SPOKANE, Wash. - Ron Wells is working to add 18 upscale apartments to the Michael Building across the street from the Davenport Hotel.
The building, first known as the Germond block, is now owned by Diamond Parking Services based out of Seattle. They've decided to turn the top three floors of the building into upscale apartments, with six apartments on each floor.
There will be six two-bedroom and 12 one-bedroom apartments, with prices, depending on the apartment size and the floor its on, ranging from $1,100 to $2,200 a month.
Wells says there's not many options like this downtown and there's definitely a demand.
"The rental market that we have analyzed in the last two years has the occupancy rate in the high 90's percentile, so we know from the number of people that want to live downtown and say they want to live downtown the market is very strong," Wells said.
Wells expects to have the entire building done by January or February of next year. He said the most time consuming part of renovating is doing it in a way that it keeps the building's historic status.
Wells estimates the renovation cost is between $3 Million and $4 Million and the first apartment will be ready to rent as early as October.