Demand for downtown housing running high

Demand for downtown housing running high

SPOKANE, Wash. - Developers are spending millions to bring homes to downtown Spokane and people are buying them up. Developers say young professionals are moving to downtown for the nightlife, and Baby Boomers are moving to feel young again.

All 106 rentals in Kendall Yards are completely filled. If you want to buy a condo or town home, you'll have to wait.

"I like being so close to downtown," said Roger Bosky.

Roger and Mary Ann Bosky bought a home in Kendall Yards last summer before it was built. They moved into the house in January.

"So we looked at the plans and we bought the house and put our house on the South Hill on the market," Mary Ann said.

Greenstone Homes is developing Kendall Yards. They plan to build 1200 units. 300 have been built so far. Greenstone CEO Jim Frank says once the homes are completed, they're quickly off the market.

"Our single family neighborhood townhouses and single family homes are all sold out," Frank said.

In the heart of downtown lies the old Ridpath Hotel. People aren't living there yet, but Ron Wells is developing the building into micro-apartments. He posted a poll on Craigslist to see if anyone would be interested in them. 176 people responded yes.

"About 40 or 50 responded and said yes, but I can't wait 6, 8, 9 months," Wells said.

The renovation took a hit last winter when water pipes burst, causing about $1 million in damage. Construction is now set to begin this coming winter. Wells believes the costly project will pay off.

"The occupancy rate in apartments in downtown Spokane is off the charts. It's almost 99 percent. You can't get better than that," Wells said.

We've also received word construction will begin next month on a 60-unit apartment complex set between the University District and downtown. A different 90-unit complex is expected to be built downtown starting in January 2015.