A Seattle-based joint venture has acquired land in the University District where it plans to develop an apartment project.
Real estate development company, Spectrum Development Solutions, and real estate investment firm, Pinnacle Partners, announced Tuesday they closed on a more-than-5-acre site at 811 N. Iron Bridge Way.
The two firms will build the four-story, 102,450-square-foot multifamily development on a site overlooking the Spokane River.
The project will have a mix of 160 one-, two- and three-bedroom apartment units, along with amenities such as a half-size basketball court, fitness center and club room. The site also provides access to the Centennial Trail.
Spectrum Development Solutions said in a news release it has been looking for the right opportunity in Spokane for more than a decade to bring “much needed quality apartment and student housing to the market.”
“This is a terrific opportunity for us to deliver our brand of housing to serve students, health care workers, and young professionals,” Jhomar Small, associate principal at Spectrum Development Solutions, said in a statement. “Our collaborative partnership with Pinnacle and the City of Spokane has been instrumental in this project’s success so far.”
Spectrum Development Solutions and Pinnacle Partners declined to disclose the cost for Iron Bridge Residences. However, a pre-development application for the project filed with the city in April indicates an estimated project cost of $25 million.
The two firms intend to break ground on the project next spring , according to the company release.
“We’re pleased to be part of a project that addresses Spokane’s incredible demand for housing that’s attainable to both students and the urban-workforce community,” Leo Backer, co-founder and managing partner at Pinnacle Partners, said in a statement.
“It’s another example of how opportunity zones help support the housing needs close to urban centers like Spokane.”
The lead architect on the project is Seattle-based Mithun in collaboration with ZBA Architecture of Spokane.
The project is located within an Opportunity Zone as well as Spokane’s Multifamily Tax Exemption Zone.
An Opportunity Zone is an investment program created by the Tax Cuts and Jobs Act of 2017 that provides investors with tax incentives for developments in designated areas.
“This project will provide 160+ new, desperately needed housing units within the city,” Juliet Sinisterra, University District CEO, said in a statement.
“And given its walking distance of the Gonzaga/Hamilton Business District, this is precisely the type of development we want to see happening in the University District.”
Spectrum Development Solutions, founded in 2008, is a real-estate development and advisory firm with a focus on urban, mixed-use, transit-oriented and environmentally sustainable projects.
It manages $450 million of mixed-use, urban and student housing development in the Puget Sound area, according to the firm’s LinkedIn page.
Pinnacle Partners and its subsidiaries have invested more than $180 million in opportunity zone equity for 12 projects consisting of approximately 2,000 multifamily units, and two historic adaptive re-use office buildings.