Massive cranes are helping construction crews erect two new formations in the Spokane skyline near the north and south edges of downtown with a total construction value of well over $70 million.

Construction began last fall on the long-anticipated Falls Tower luxury high-rise residential project overlooking the Spokane River at 630 N. Lincoln, where concrete work is well underway.

Similarly, the foundation has been constructed for the $50 million mid-rise Koz on West 4th Ave. multifamily project, which is emerging from the ground at 307 W. Fourth on Spokane’s lower south hill.

The Falls Tower will be a 12-story, 38-unit condominium building with the tower to be constructed above one level of underground parking.

Construction permits have been sought in stages, with separate grading and foundation permits valued at a total of $3.5 million approved in August and September, respectively.

A $2.2 million concrete podium package that includes the parking portion of the structure from which the tower will rise was approved in December.

While construction for those components of the project is underway, a building permit application for the $21.3 million residential tower is under review by the city of Spokane.

L.B. Stone Properties Group is developing the 2.3-acre former YWCA site, which was purchased by an affiliate company for $3.2 million in late 2010.

Walker Construction Inc., of Spokane, is the contractor on the project, and the Spokane office of Collins Woerman Co. designed it. The Spokane office of DCI Engineers is providing civil engineering services.

The development has been through two redesigns since 2017, with the current design scaled back from an envisioned three-tower development.

The latest design, however, leaves room for future development of a 12,000-square-foot commercial building on the northeast corner of the property and a parking structure north of the tower and space, according to the developer.

The 210-unit Koz on West 4th Avenue multifamily project is under construction on Spokane's lower South Hill / Mike McLean

About a mile south of that site, The Koz on West 4th project will be a six-story, 210-unit complex developed by Snohomish, Washington-based Koz Development LLC in partnership with Cottonwoods Heights, Utah-based Catalyst Opportunity Funds, which is investing $16 million in the project.

Bouten Construction Co., of Spokane, is the contractor on the project, and Koz Development designed it. DCI Engineers is providing civil engineering services.

Construction financing is being provided through Greystone & Co., a New York City-based private commercial real estate investment company, and Chicago-based real estate services company Cushman & Wakefield is providing advisory services.

The 80,700-square-foot apartment complex will rise atop a 108-space parking structure. Amenities at the complex will include a large courtyard with barbecues and common-area laundry facilities.

Units are expected to be ready for lease in fall 2026.

It will be targeted toward essential workers, students, and other professionals due to its proximity to downtown Spokane, University District, and health care centers, according to the developer. Most of the units will be designated as affordable housing units for households earning less than 80% of the area median income.

—Mike McLean