Newport Beach, Calif.-based Canddle Development Inc., which currently is building a big senior housing facility in North Spokane, also now plans to develop a 252-unit affordable housing complex farther north, at an estimated cost of nearly $27 million.


The project, to be called Forest Creek Apartments, is expected to include 11 multifamily residential buildings with a total of 260,000 square feet of space, says architect Charles Morgan, of Everett, Wash.-based Charles Morgan & Associates, which designed the project. It would be erected on a nine-acre site, at 3110 N. Addison Road, just north of the Wandermere Business Park. Canddle Development bought the property about six months ago from Wandermere Estates LLC, a company headed by Spokane developer Dick Vandervert, Morgan says. Canddle currently is seeking final plat approval from Spokane County for the development, he says.


Christopher Santoro, president and owner of Canddle Development, couldnt be reached for comment.


To help finance the project, Canddle Development has asked the Washington State Housing Finance Commission to issue roughly $15.5 million worth of revenue bonds, a portion of which would be taxable, says Sharonn Meeks, senior finance associate at the commission. The commission has scheduled a public hearing in Seattle today, Sept. 28, to discuss and gather comments on the proposed bond issue and is expected to complete the bond sale by the end of November, Meeks says.


The California company hopes to start construction on the project by the end of December and expects to complete it in about 15 months, Morgan says. Inland Construction Co., of Spokane, will be the contractor for the project, he says.


The housing complex is to include 73 one-bedroom units, 122 two-bedroom units, and 57 three-bedroom units, he says.


One-bedroom units would have 750 square feet of floor space; two-bedroom units would have 900 square feet of space; and three-bedroom units would have 1,100 square feet of space, he says.


A minimum of 40 percent of the units would be set aside for residents who earn 60 percent or less of Spokane Countys median gross income, Meeks says.


The Forest Creek Apartments development also is to include a 4,000-square-foot building that would house a social room, exercise room, meeting room, management offices, and dressing rooms for an outdoor pool thats planned there, Morgan says.


Meanwhile, Canddle Development also plans to build a 170-unit affordable housing complex in Coeur dAlene, Morgan says. That project, to be called Falls Creek Apartments, would be located along Julia and Marie streets, just north of Appleway Avenue and behind a Lowes Home Improvement store there, he says. Inland Construction also will be the contractor for that project, he says.


Charles Morgan & Associates is drawing up plans for the apartment complex, he says. A cost estimate isnt available to release yet, he says.


Canddle Development has started construction on its Vintage at Spokane senior housing facility, at 43 E. Weile. That 287-unit affordable housing project is expected to be completed in about 16 months, Morgan says.


Contact Emily Brandler at (509) 344-1265 or via e-mail at [email protected].