Post Falls site up for bid

By BRIAN WALKER

Staff Writer

POST FALLS — A vacant lot in the heart of Post Falls' developing city center is headed to public auction.

Sealed bids for the city's 0.6-acre parcel at 310 N. Spokane St., across Railroad Avenue from Handy Mart, must be submitted to the city clerk by 3 p.m. Sept. 9.

The minimum price is $250,000.

Bids will be opened at 4 p.m. Sept. 9 in Administration Conference Room 267 at City Hall.

City Administrator Shelly Enderud said Wednesday Post Falls hopes the sale will continue the development momentum along Spokane Street.

A broker determined the value of the property is $223,081, or $8.50 per square-foot.

"The city has had a focus on trying to build a city center area," she said. "We have seen a number of businesses locate in this area over the past several years and the city has developed a new parking plan."

The city is also forming a downtown urban renewal district to spark further development interest.

The city bought the property at 214 E. Railroad Ave. for $300,000, then traded it to the county for the parcel at 310 N. Spokane St.

"The main goal of the city was to ensure economic development along Spokane Street and we also have the ability to use the county's parking lot after hours for city events," Enderud said. "Eventually, we would like to see city events along the Centennial Trail area. We believed this was a win-win for the city, the county and development of the downtown."

Enderud said the city would take a $50,000 loss if the minimum bid is received for the site, but the city thinks it will receive bids higher than $300,000 to come out ahead.

A variety of commercial and office uses would be allowed under the zoning.

"It does not allow for residential development on the first floor of anything that is built on this site," Enderud said.

A request for proposals for the parcel on Spokane Street was issued in December 2017, but no responses were received and the city decided to sit on the property until there was interest.

"Recently, we have received some inquiries," Enderud said.

Enderud wrote in a memo that vacant land in the current market is at a premium, especially downtown.

"As supply becomes more limited and development occurs on neighboring parcels, the value of this property will likely increase," she wrote. "The other benefit of this parcel is the fact that it is a corner lot, adding flexibility and visibility to the property."