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Home » Downtown Spokane lots face potential foreclosure

Downtown Spokane lots face potential foreclosure

Loan for envisioned high-rise site said to be delinquent

January 19, 2012
Mike McLean

A downtown parking lot, where Spokane developer Rob Brewster Jr. once had planned to erect the city's tallest building, likely will be put up for auction, says a Seattle lawyer acting as a lender's trustee.

The attorney, Patrick Moran, of Peterson Russell Kelly PLLC, says Brewster's company, Havermale Park LLC, has failed to make payments on the property since March 2007 on a loan with $1.9 million in principal and unpaid accrued interest outstanding.

Brewster couldn't be reached by phone, but wrote in a brief email response to an inquiry that he has "traded the balance due," meaning perhaps the sale is off.

The parking lot is comprised of five adjacent parcels of land on the east half of a city block bordered by Riverside and Sprague avenues and Bernard and Browne streets. Together, the parcels comprise 27,515 square feet of land, and their combined assessed value is $629,000.

Spokane County Assessor's records show Havermale Park LLC bought the property in 2003 for $1.2 million.

Brewster, through another company he heads, ConoverBond Property Management Inc., had proposed to develop a $40 million, 32-story mixed use project called the Vox Tower on the site. The tower was envisioned to include 21,000 square feet of ground-floor retail space, four stories of parking, 275 apartment units on 23 floors, and 12 luxury condominiums on the top floors.

A trustee's sale of the property had been scheduled for Jan. 13, but was postponed until Friday (Jan. 20).

"There might be another extension," says Moran, acting on behalf of Michael J. Goldfarb Enterprises LLC, of Seattle, and Spokane-based Washington Trust Bank, which had initiated the foreclosure action.

Brewster now focuses most of his business on the west side of the state, although he's involved with McKinstry Co. in the Great Northern building renovation project here on the north side of the Spokane River, at the eastern edge of the University District.

He had owned and refurbished other buildings here as part of the Havermale Park development, but county records show he no longer owns any buildings on that block. For instance, Cathay Bank, of El Monte, Calif., has owned the Alger-Bristol Hotel building at the northwest corner of Browne and Sprague since last March, records show.

ConoverBond's offices are in the Holley Mason Building, at 157 S. Howard, a six-story structure that Brewster bought and renovated in 1998, and owns through another company, Marshall Wells LLC.

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