Spectrum Development Solutions teams with Pinnacle Partners on new apartment building along Spokane’s waterfront; opportunity zone development project to feature host of high-demand residential units, on-site lifestyle amenities
SPOKANE – July 5, 2022 – A joint venture between real estate development company Spectrum Development Solutions and opportunity zone real estate investment firm Pinnacle Partners announced today that it has closed on the acquisition of a 5.75-acre site where it will develop a new, 160-unit Class-A apartment project in the heart of Spokane’s University District.
Spectrum has been working to identify the right opportunity in Spokane for over a decade to bring much needed quality apartment and student housing to the market. “This is a terrific opportunity for us to deliver our brand of housing to serve students, healthcare workers, and young professionals,” said Jhomar Small, associate principal at Spectrum Development Solutions, co-investor and developer of the project. “Our collaborative partnership with Pinnacle and the City of Spokane has been instrumental in this project’s success so far.”
Due to break ground in spring 2023 with completion in summer 2024, the project is located at 811 N. Iron Bridge Way, just a short walk across the Iron Bridge from Spokane’s celebrated University District — featuring Gonzaga University, the new University of Washington / Gonzaga Regional Partnership, the WSU Spokane Health Sciences Campus, the McKinstry Innovation Center, and various retail shops, restaurants, and other lifestyle offerings.
“We’re pleased to be part of a project that addresses Spokane’s incredible demand for housing that’s attainable to both students and the urban-workforce community,” said Leo Backer, co-founder and managing partner at Pinnacle Partners. “It’s another example of how opportunity zones help support the housing needs close to urban centers like Spokane.”
The project is located within both a qualified opportunity zone and Spokane’s Multifamily Tax Exemption Zone, together providing a host of economic incentives for both the City and the private real estate investment community. Created with the tax cuts and Jobs Act of 2017, opportunity zones spur job creation in urban communities while providing investors with a series of tax incentives. While this is the first Spokane development for Spectrum and project partner Pinnacle, principals at the firms are already looking at other potential opportunity zone developments in the area.
“I’m extremely excited to see this moving forward,” said Juliet Sinisterra, CEO at the Spokane University District. “This project will provide 160+ new, desperately needed housing units within the city. And given its walking distance of the Gonzaga / Hamilton Business District, this is precisely the type of development we want to see happening in the University District.”
The University District is a 770-acre innovation district where researchers, students, and companies partner on the goal of reshaping the future of downtown Spokane. The neighborhood includes five major universities, two medical school programs, top-notch community colleges, a nationally recognized smart-city testbed, and a burgeoning life sciences ecosystem — working together to generate new ideas and spur world-changing innovation.
The project will include a mix of open one-, two-, and three-bedroom apartment units, along with ample bike and vehicle parking and various on-site amenities such as a half-size basketball court, fitness center, and club room. The site also provides convenient access to the Spokane Centennial Trail, a 40-mile paved walking and biking trail connecting residents with the University District, Downtown Spokane and beyond.
Marc Mowrer, director of commercial leasing at Spokane-based Leavitt Capital, responsible for bringing the opportunity to Spectrum and Pinnacle, brokered the land acquisition. “As a long-time resident of Spokane with deep family ties here, it was really important to me that we brought in the right partner with the right vision for developing this property,” said Mowrer.
The lead architect on the project is Mithun in collaboration with local architect of record ZBA Architecture. Spectrum and Mithun have collaborated on a number of successful apartment and student housing projects throughout the Pacific Northwest.
About Spectrum Development Solutions
Spectrum Development Solutions is a mission-driven real estate development and advisory company with a diverse, cross-sector focus spanning multifamily and workforce housing, student housing, higher ed, healthcare, civic, and non-profit projects. All of Spectrum’s projects have a strong community focus with an emphasis on transit-oriented and environmentally sustainable development.
About Pinnacle Partners
Pinnacle Partners has been an early mover and leader in Opportunity Zone real estate investing.The firm and its subsidiaries have invested more than $180 million in OZ equity across 12 projects that consist of approximately 2,000 multifamily units, and two historic adaptive re-use office buildings. Pinnacle Partners seeks best-in-class development partners in targeted markets across the U.S. with track records of delivering and operating successful projects.