Big California-based real estate investor Warner Lusardi, who last year abruptly scrapped plans to buy 160 acres of undeveloped land on the West Plains, has bought several other parcels there on the opposite side of Interstate 90.


The six parcels that he bought, though totaling under 10 acres, are located south of I-90 near the increasingly busy Medical Lake interchange, where three major projects together worth more than $22 million are under way or planned. Meanwhile, his broker, Kyle Denning, of San Marcos, Calif., says Lusardi is continuing to evaluate other investment properties here and elsewhere around the Inland Northwest.


The largest chunk of the land Lusardi bought is just northeast of the B.F. Goodrich aircraft-brake component manufacturing plant, on the west side of Hayford Road, and the rest is between the Cummins Northwest Inc. truck-equipment dealership and a Super 8 Motel, along I-90.


Denning says that Lusardi, who owns San Marcos-based Lusardi Construction Co. and has investment property holdings in about 10 states, likes to buy land thats in the path of progress. Thats a good strong vote of confidence for the properties out there. He adds, Basically, we just see a lot of activity at that interchange.


Lusardi doesnt have any development plans for the land, but rather will have someone market it to prospective users, Denning says.


The 160-acre parcel that Lusardi came close to buying last year is located west of the Spokane International Airport Business Park, between Geiger Boulevard and Electric Avenue, along the north side of I-90. Its part of more than 400 undeveloped acres on which Inland Power & Light Co., of Spokane, had proposed years ago to develop the West Terrace Business Park.


Lusardi signed an earnest money agreement to buy the land, but withdrew his offer after becoming concerned while researching the property that he wouldnt be able to compete effectively with the Airport Business Park for tenants. In explaining that decision last fall, Denning contended it wasnt possible to build site-infrastructure improvements on a private-enterprise basis and compete with prices the government-owned Airport Business Park offers prospective tenants on long-term land leases.


His complaints, along with those of a couple of real-estate developers here, touched off a discussion about whether government-sponsored development activity in the Airport Business Park was hindering private-sector development of surrounding West Plains land. The city of Spokane and Spokane County own jointly the Airport Business Park, along with Spokane International Airport and Felts Field municipal airport. The three facilities are operated and maintained by the Spokane Airport Board, which is made up of seven appointees from the two governmental bodies.


Along with looking at land located a bit farther from the airport, Lusardis interest in buying land on the West Plains was rekindled partly by a change Spokane County made last year to expand the types of uses allowed in whats called the light-industrial zone, Denning says. Most of the light-industrial-zoned land in the county is located on the West Plains.


It adds a dimension of flexibility to the use of those properties that was not in place previously, he says.


Prominent Spokane developer Dick Vandervert disclosed last year that a company he heads, called Fairways Commercial Investments LLC, plans to develop a $12 million retail center on 10 acres just southeast of the Medical Lake interchange and a $10 million truck-stop complex across Aero from the retail center. Also, a separate concern said it plans to develop a hotel near there. Construction of the truck-stop facility now is under way.


Jim Watson, of Kiemle & Hagood Co., was the listing agent for the parcels bought by Lusardi.


Contact Kim Crompton at (509) 344-1263 or via e-mail at [email protected].