Newport Beach, Calif.-based Canddle Development Inc. says it plans to develop a 287-unit senior housing facility in North Spokane at a cost of about $30 million.
The envisioned five-story, 250,000-square-foot complex, to be called Vintage at Spokane, would provide housing for low-income people age 62 and older, says Christopher Santoro, president and owner of Canddle Development.
It would be erected on 5 acres of land, at 43 E. Weile, that Canddle is buying from Weile Management LLC, of Spokane, Santoro says. Canddle expects to complete the purchase of the land within the next 60 days, and currently is securing permits from the city to build the development on that property. The project would require demolishing a building there that previously had housed a World Gym health club, says architect Charles Morgan, of Everett, Wash.-based Charles Morgan & Associates, which designed the project.
To help finance the project, Canddle Development has asked the Washington State Housing Finance Commission to issue roughly $17.3 million worth of revenue bonds, a portion of which would be tax-exempt, says Sharonn Meeks, senior finance associate at WSHFC. The commission has scheduled a public hearing in Seattle on April 27 to discuss and gather comments on the proposed bond issue and is expected to complete the bond sale by June, Meeks says.
Canddle Development hopes to start construction on the 287-unit project by early July and expects to complete the project by September 2007, Santoro says. Exxel Pacific Inc., of Bellingham, Wash., will be the contractor for the project, he says.
Canddle Development has formed a company here called Vintage at Spokane LLC to own and operate the apartment complex, he says. Vintage at Spokane is expected to hire up to seven employees to manage the facility, Santoro says.
The Vintage at Spokane development is to include an indoor swimming pool and spa, two 40-seat movie theaters, a hair salon, an exercise room, two libraries, a room where medical professionals can talk privately with residents, a craft room, game rooms, and a computer room, Santoro says. It also is expected to have a two-story social room with a kitchen for residents to use. Also planned are two private dining rooms so that residents can dine with their friends and family, he says. The complex would have four elevators.
The complex is to include 125 one-bedroom living units, 154 two-bedroom units, and eight studios, Morgan says. One-bedroom units at the facility would have 550 square feet of space, two-bedroom units would have 650 square feet of space, and studios would have 460 square feet of space, he says.
All of the units would be designed for independent seniors who dont require help with daily chores, Santoro says. Amenities in each unit would include a kitchen, bathroom, and laundry machines. Rent would range from $420 to $640 a month, he says.
Canddle Development has developed similar projects elsewhere in the state, including Bellingham, Vancouver, and Richland, and is planning to build one in Chehalis later this year, he says. It owns developments across the Western U.S., but this will be its first senior housing project in Spokane.
Spokane is a large city, and theres a big need thats unmet in this area, Santoro says.
Contact Emily Brandler at (509) 344-1265 or via e-mail at email@example.com.
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