Estimated cost jumps for proposed high-rise
Downtown tower is now an $80M-$85M projectAugust 30th, 2018
The estimated construction cost for the proposed Riverside Station high-rise development in downtown Spokane has risen to between $80 million and $85 million from an initial cost projection of about $65 million, says Ron Joseph, of Spokane-based Ron Joseph Architecture, designer for the project.
The initial figure was formed after speaking with some subcontractors about the project, to be located at the northeast corner of Riverside Avenue and Division Street, to get an idea of how much the project might cost, says Joseph. The $65 million figure was on the cheaper end of cost projections, but as the development company, Spokane-based Alvco LLC, has been going through financing, it became clearer that that number wasn’t quite feasible, he says.
Additionally, Riverside Station’s project team hasn’t consulted a general contractor for a final estimate, he says.
Another “thing we didn’t take into consideration is the height of the building,” another factor that’s adding to the cost of the proposed building, which is projected to be between 31 and 33 stories tall, says Joseph. The taller the building, the more expensive the project gets per square foot, he says.
Although previously anticipated to start construction this fall, construction would begin at the end of the year at the soonest, says Joseph.
As currently envisioned, the mixed-use development would house retail, office, and condominium space. A basement level would house parking. The 30,000-square-foot ground floor would house retail businesses. Stories two through seven would have a parking garage that would hold more than 400 cars, he says.
The other 24 stories of the development are currently proposed to include 12,000 square feet per floor, but spacing may taper off with the higher stories. Ten stories would have apartment units; four would be office space; and the upper eight to 10 floors would house condominium units, he says.
Parts of the building are also being designed to incorporate some architectural elements similar to those in the Spokesman-Review building, at 999 W. Riverside downtown, including similarly-colored brick.
“The base of our building and the parking garage definitely has that look. As we go up in the building with the tower, we still incorporate brick, but we finish off with reflective glass at the top and a spire at the top,” he says.
Joseph says the development can change, and the project still hasn’t been through the State Environmental Policy Act (SEPA) review process.
“We’re somewhere in preliminaries, but we’re definitely not at a point where we’re ready to just start dimensioning things and adding notes and details,” he says. “We’re still a ways away from that.”
The largest condominiums, which will be on the development’s highest floors, could be roughly 2,200 square feet to 2,500 square feet, but some could be as large as 3,000 square feet, he says.
“The biggest condos will have three bedrooms and possibly even a den,” he says.
No contractor has been selected, but companies with high-rise building experience are being interviewed,