A limited-liability company formed by the principals of Inland Construction Co., of Spokane, has proposed developing a $20 million, 271-unit apartment complex in Spokane Valley.


The company, Pinehurst Development LLC, hopes to build the complex, to be called Pinehurst Apartments, on 14 acres of bare land at 2900 N. Pines, south of the Pinecroft Business Park, says Inland Construction spokesman Darin Davidson.


Pinehurst Development is asking the Washington state Housing Finance Commission to issue $15 million in revenue bonds to help finance the project.


The commission is scheduled to take action on the bond request after an April 28 public hearing in Seattle.


Davidson says if the bond issue is approved as proposed, Inland Construction would break ground on the project in July and complete the first living units in the complex next January.


The complex would include 14 three-story buildings with apartments that range in size from 700-square-foot one-bedroom, one-bathroom units to 1,150-square-foot three-bedroom, two-bathroom units.


Living units would be affordable to tenants with low incomes, Davidson says.


He says, however, The project will be of a quality and contain amenities that exceed many of those found in existing market-rate complexes.


As planned, the complex would have a recreation building, a swimming pool, and a wading pool, as well as multiple play areas interspersed throughout the development, Davidson says.