Construction of a 210-unit multifamily project on Spokane's lower South Hill, dubbed Koz on West 4th Ave, is underway after breaking ground in mid-August following over a year of project delays.

Updated project plans call for the construction of a $50 million, six-story, 80,700-square-foot apartment complex over structured parking with 108 parking spaces. Amenities at the property include a large courtyard with barbecues and common area laundry facilities. 

Koz on West 4th Ave is located at 307 W. Fourth, on about an acre of land on the west side of Bernard Street.

Design plans for the residential project have been scaled back from plans that were announced two years ago. 

The original design for the property called for over 260 living units in two five-story to six-story buildings with about 172,000 square feet of total building area.

The project is a development of Snohomish, Washington-based Koz Development LLC, which also designed the structure. 

The development is moving forward in partnership with Catalyst Opportunity Funds, a Cottonwood Heights, Utah-based real estate investment company, which is contributing $16 million toward the project, according to a press release from Catalyst.

Spokane-based Bouten Construction Co., of Spokane, is the general contractor for the project, permit information on file with the city of Spokane shows. DCI Engineers, also of Spokane, is the project engineer.

The property is projected to be available for lease in fall 2026.

Upon completion, the property will be marketed to essential workers, students, and other professionals due to its proximity to downtown Spokane, University District, and health care centers.

Cathy Reines, founder, CEO, and board chairman of Koz Development, says in an August press release from Catalyst, that, "Essential workers are the backbone of Spokane. ... It's crucial to build housing stock that supports the growth of this economy and its core professionals."

The apartment community is expected to provide affordable rents for residents compared to similar properties, Reines says in another press release from Chicago-based commercial real estate services company Cushman & Wakefield announcing the successful construction financing for the project.

The majority of residential units will be affordable for households earning less than 80% of the area median income, the release states.

Jeremy Keele, managing partner at Catalyst, says, "By pricing more than 50% of our units affordably, we reduce cost burden, giving our residents the ability to save for their future and support the local economy. This is something we need more of in Spokane."

Construction financing for Koz on West 4th Ave is being provided through Greystone & Co. LLC, a New York City-based private commercial real estate finance and investment company and by Cushman & Wakefield as the exclusive advisor.