The owner of Payne Properties tells GlobeSt.com he acquired half of the former Newberry's department store out of bankruptcy in 1996. Last year, he optioned the other half. Payne says an earlier design for transforming the three-story retail building into a class A office development met with disappointment, but his new design is catching people's eyes in a good way.
"The primary tenant we were pursuing wasn't pleased with it and we weren't either; there was a lot of wasted space," says Payne. "People said polite things about the first design, while this second one was genuinely well received; the reaction was completely different."
The proposed development site is the former JJ Newberrys-Lamonts store site on West Riverside Avenue between Wall and Howard streets. As now planned, Centre Place offers open rooftop terraces, skywalks to adjacent buildings and the largest floor plate (25,000 sf) Downtown. Levernier Construction is the design builder. ALSC is the architecture firm.
Most due diligence has been completed, as has a predevelopment conference with the city, such that a building permit could be ready in 60 to 90 days. Payne says that once Centre Place secures an anchor tenant to lease two or more floors of the building, presumably the top floors, development and construction would begin shortly thereafter and take some 18 to 20 months to complete.
The street level retail space has been attracting interest from banks, financial institutions and service retail uses. A lender/equity partner is waiting in the wings, he says. Occupancy is tentatively scheduled for early 2006.
"It's a great opportunity for someone interested in having a strong identity and presence in Spokane and this region," says Payne. In addition to the central location and large floor plates, which could be attractive to companies looking to consolidate from multiple floors in other buildings, Payne says the building "could even possibly be named for that business" making a large commitment.
The annualized full service asking rate for space in the building is $22.50. The asking price includes a tenant-improvement allowance of between $30 and $35 per sf.
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