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Greenstone buys Kendall Yards
Hope -
11/12/2009
Liberty Lake-based Greenstone Corp. announced today that it is buying the 78-acre Kendall Yards property, a downtown Spokane mixed-use project that had stalled.
The developer is dropping new home prices and scaling down the density of the project on the north bank of the Spokane River.
“The Kendall Yards property represents a unique opportunity to spur economic development and establish a pedestrian-friendly connection between downtown Spokane and the West Central neighborhood,” Jason Wheaton, president of Greenstone, said in a news release. “Careful thought and planning will make sure this is a sustainable community.”
The terms of the agreement with seller Marshall Chesrown were not disclosed, but Greenstone did say it was restructuring about $20 million in debt on the project.
Development is expected to begin next year and continue over the next 10 to 15 years. New parks, green spaces and a network of trails will connect businesses and the West Central neighborhoods to the Centennial Trail and downtown Spokane, according to the news release.
Greenstone also envisions the project becoming the first in Spokane to obtain a LEED-ND designation in recognition of its integration of smart growth, urbanism and green building principles.
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