Flagstone Development Group Inc., a company here headed by Spokane home builder Jim Sullivan, is proposing two new planned-unit developments in the Spokane area with a combined value of roughly $13 million.
On Spokanes South Hill, Flagstone has proposed a 39-lot development in the south 5000 block of Freya Street, says Brett Sullivan, the companys vice president and one of Jim Sullivans sons. In Spokane Valley, the company has plans for a 35-lot development along Fourth Avenue, about a block west of the Fourth Avenue-Adams Street intersection.
Sullivan says Flagstone has agreed to buy the sites for both projects and hopes to close on them this fall. Sullivan Homes Inc., a construction company Sullivans family operates, would build the homes in both developments.
On the South Hill, Flagstone envisions homes with about 1,500 square feet of floor space that would be marketed for between $190,000 and $220,000. The total projects value upon completion is expected to be between $8 million and $9 million.
The 6-acre site on which that proposed project would be located is in Spokane County, but the current landowners, Dr. Alex and Mary Lee Verhoogen, are seeking to have the city of Spokane annex that land. Annexation is a contingency of the land transaction.
The proposed annexation would encompass 7.25 acres, which includes the 6-acre development site and the Freya Street right-of-way bordering the site. Under current Washington state law, property can be annexed into a municipality with a majority vote of the residents of the proposed annexation area.
Kevin McCathren, owner of McCathren Management & Real Estate Services Inc., which is handling the pending transaction, says approval of the annexation appears likely, because the public vote on the matter will include just two votersthe Verhoogens.
If the land is annexed as expected, Sullivan says Flagstone would seek preliminary plat approval soon thereafter and might be able to start infrastructure work there next spring.
Sullivan says the company wants the land to be annexed into the city, because the citys storm-water drainage requirements are more streamlined than those in the county.
Meanwhile, in Spokane Valley, Sullivan says Flagstone expects next month to complete the purchase of a 6.6-acre vacant parcel for its planned 35-lot development. The company hopes to be able to put in streets there this fall and start work on the first homes before year-end.
The project, which is to be called Manos Valley Estates, would include homes that range in size from 1,300 square feet of floor space to 1,600 square feet, Sullivan says. He says those homes likely will range in price from $130,000 to $160,000. The total value of the project would be about $5 million, he says.
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