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Uncertain Times Shadow $50-Mil Tower

SPOKANE, WA-Before Sept. 11, the 512,000-sf Riverside Centre was scheduled to break ground this coming spring. Now the tower's leasing agent is waiting to see if tenants will shake out of their wait-and-see stances.

By Janet Parker | Updated on October 12, 2001

SPOKANE, WA-Real estate developers in Washington’s key markets have been shelving new construction plans as the economy and the country hold their breath. Further to the east, Downtown Spokane waits to see if it’s largest office project now on the boards will find its way to steel and concrete as planned.

Riverside Centre, a 512,700-sf office-and-retail tower had been making its way toward a ground breaking — fueled by an office market somewhat healthier and less impacted by high-tech fallout than other areas around the country. That was before Sept. 11.

Jerry Hagood is the co-founder and now consultant to Kiemle & Hagood Co., project manager and pre-leasing agent for the 18-story tower. Hagood cites what he calls “buzz words” from Alan Greenspan that “a lot of companies seem to be disengaged in terms of planning their future.” Says Hagood, “There’s no question it’s (the war on terrorism) slowed up the pre-leasing process. No prospects have left us, but no one seems quite as anxious to plan long term looking at what’s going on.”

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