5 More HUGE Changes Coming to Spokane, WA

The city of Spokane, Washington, is currently experiencing a significant transformation in its real estate landscape. The local real estate market is witnessing a surge in redevelopment and new construction projects, with substantial investments pouring into the region. In this blog, we will delve into the latest updates on these developments, exploring the potential impact on the city's property values and the quality of life for its residents. From commercial investments to residential expansions, Spokane is undergoing a remarkable transformation.

1. Commercial Property and Crime Impact

The blog starts by highlighting the sensitivity of commercial investors to crime levels in Spokane. Commercial property investors are closely monitoring the buildings they purchase, especially those situated in key downtown locations. The impact of measures like "Measure One" on commercial real estate is discussed, emphasizing the need for safety and how it influences investment decisions.

2. Downtown Redevelopment

The core of Spokane's transformation lies in its downtown area. The blog mentions that 22 redevelopment and new construction projects, amounting to nearly a quarter of a billion dollars, are currently underway. The developments are scattered throughout the downtown core and are expected to bring a new wave of investment and life to the city.

• Loft-Style Apartments: The Wharton Building, previously home to a Thai restaurant, is being transformed into 16 loft-style apartments with plans for a restaurant or coffee shop on the ground floor.
• Crescent Building Remodel: The Crescent Building is converting five of its eight floors into 90 residential units, while the first two floors will remain for mixed-use commercial spaces.
• Fidelity Building Upgrades: The Fidelity Building is undergoing substantial upgrades in electrical, heating, and ventilation systems, sparking curiosity about its future use.
• Payton Building Transformation: The seven-story Payton Building is also being converted into residential housing with some commercial spaces.

3. Impact on Downtown Life

The blog discusses the potential effects of these developments on downtown life, including concerns about parking availability and the anticipation of a more vibrant and economically robust downtown.

4. Spokane's Sports and Tourism Hub

Moving from downtown, the blog shifts focus to the growth of Spokane as a sports and tourism hub. The completion of the Spokane Public Schools' stadium has led to $36 million in commercial real estate transactions in Spokane, attracting investors and tourists alike. The expansion of sports facilities and the development of professional soccer teams are expected to boost tourism and further transform the city.

• The Wonderground: This section introduces an exciting project, "The Wonderground," which will provide an indoor facility for various activities like pickleball and golf simulators. It's expected to become a family-friendly hotspot in the heart of Spokane.

5. Liberty Lake Development

The blog touches upon the Trutina development in Liberty Lake, a gated community catering to residents aged 55 and above. The community is nearing completion and will consist of single-family homes and multifamily units with a wide range of amenities. The neighborhood is connected to the Centennial Trail, offering a unique living experience.

6. Adu Laws and Residential Opportunities

The piece emphasizes the changes in Accessory Dwelling Unit (ADU) laws in Spokane, allowing for the construction of more townhomes and other residential units. It cites an example of a property owner in the Perry District who plans to take advantage of the relaxed laws by adding additional units to his property.