Principals forming a new Spokane real estate brokerage have bought a historic three-story building downtown for $1 million.

The brokerage, CitiBrokers LLC, plans to occupy a portion of the building when it opens in August, says Aaron Cunningham, one of the principals.

Located at 427 W. Main at the southeast corner of Main Avenue and Stevens Street, the 125-year-old structure known as the 1889 Building has three above-ground stories and a basement, totaling 11,000 square feet of floor space, Cunningham says.

The building is one of the oldest downtown, having been constructed in the aftermath of the great fire that destroyed 32 city blocks, he says.

The brokerage will occupy the third floor of the building, with tentative plans to expand into the second floor within a year, Cunningham says.

CitiBrokers’ other owners are Nick Barnes, John Urquhart, and Cunningham’s brother, Landon Cunningham. They bought the building from Amron Corp., a real estate investment group that includes Shelley McDowell, a prominent Spokane real estate broker and co-developer of a number of Spokane-area properties.

Cunningham says three other brokers currently active with other agencies have committed to join CitiBrokers when it opens. CitiBrokers plans to hire additional agents to specialize in residential, investment, development, and commercial real estate, he says.

The first floor of the building is occupied by Nectar Tasting Room. Just a Couple of Moms, a catering service, occupies a portion of the basement. Cunningham says both tenants plan to remain in their current locations.

A Community Oriented Police Services substation currently occupies a portion of the second floor on a month-to-month lease, Cunningham says.