$2.6 million apartment complex latest development in Spokane’s Perry district

The scramble to fill the vacant lots in Spokane’s South Perry District continues, with a three-story, 15-unit apartment complex coming to South Scott Street.

The $2.6 million project will include a 15,000-square-foot building and 13-stall parking garage on nearly an acre of land at 743 S. Scott St. Three formerly wooded parcels comprise the development’s property, which have been cleared to prepare for construction.

Called the Scott Street Apartments Two, the project is the second phase of a project by Jordan Samiee, an Oregon-based real estate broker, and his business partner, Wayne Sabbak, who lives in Spokane.

Samiee said the new building’s design will mimic the first building.

“We kept it as close to the first as we could,” he said. “We really liked the outcome of the first one, so we’re basically repeating it.”

When complete, the development will have 12 two-bedroom units and three one-bedroom units, with monthly rents ranging from $1,200 to $1,600.

“All the apartments will have views,” Samiee said. He anticipated the units would be ready by January.

The three parcels were purchased from Lars Neises and Rebecca Laurence, who recently built a large home directly east of the project. The two northern most parcels sold to Samiee and Sabbak have deed restrictions limiting building heights to one story.

The general contractor for project is Baker Construction, of Spokane. Evan Verduin, with Spokane-based Trek Architecture, designed the building.

The first phase, the Scott Residences, at 712 S. Scott St., is a cubist, three-story complex on a rocky outcropping across the street from the new project. Both are within walking distance of the shops and restaurants on South Perry.

The pair’s first project was marketed as among the “most luxurious” in town, with two-bedroom, 1,050-square-foot units with monthly rents ranging from $1,400 to $1,650.

According to the Zillow Rent Index, the median monthly rent in Spokane is more than $1,000 for a two-bedroom apartment, the highest its been since Zillow began tracking rental data. The lowest median rent tracked by the online real estate database company came in December 2011, when it dipped to $758 month.

The past few years have seen unprecedented growth in the Perry District. A $2.3 million, 14-unit townhouse development on vacant land near South Perry was issued construction permits by the city in February. Two other empty lots directly behind South Perry Pizza and Perry Street Brewing are being considered for a complex of six to 10 units.

Other recent development on vacant Perry-area lots include:

A house built at 1908 E. 11th Ave. that sold in January for $355,000.

A five-bedroom, 3,300-square-foot home built on an empty lot over the past year that sold in April for $490,000

A 2,700-square-foot home under construction at 1013 S. Fiske St. at an entrance to the newly paved and expanded Ben Burr Trail on a lot purchased last year for $21,000

A $1 million complex of six townhomes that is nearing completion near Newark Avenue on Arthur Street on a lot that was vacant before it sold for $45,000 in 2016.

This article misstated the value of the apartment complex due to an inflated valuation from the city of Spokane’s planning department. The apartments are valued by its developers at $2.6 million.

 

http://www.spokesman.com/stories/2018/may/11/95-million-apartment-complex-latest-development-in/