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Home » Wells & Co. revives plans for luxury urban project

Wells & Co. revives plans for luxury urban project

Carnegie Square proposal includes eight townhouses on west edge of city center

February 24, 2011
Mike McLean

Spokane development company Wells & Co. has revived its plants to develop urban housing units on the west edge of downtown.

Preliminary plans on file with the city show that Wells & Co. wants to develop Carnegie Square Townhouses, an eight-unit, luxury residential project at 10 S. Adams, between Sprague and First avenues.

Ron Wells, a principal at Wells & Co., declines to comment on the project, which is in the pre-development stage, meaning the developer hasn't applied for building permits for it yet.

Ten South Adams LLC, another of Wells' companies, is listed as the property owner.

The land, currently vacant, is the former site of a city fire station that relocated to 1515 W. Riverside about six years ago.

In 2006, Wells & Co. had proposed to develop 10 three-story condominium units there with prices ranging from $525,000 to $795,000. It later raised that estimate to $579,000 to $850,000 due to rising construction costs, putting that total project value at more than $5.8 million.

A building permit for that project expired in 2008 as demand for luxury condominiums cooled.

The new preliminary plans show the townhouses would be constructed in two four-unit structures with a common driveway that would be accessed from Adams Street.

The plans don't indicate how many stories each townhouse would have, but they say each unit would have a surface-level two-car garage below the living area.

The lots for each unit are 1,938 square feet in size, and each would have a maximum ground-floor building space of 1,500 square feet, plans show.

Wells & Co. is known mostly for renovating older and historic properties for modern uses, including the Steam Plant Square retail center, at 159 S. Lincoln; the Eldridge Building, at 1325 W. First; and the Morgan Building condominium development, at 315 W. Riverside.

Wells & Co. developed its first condominium project, Riverside Court, in 1998. Homes in that seven-unit project were priced at between $455,000 and $825,000.

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