Spokane real estate developer Jordan Tampien plans to remodel two Wall Street buildings downtown and convert them to multifamily structures. 

Permits have been issued for one project, an interior remodel of the five-story, 24,500-square-foot mixed use building at 120 N. Wall. That roughly $3 million project will have 21 residences and is being designed by Spokane-based Trek Architecture. T.W. Clark Construction LLC, of Spokane Valley, is the contractor on the project.

The project is currently shut down during the statewide “Stay Home, Stay Healthy” order, but the building interior had undergone a full demolition prior to that, Tampien says.

Apartments will range in size from 450 square feet to 1,000 square feet and likely will range in monthly rent from $700 to $1,550, he says. 

Tampien adds that he’s toying with the idea of making a few of the units short-term or furnished-suite rentals.

The main floor will host two, 3,600-square-foot commercial suites.

Evan Verduin, of Trek Architecture, says planned tenant amenities include an exercise room and a community room on the second floor and a small office space next to the skywalk that would be available for lease.

Tampien estimates the project will take between seven and eight months to complete, once the shutdown is lifted.

Less than four blocks south of there, at 124 S. Wall just west of the Hotel Ruby, Tampien says two options are being considered for the six-story, 75,000-square-foot warehouse.

One plan includes a $10 million remodel and conversion of the structure into 83 affordable apartment units and about 4,200 square feet of first-floor commercial space. 

Plans show the project could also include an exercise room and a community room. The apartments would range from studios to two-bedroom units, says Verduin.

The other option, Tampien says, is a 500-unit storage facility, which would have a construction cost of about $2 million.

The storage units would range in size from 20 square feet to 240 square feet, Tampien says.

Trek Architecture and T.W. Clark Construction are listed as the design-build team for the South Wall project. If the storage option is selected for the project, however, a different team with experience building storage facilities will be contracted.

The apartments would have a 14-month construction time line, while the storage facility could be built in seven months, Tampien says.

“That’s what prompted (the storage idea). A lot of it was just time line … 14 months from now, it could be a very interesting time,” he says.

Plans for the building should be finalized by mid-May, Tampien says.

Spokane County Assessor’s data shows the 0.27-acre property is owned by Spokane-based 124 S. Wall Street Partners LLC, a company owned by Spokane businessman Paul Rayburn.

Rayburn co-owns Abadan Reprographics, Northwest Microfilm Inc., and Northwest Vital Records Center Inc. According to a previous Journal report, Rayburn purchased the building on Wall, formerly known as the McGinnis Independent Paper Co. building, in early 2003 for $600,000.