A Spokane development group hopes to start work this fall on a $2.3 million condominium complex, to be called Bridge Pointe Condominiums, on a site overlooking High Bridge Park, in West Spokane.
Steven A. Meek, a member of the development group, says the project will include two three-story buildings with a total of eight upscale living units. The projects half-acre site, at 2628 W. Sunset Blvd., just west of the bridge that carries Sunset over Latah Creek, is vacant, Meek says. If work on the project starts this fall as anticipated, the first living units would become available next spring, he says.
The Bridge Pointe development group is forming a company to develop and own the complex. Meek says three other Spokanites are involved in the group, but he declines for now to disclose their names.
The property on which the Bridge Pointe Condominiums are to be built is owned by two of the unnamed developers.
Each of the two structures in the project will include two 1,500-square-foot penthouse units and two 2,300-square-foot townhouse units, Meek says. Also, the living units will have an additional 250 square feet to 290 square feet of deck space each.
The condos likely will range in price from just over $200,000 for unfinished units to roughly $450,000 for finished units, Meek says. Each condo will be set up to accommodate a three-bedroom, two-bathroom layout, he says.
The response weve received is from empty nesters who are stepping down from larger homes, but dont want something too small, he says.
According to Meek, the project is being evaluated by the city of Spokane to determine whether it qualifies for the citys multiple family housing property tax exemption plan, through which property owners are exempt from property taxes for up to the first 10 years after a multifamily development is constructed or rehabilitated in a designated part of the city.
He says the development group wont seek building permits until after it finds out whether its eligible for the exemption, but the project will move forward even if it doesnt qualify.
The development team has been eyeing a condominium project on the Bridge Pointe site for a couple of years. Initially, Meek says, it considered building 30 smaller condos, but later determined that wasnt feasible.
Meek designed the proposed condo project, and Best Development Construction, of Spokane, is the general contractor. Joe Nichols, of WindermereReal Estate/Manito LLC, will market the units.
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