A multistory apartment building and parking garage could be added to the site of the former iHeartMedia building, which now operates as The 808 coworking office space.

Initial plans call for a two-story parking garage with an additional two stories of apartment units on top of it to be built on the existing parking lot on the east side of The 808, which is located at 808 E. Sprague.

“If (the city) will allow us to go higher, we will,” says Jake Schroeder, a broker at Synergy Properties LLC, who submitted the predevelopment conference application.

The 808 is owned by Keith Riddle, president and CEO of Synergy Properties, which is a real estate team under the eXp Realty brokerage, a subsidiary of eXp World Holdings Inc. (Nasdaq: EXPI). Riddle owns the building and site through Prestige World Wide Properties LLC.

The Synergy Properties team operates out of The 808, which Riddle purchased in 2022 for $1.3 million from iHeartMedia + Entertainment Inc., Spokane County records show.

Synergy Properties also has an office at the former Masonic Temple at 706 W. Garland, which is owned by Riddle and his business partner, Paul Cassell, through their company Greater Northwest Assets LLC.

Greater Northwest Assets is also one of the companies behind the ongoing development of the four-story, 60-unit Millennium North Hill multifamily building at 3909 N. Wall, just behind the former Masonic Temple.

The East Sprague Avenue apartment complex-parking garage project is valued at $14 million, the application shows, although Schroeder says he expects the actual cost will be lower.

The property’s proximity to the nearby universities and the University District Gateway Bridge could make the potential multifamily building appealing to college students, Schroeder says.

“I think we could cater to some students, but then also just being so close to downtown, people like to be centrally located, especially if they work downtown,” he says.

The details of the proposed apartment units are sparse, as Schroeder and Riddle await their meeting with the city to determine how many stories and units are allowed, but Schroeder says the apartments will primarily be one-bedroom, one-bathroom units. A handful of studio and two-bedroom, two-bathroom units will also be available.

“We’ll try to make them as nice as possible, but still affordable,” he adds.

The initial plans also call for an additional parking lot behind the coworking building.

“We need more parking for this building,” Schroeder says. “The plan is to add additional parking to this building, while also enough parking to potentially add an apartment complex above that.”

In addition to Synergy Properties, Carlson & Co. Real Estate, which also falls under the eXp brokerage umbrella, operates out of The 808 building currently, as do a lending office and multiple individuals.

The 808 offers shared office space through a membership platform that ranges from $99 per month for a basic coworking membership to $199 and up per month for private offices, according to The 808’s website.

The coworking building features a variety of available desk spaces, quiet rooms, conference and training rooms, a kitchen area, a snack bar, printer access, Wi-Fi, and a small gym space.

Members of The 808 are able to use the building’s address for business purposes.

The 808 also offers rental access to a podcast room that was created in a former iHeartMedia soundproof studio space. There are about 15 soundproof studios, Schroeder says, some of which are being converted into private offices.

Schroeder says he hopes to see membership grow at The 808.

“It’s so much more affordable, and I think it’s a really good concept because people want to be around other hardworking, successful people,” Schroeder says.