-bedroom units and total about 2,000 square feet. Building B will be about 1,400 square feet with two bedrooms.

Building C will have four bedrooms. Building D will be another three-bedroom residence totaling about 2,000 square feet.

And Building E will be a 535-square-foot building consisting of offices, laundry services and bike storage, according to permits.