A Spokane limited liability company called Otak Holdings LLC says it plans to develop a three- or four-story office building on a one-block parcel that it recently bought southwest of downtown Spokane.
Otak would develop the $2.5-million-to-$3.5-million structure on a nearly 1.5-acre parcel that encompasses the entire block just south across Fourth Avenue from the Freeway Plaza office building, at 1500 W. Fourth, says Jeff Penna, a real estate agent with Coldwell Banker Grand Realty Inc., of Spokane. The five-story Freeway Plaza building houses John L. Scott Realty, Transamerica Corp., and City University.
A building located in the middle of the property bought by Otak currently houses an automobile tint shop, a barbershop, and mini-storage units. A 24-unit apartment complex, a seven-unit apartment complex, and an espresso stand also are located on the property. All of the buildings except for the 24-unit apartment complex, which is located at the southeast corner of Maple Street and Fourth, are to be demolished to make way for the new building.
The planned building hasnt been designed, but preliminary plans call for it to have between 24,000 and 32,000 square feet of floor space, and perhaps some parking underneath the building, Penna says. He expects that demolition work would begin sometime next summer and construction of the building would begin shortly thereafter, depending on tenant interest.
Penna says Otak is talking with several potential tenants for the space, including a Seattle-based business-consulting firm that might lease an entire floor of the building. He says Otak also is talking with prospective retail tenants that are interested in the site, and could decide to build a connected or second building there to house a retail tenant.
Mark Kato, owner of Kato Corp., a Spokane construction company, is managing partner of Otak, which bought the site where the planned new building is to be erected from Curtis Bloomquist, of Spokane, for $750,000, Penna says. Pat Kenney, of F.S. Barrett & Co., represented Bloomquist in the sale of the property.
Kato Corp. would be the general contractor on the project. Penna says an architect hasnt been selected, but that Denny Christensen & Associates, a Spokane architectural firm, likely will design the project.
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