Nitze-Stagen Awaits Word on Summit Project

SPOKANE, WA-For now, Nitze-Stagen has more questions and than answers regarding its massive mixed-use redevelopment of 76 acres here overlooking Downtown Spokane. The questions surround the Seattle-based owner and developer’s joint venture partner, Metropolitan Mortgage & Securities, which filed for bankruptcy last month.

Metropolitan Mortgage owns the property, which stretches 1.3 miles along the north bank of the Spokane River, overlooking the Spokane CBD on the south side of the river. Last year, it formed a partnership with Nitze-Stagen to transform the one-time rail yard into a mix of commercial and residential uses, but the bankruptcy filing throws the partnership into question, Nitze-Stagen president Kevin Daniels tells GlobeSt.com.

“We haven’t been given any answers,” says Daniels. “We continue to work and fund our responsibilities (with regard to the JV agreement) and, like a lot of people, we are waiting to hear the results of the plan being put together for the company’s reorganization so we know how they will deal with their responsibilities.”