L.B. Stone Properties Group, developer of the long-envisioned Falls Tower condos overlooking the Spokane River near downtown, has scaled back the size of the proposed development and claims to be confident it can move forward with the project as currently envisioned. 

The Falls Tower project, located at 600 N. Lincoln in Spokane's North Bank neighborhood, has been through two redesigns since 2017, when Spokane developer Lawrence Stone first proposed the redevelopment of the former YWCA property. Prior architectural plans proposed a $58 million, three-building high-rise complex, including a 24-story, 145-unit mixed-use tower above three levels of underground parking, according to previous Journal reports.

Now, says Wes Southwick, senior project engineer for L.B. Stone, the latest version of architectural plans call for a 12-story, 38-unit condominium tower situated above one level of underground parking.

As planned, the development will have half as many floors and about 75% fewer residential units compared to the previous design proposal, due to shoreline restrictions that limit the building height at the 2.3-acre riverview property.

"We're limited on our overall height, as far as how tall the building can be," explains Southwick. "That's the primary reason for the reduction in the scope of the building at 12 stories."

In addition to shoreline restrictions, he says that reducing the scale of the tower makes better financial sense today.

"Getting everything to pencil and work out requires different ideas and thoughts," says Southwick. "We've relocated the building, (made) some height-plan adjustments, and essentially maximized views utilizing the southern half of the property."

He adds, "We're sure this is the best version of it now."

Plans for the tower are going through the environmental permitting process, and Southwick says a timeline for construction is unknown. 

Once environmental permits are approved, building permits can be submitted to the city of Spokane, followed by sewer and infrastructure work that's likely to begin this year, says Southwick.

Additional information regarding the number of bedrooms the condos will have, and when unit reservations will be accepted, will be announced at a later date.

He declines to disclose a construction estimate for the project, however, he notes that, "prices have escalated recently, which has been one of our challenges."

Despite a significant scaling back of the scope of Falls Tower over the past six years, residential development at the site remains an important goal to revitalize the riverfront property, says Southwick.

"Our project is one step along with a bunch of others that are going to ... catalyze and invigorate the North Bank," he says.

Ongoing and recently completed projects on the North Bank include ONE Spokane Stadium, the 5,000-seat stadium at 501 W. Gardner that opened last fall; the Wonder Building renovations which were completed in 2019, at 835 N. Post; and a future indoor sports facility at 815 N. Lincoln, also proposed by the Wonder Building ownership group, as previously reported in the Journal.

The Falls Tower site is expected to be in use 24/7, which will help energize businesses in the vicinity, according to the environmental permit application.

East of the residential tower, development plans include the construction of a drop-off roundabout, a pedestrian plaza, and an overlook area to view Spokane Falls.

The latest design revisions also leave room for a future parking lot to the north of the residential tower and space to construct a 12,000-square-foot building for future commercial uses, on the northeast corner of the property.

"We have laid out the site for future possibilities," says Southwick. "I think there are more commercial and entertainment opportunities, as well as for office space, like the Wonder Building has been doing."

Shoreline rehabilitation also is included in the development plans. Mitigation will include a weed-control program, and the planting of native grasses, trees, and other groundcover to improve shoreline habitat, according to environmental permit information.

Lawrence B. Stone Properties LLC is a Spokane-based commercial development company owned by Stone, who also is president and CEO of Scafco Corp. and The Falls LLC, the entity that purchased the Falls Tower site for $3.2 million in late 2010.

Walker Construction Inc., of Spokane, is providing pre-construction work on the project, and Collins Woerman Co., of Seattle, is the designer.

"We've always thought—even if it's really difficult to get this done—that it's going to be just great for the Spokane neighborhood and extending that downtown area across the river," says Southwick.