Central Valley School District buys Broadway Square apartment complex > Spokane Journal of Business

Spokane Valley-based Central Valley School District has bought for $2.3 million the Broadway Square Apartments complex at 11910 E. Broadway, in Spokane Valley, and plans to demolish it to make room for the envisioned replacement of North Pines Middle School, says Ben Small, district superintendent.

North Pines Middle School, which serves about 500 students, is located on 14.5 acres of adjacent land at 607 N. Pines Road.

Small says the district bought the 2.4-acre, 50-unit apartment complex with funds from a $113 million bond measure, which voters approved in February 2015.

The district anticipates including construction funding for the planned middle school relocation project in a future ballot measure that would go before voters in the spring of 2018, he says.

Small says a district facilities assessment conducted in 2010 concluded North Pines Middle School should be replaced.

“Its systems and structures don’t support the quality learning environment we expect for our children,” he says.

The school was built in 1949 and was expanded in 1960.

Another main concern about the school’s current location is that it’s 50 feet from the heavily-traveled Pines Road right of way, Small says.

“The board decided that instead of remodeling, we should relocate the school on the same site, but to the west,” he says.

The 6-year-old cost estimate for replacing the school is $38.5 million, nearly a third of which would be eligible for state construction assistance program funding, Small says, adding, however, that the estimate is likely out of date now.

Small says the Central Valley School District will operate Broadway Square Apartments until all tenant leases expire. The district plans to raze the complex in June, after all of the apartment units are vacated.

Commercial real estate agent Mike Livingston, of the Spokane-based brokerage Kiemle & Hagood Co., handled the transaction. Kiemle & Hagood also is managing the apartment complex on behalf of the district.

 

Retail and Service

Christmas at the Lake, a specialty retail shop, has leased 2,800 square feet of space formerly occupied by Terra Sports Bike Shop, at 510 E. Sherman, in Coeur d’Alene, and plans to move there this month from similar-sized quarters at 519 E. Sherman. Chris Schreiber and Pat Eberlin, both of Kiemle & Hagood Co., handled the transaction.

Painting With a Twist, a new Spokane franchisee of the Mandeville, La.-based paint-and-sip studio chain, has leased 3,300 square feet of space in the Redwood Plaza office and retail center at 11707 E. Sprague. Andy Butler, of WEB Properties Inc., and Sharon Reynolds and Doug Byrd, both of Byrd Real Estate Group LLC, handled the transaction.

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