SPOKANE, Wash. -- G&B Real Estate Services, the real estate division of WestCoast Hospitality Corporation (NYSE: WEH), today announced that it will begin $8 million in improvements to the Lincoln building in downtown Spokane -- one of the most significant projects in recent years.
The redevelopment project will create "Lincoln Plaza," an exciting new 110,000 square foot office and retail center featuring newly renovated retail and Class A office space near key downtown amenities. Financing is being provided by Compass Group, a regional union pension funded lender.
Lincoln Plaza is one of two downtown office buildings with substantial in-building parking and boasts direct arterial access from Interstate 90 on Lincoln Street. Lincoln Plaza is central to all of downtown Spokane's shopping and entertainment venues as well as its financial and arts districts. As part of the redevelopment, Lincoln Plaza's 200 underground parking stalls will be improved and made available for evening public use to take advantage of growing downtown entertainment opportunities.
"All the stars are aligned for this project to be successful," said David Peterson, Vice President for G&B Real Estate Services. "Spokane is on the move, the revitalized arts district and new shopping center create great synergy, and the building upgrades will offer interesting spaces with excellent and efficient designs."
Key features of the Lincoln Plaza redevelopment project:
G&B has been a partner in downtown Spokane's economic turn-around, including redevelopment of the historic Crescent Building into prime downtown office and retail space.
"Lincoln Plaza is centrally located to all of the fine redevelopment projects that have driven Spokane's downtown renaissance," said Arthur Coffey, President and Chief Executive Officer of WestCoast Hospitality Corporation, headquartered in Spokane. "It's good business for us to put our resources toward redeveloping Lincoln Plaza to continue this momentum. A vital downtown creates jobs, attracts new businesses and residents, and provides cultural opportunities. It's the engine that drives a thriving community."
About G & B Real Estate Services
G&B Real Estate Services, the real estate division of WestCoast Hospitality Corporation, is a leading Inland Northwest developer and manager of commercial, retail and residential properties. It engages in traditional real estate-related services, including developing, managing and brokering sales and leases of commercial and multi-unit residential properties. G & B projects in Washington, Idaho, and Montana total over three million square feet of office, retail and residential space.
About WestCoast Hospitality Corporation
WestCoast Hospitality Corporation is a hospitality and leisure company primarily engaged in the ownership, management, development and franchising of upper mid-scale, full service hotels under its Red Lion® and WestCoast® brands. In addition, through its entertainment division, which includes its TicketsWest.com, Inc. subsidiary, it engages in event ticket distribution and promotes and presents a variety of entertainment productions. G & B Real Estate Services, its real estate division, is described above.
Contact: David Peterson
Title: Vice President, G&B Real Estate Services
Phone: (509) 459-6113