It would be a predictable post-mortem for us to blast historic preservation advocates for killing Campus Advantage's plans for a job-generating $25 million student housing project on the University District site where the 102-year-old former Jensen-Byrd warehouse stands.

The Journal, after all, did express strong support for the Austin, Texas-based company's vision for that site editorially earlier this year, calling it the best option for redeveloping the property, even if it meant razing the warehouse structure.

Circumstances change, though.

It's still unfortunate that the Campus Advantage recently backed out of its plan to buy the six-story structure and surrounding land, after running into delays caused by project opponents. However, the university's decision now to take some time to mull other options for the site does represent a fresh opportunity.

WSU isn't feeling the sense of urgency now to sell the property that it was feeling last year. At that time, it was anticipating deep budget cuts and wondering where it would come up with money needed to advance its highest-priority capital project here—the construction of the Biomedical and Health Sciences Building on the Riverpoint Campus.

The state Legislature eased those concerns earlier this year, though, by approving $7 million in direct project funding and by granting the university authorization to sell $30 million in bonds to complete the medical sciences building.

WSU Spokane Chancellor Brian Pitcher says the university's president, Elson Floyd, has recommended taking a wait-and-see approach to evaluate over a period of months or longer how the former Jensen-Byrd property might fit best into the university's and University District's long-term plans.

"We do believe there will be a very good project, and we will be happy with it," Pitcher says. "The timing is just not right now. I think we'll look back on it in 10 years and say it worked out just fine."

What's really most critical for the campus at the moment is the completion of the health sciences building, he says, adding, "I believe other projects will line up and get momentum as that moves forward."

Pitcher says WSU hopes that Campus Advantage or other housing developers will continue to pursue projects there.

Reassuringly, one veteran developer here who remains interested in the property—and in rehabilitating rather than tearing down the old warehouse building—is Ron Wells, of Wells & Co., which always has specialized in historic renovation projects.

He and investment partners submitted a new $2.85 million offer for the property on the same day it was announced that Campus Advantage was pulling out, and deposited $100,000 in a closing agent's trust account as a good faith gesture. The offer is identical to an earlier offer from him that WSU chose not to accept, including requiring a nine-month waiting period for the investors to secure an FHA loan.

Wells says the investors envision a $16.8 million project there, counting the cost of buying the property. The proposed renovation could make the building suitable for housing up to as many as 330 people, as well as providing space for some university, retail, or other operations on the building's first floor and in the basement, he says.

"It's economically viable. The market is there to do it," Wells says, calling the building an icon that "has the potential to be a really good contributor to the University District."

If he had his druthers, WSU would accept the offer soon, enabling him to get rolling on the financing. With the university now preferring to bide its time, and as the economy continues to heal, it will be interesting to see what, if any, more desirable options bubble to the surface.