Work set to soon begin on long-awaited high-rise project near Spokane Falls

When a project north of Spokane Falls near the Spokane Arena was first pitched in 2017, it was supposed be two 13-story mixed-use buildings. Then a couple years later, plans were expanded to add a third, taller tower.

In 2019, plans were changed again to instead build one tower that would be the tallest structure in Spokane – its 22 stories would have topped the Bank of America building by two floors.

But COVID-19, increased building costs and towering interest rates halted the project altogether.

That was until earlier this year when developers at L.B. Stone Properties Group revived the project at 630 N. Lincoln St.

“The project has changed over the last couple years due to construction challenges,” said Wes Southwick, senior project manager at L.B. Stone. “But we’ve always focused on providing some form of dense urban housing that’s needed in Spokane.”

Across Broadway Avenue from the Wonder Building and adjacent to seafood restaurant Anthony’s at Spokane Falls, the project has shrunk to a 12-story building comprising 36 luxury condominiums. Units will range from two to three bedrooms and encompass between 1,600 and 3,000 square feet, according to Southwick.

Amenities include a fitness center, lounge, pet wash station and a courtyard overlooking the Spokane Falls.

“The units have been designed in a way that they all have great views of the river and the Falls,” Southwick said. “The pricing of the units will be released at a later date, sometime after construction of the project is underway.”

Though plans also show room on the roughly 2-acre property for other developments, Southwick said the residential building is all that has been designed thus far.

“There is some availability on the site for several future development possibilities, but nothing has been designed yet,” he said. “We have conceptually planned for the possibility of up to a 12,000-square-foot restaurant that would overlook the water – but that is still in the conceptual phase.”

After a public comment period in March, a construction permit was applied for in June to allow developers to build the estimated $3.5 million foundation of the structure. And Thursday, a grading permit was applied for, according to city records.

Though both permits are still under review by city building officials, Southwick is hopeful to see construction through this time around.

“We expect a foundation permit to be issued by the city shortly,” he said. “Once that’s received, we will likely start the deep foundation work in the next month or two.”

The project site is vacant except for a parking lot for patrons of a few buildings that used to be nestled at the southeast intersection of Broadway Avenue and Lincoln Street.

First constructed in 1891, concrete and steel-reinforced brick buildings operated on the site as a brewery. It changed hands during its 72 years of operation, including ownership from Spokane Brewery and Sicks’ Rainier Brewery, according to Spokesman-Review reports.

The property was sold to the YWCA in 1963, and the nonprofit operated there until it relocated in 2008.

A couple years and a recession later, the CEO and founder of L.B. Stone Group, Larry Stone, paid about $3.2 million for the property in 2010, according to Department of Revenue records.

But it wasn’t until 2017 when plans for two high-rise buildings for the property became public.

At the time, Riverfront Park was undergoing a $64 million face-lift, the future of the Wonder Building was in the air and the Podium project was still merely conceptual.

As years have passed and major projects in the area have been completed, Southwick believes this time will be different for the Falls Tower project.

“We may start grading and preparing the site in the next couple weeks,” he said. “The expected completion date for the tower is spring of 2026.”