$30 million office park planned
Liberty Lake project would include medical buildings, hotel, manufacturing spaceJanuary 14th, 1999
First National Financial Group Inc., of Spokane, plans to build a 44-acre business campus in Liberty Lake that is to include two medical buildings, a hotel, a restaurant, and four structures that would house manufacturers and manufacturing suppliers.
The multiphase development, which should get under way next week, is expected to have an estimated value of between $30 million and $35 million, says Frank Sanchez, chairman of First National Financial Group.
The planned business campus, which hasnt been named yet, would occupy an area just south of Interstate 90, north of Appleway Road, and west of Simpson Road. First National Financial Group already has purchased a 2.3-acre parcel there, just north of Appleway and about halfway between Molter and Simpson roads, from a limited-liability company that is owned partly by Spokane developer Ira Harris, who also is co-owner of Vancouver, Wash.-based Anderson Construction Inc. First National plans to buy the remaining 41.8 acres from that company this week, Sanchez says. That remaining acreage is broken up into two parcels, one of 14.8 acres, just north of the 2.3-acre parcel, and another of 27 acres, just east of the other two parcels. The current zoning on the three parcels would allow the development planned by First National, Sanchez says.
As part of the project, a road would be built from Appleway northeast into the center of the planned 44-acre campus, Sanchez says. The Spokane office of Anderson Construction has been selected to build the road and perform utility work at the site.
Construction is expected to get under way next week on the first structure in the business parka two-story, 20,000-square-foot medical building. That building, which also will be erected by Anderson Construction, would be located on the 2.3-acre parcel. The $2.2 million structure should be completed by June, Sanchez says. It would be the fifth medical building proposed in the Liberty Lake area since last April.
The business parks planned road would run along the north edge of the site of that medical building, and a second medical building of similar size and design is expected to be built just north of the new road on the 14.8 parcel, upon which a proposed hotel and restaurant also would be built. Sanchez expects construction of the second medical building to begin about four to six weeks after the first medical building is completed.
Ken Shou, a dentist who plans to move his practice here from Libby, Mont., says he has agreed to lease space on the first floor of the first medical building. Sanchez declines to name the other medical professionals who have agreed to lease space in the building, but says that it is leased fully. He adds that a handful of tenants already have been secured for the second medical building.
Meanwhile, work is expected to get under way in April on the planned $8.5 million, 120-room hotel and the $1.3 million free-standing restaurant on the rest of the 14.8-acre parcel.
On the 27-acre parceljust west of Simpson Road and east of the planned medical buildings and hotelFirst National Financial Group envisions a 150,000-square-foot building for a major manufacturer that Sanchez says is close to committing to take the space; a 50,000-square-foot warehouse facility that would house about three of the manufacturers suppliers; and two 20,000-square-foot structures that would be occupied by other manufacturers. Sanchez declines to name the major manufacturer, and says that negotiations with four manufacturers still are under way on the two smaller manufacturing buildings, which would be built after the 150,000-square-foot building and warehouse were completed.
Work on the 150,000-square-foot building and the warehouse are expected to get under way this spring, Sanchez says.
Sanchez says hes negotiating with an international hotel chain and an up-scale restaurateur to occupy those structures, but he declines to name the companies at this time. He says that about 20 of the 120 hotel rooms likely would be 1,000-square-foot extended-stay, condo-type units.
Al French, of Spokane, designed both of the medical buildings, and Wyatt Engineering, also of Spokane, did the engineering work for the business parks site plan.
First National Financial Group, which was founded in 1995, offers a range of financial services, including residential loans and commercial real estate financing. The company, which employs 21 people here, also buys and sells real estate, as well as notes and contracts. The business campus will be the companys first major development, Sanchez says.