Downtown Spokane Renaissance Continues: G&B Real Estate Announces $8 Million Property Redevelopment
March 29 2005 - 2:30PM
PR Newswire (US)
Downtown Spokane Renaissance Continues: G&B Real Estate
Announces $8 Million Property Redevelopment SPOKANE, Wash., March
29 /PRNewswire-FirstCall/ -- G&B Real Estate Services, the real
estate division of WestCoast Hospitality Corporation (NYSE:WEH),
today announced that it will begin $8 million in improvements to
the Lincoln building in downtown Spokane -- one of the most
significant projects in recent years. (Photo:
http://www.newscom.com/cgi-bin/prnh/20050329/SFTU086 ) The
redevelopment project will create "Lincoln Plaza," an exciting new
110,000 square foot office and retail center featuring newly
renovated retail and Class A office space near key downtown
amenities. Financing is being provided by Compass Group, a regional
union pension funded lender. Lincoln Plaza is one of two downtown
office buildings with substantial in-building parking and boasts
direct arterial access from Interstate 90 on Lincoln Street.
Lincoln Plaza is central to all of downtown Spokane's shopping and
entertainment venues as well as its financial and arts districts.
As part of the redevelopment, Lincoln Plaza's 200 underground
parking stalls will be improved and made available for evening
public use to take advantage of growing downtown entertainment
opportunities. "All the stars are aligned for this project to be
successful," said David Peterson, Vice President for G&B Real
Estate Services. "Spokane is on the move, the revitalized arts
district and new shopping center create great synergy, and the
building upgrades will offer interesting spaces with excellent and
efficient designs." Key features of the Lincoln Plaza redevelopment
project: -- Refurbishing the exterior and interior including a
complete redevelopment of its south-facing plaza -- Creating a new
outdoor commons area with open seating, retail shopping and
gathering space for tenants -- Renovating the lobby, elevators and
numerous common area enhancements -- Enhancing parking access,
lighting and security -- Preparing the adjacent Grant building on
the corner of Post and Riverside for future redevelopment -- Common
area and exterior building improvements are expected to be
completed by 2006 G&B has been a partner in downtown Spokane's
economic turn-around, including redevelopment of the historic
Crescent Building into prime downtown office and retail space.
"Lincoln Plaza is centrally located to all of the fine
redevelopment projects that have driven Spokane's downtown
renaissance," said Arthur Coffey, President and Chief Executive
Officer of WestCoast Hospitality Corporation, headquartered in
Spokane. "It's good business for us to put our resources toward
redeveloping Lincoln Plaza to continue this momentum. A vital
downtown creates jobs, attracts new businesses and residents, and
provides cultural opportunities. It's the engine that drives a
thriving community." About G&B Real Estate Services G&B
Real Estate Services, the real estate division of WestCoast
Hospitality Corporation, is a leading Inland Northwest developer
and manager of commercial, retail and residential properties. It
engages in traditional real estate-related services, including
developing, managing and brokering sales and leases of commercial
and multi-unit residential properties. G & B projects in
Washington, Idaho, and Montana total over three million square feet
of office, retail and residential space. About WestCoast
Hospitality Corporation WestCoast Hospitality Corporation is a
hospitality and leisure company primarily engaged in the ownership,
management, development and franchising of upper mid-scale, full
service hotels under its Red Lion (R) and WestCoast (R) brands. In
addition, through its entertainment division, which includes its
TicketsWest.com, Inc. subsidiary, it engages in event ticket
distribution and promotes and presents a variety of entertainment
productions. G & B Real Estate Services, its real estate
division, is described above. Contact: David Peterson Title: Vice
President, G&B Real Estate Services Phone: 509-459-6113
http://www.newscom.com/cgi-bin/prnh/20050329/SFTU086
http://photoarchive.ap.org/ DATASOURCE: WestCoast Hospitality
Corporation CONTACT: David Peterson, Vice President of G&B Real
Estate Services, +1-509-459-6113 Web site:
http://www.westcoasthotels.com/
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