Retail center being built along Division StreetFebruary 14th, 2013
Cornerstone Equities LLC, of Spokane, is constructing an 8,700-square-foot retail center at 1101 N. Division that likely will be completed next month, says Keith Scribner, trustee of Keith R. Scribner Trust, a principal member in the company.
Scribner declines to estimate the cost of the project, but a city permit listed the value of the construction project at $165,000. Once the current project is finished, Cornerstone Equities intends to build an additional 4,000-square-foot structure that will extend perpendicular to the first building and parallel to Division.
Cornerstone Equities bought two buildings on the site in 2008, a 5,700-square-foot building that had housed National Loan & Jewelry for 20 years and a 3,000-square-foot retail building that originally housed a window-blind business, Scribner says.
The retail building nearing completion has four units, he says. Zagz Liquor Store has agreed to lease about 4,000 square feet of floor space in the building and intends to relocate from its current space at 1601 N. Division, Scribner says.
Cornerstone Equities also owns about 23,000 square feet of land south of the new retail center that it's eyeing for further improvement.
Scribner says Martin J. Hill Architects is the architect for the project and Kofmehl Inc., of Spokane, is the contractor.
Northwest Real Estate Equities is the propery manager.