A group of investors led by Spokane developer Jordan Tampien plan to convert the seven-story Peyton Building, located at 10 N. Post, in downtown Spokane, from office use to 96 apartment units in a project with a total cost of $30 million.

Tampien, owner of 4 Degrees Real Estate, of Spokane, says the building was purchased for $12 million in February from Scott Isaak, of Peyton Chelan LLC.

Tampien, Seattle investor Doug Dingman, and Spokane developer Ryan Berg are the investors involved in the redevelopment of the historic building.

“The plan is to keep the first floor all commercial, and floors two through seven will be residential,” he says.

Redeveloping the property will cost about $18 million, he says.

Spokane-based Trek Architecture will design the project, and Spokane Valley-based T.W. Clark Construction LLC will be the general contractor.

The conversion will include a mix of two-bedroom, one-bedroom, and studio units.

It will take about a year to get the Peyton Building ready to open, he says.

Permits for tenant improvements will be filed after a pre-development conference and review with the city of Spokane.