California developer mulls cottages for seniors in Cd'A
Monte Vista Villas would be marketed to tenants reliant on Social SecuritySeptember 12th, 2013
Andrew Otero, a Santee, Calif.-based contractor and real estate developer, has bought 3.6 acres of vacant land at the northeast corner of 15th Street and Best Avenue, in Coeur d'Alene, for potential development of a senior housing project.
"It's a flexible property in a nice area," Otero says of the parcel in northeast Coeur d'Alene, noting that its land-use designation allows for multifamily residential development of up to 12 living units per acre.
"We're going through conceptual options," he says. "We're leaning toward building a 55-and-older senior community."
Otero recently formed Monte Vista Villas LLC to develop the project, which also is tentatively called Monte Vista Villas, he says.
Otero declines to disclose the purchase price for the land and the anticipated construction costs for such a project. As envisioned, Monte Vista Villas would be similar to Northside Manor Homes, a 23-unit complex of small houses that another company Otero heads developed about eight years ago in north Coeur d'Alene, he says.
Otero says he hopes to set rents at rates that people who rely on Social Security as their main source of income can afford.
Monte Vista Villas is working with ML Architect & Associates Inc., of Post Falls, on the project design. Although Otero is president of A&D General Contracting Inc., which is based about 20 miles north of San Diego, he says he likely would hire a local contractor for such a project in Coeur d'Alene.
Craig Hunter and Rob Kannapien, agents with Coeur d'Alene-based Coldwell Banker Commercial Schneidmiller Realty, negotiated the real estate transaction.
Solmar Financial LLC, a Spokane investment adviser, has bought the two-story, 3,600-square-foot former Lilac Bloomsday Association building, at 1610 W. Riverside, and plans to move there from leased space in the Davenport Tower building, at 111 S. Post. Patrick Martin, of Martin Partners Real Estate Inc., and Bryan Walker, of NAI Black, handled the transaction.
Public School Employees of Washington, a labor union, has leased 2,500 square feet of office space at 1824 N. Hutchinson and plans to move its Spokane regional office there in September from leased space at 9207 E. Mission. Marc Mowrer, of Kiemle & Hagood Co., negotiated the transaction.
Empire Health Foundation, a Spokane-based nonprofit grant-making foundation, has bought the Civic Building, at 1020 W. Riverside, for $775,000. The foundation plans to convert the 20,000-square-foot structure into a philanthropy center and move there from leased space in the Banner Bank Building, at 111 N. Post. Chris Bell, of NAI Black, and Craig Soehren, of Kiemle & Hagood Co., handled the transaction.
Lambie Engineering LLC, a designer and builder of production equipment for the manufacturing industry, has leased 1,200 square feet of office and shop space in the Spokane Business and Industrial Park, at 3808 N. Sullivan, and has moved there from smaller quarters at 15404 E. Springfield. Chase Breckner, of SBIP, handled the lease.
Washington Federation of State Employees, a labor union, has leased 3,600 square feet of office space on the second floor of the Garden Court building, at 222 W. Mission, and plans to move there in October from smaller quarters in the Rock Pointe Tower, at 316 W. Boone. Craig Soerhen, of Kiemle & Hagood Co., and Jeff Ottmar, of Cornerstone Property Advisors LLC, handled the transaction.