The renovation of the historic Peyton Building in downtown Spokane was put on pause earlier this summer, but is anticipated to resume at the end of October, says developer Jordan Tampien.

“We’re still on track for our spring 2026 delivery,” Tampien says.

Plans call for turning the former office property into a 96-unit mixed-use apartment building. The ground floor will include commercial space, while the upper floors will comprise studios, one-bedroom, and two-bedroom apartments.

Avey Construction Group LLC, of Spokane, completed the seven-story building’s interior demolition just before the start of Hoopfest in late June, says Tampien. Avey Construction also is the contractor for the second phase of construction. Spokane-based Trek Architecture is the project’s designer.

Tampien, who co-owns 4 Degrees Real Estate, is spearheading the $32 million development at 10 N. Post.

The unexpected delay on the office-to-housing renovation project happened in early July, he says. At the time, The Spokesman-Review reported that the building housing Brick West Brewing Co. — which Tampien also co-owns — had entered foreclosure because of failure to keep up with payments. The Peyton Building's New York-based investors then reduced their funding by $4 million, he says.

In addition, reports of a fatal stabbing at Riverfront Park, a few blocks north of the Peyton Building, were cited on the agreement paperwork from the project's investor group, Urban Standard Capital, a private-equity firm based in Manhattan.

The reduced funding prompted Tampien to go searching for the remaining capital to complete his project. With a cooling economy and lowered interest rates, there might be a bright side to the ordeal, he says.

“I don’t want to throw anyone under the bus for what happened,” Tampien says. “And with lower interest rates, there might be a silver lining in all this.”

Tampien says he expects to close on additional funding by the end of October.

In early September, Tampien clinched a deal to reinstate the loan for the Brick West building, at 1318 W. First, pulling the former site of Watts Automotive & Driveline Service out of foreclosure.

In February 2023, Tampien, along with Seattle-based investor Doug Dingman and Spokane-based developer Ryan Berg, who owns Spokane-based Crafted Beauty, purchased the Peyton Building for $12 million.