SPOKANE — Cowles Co., the company that publishes the Spokesman-Review newspaper, is buying the recently closed Macy’s building in downtown Spokane.
The Spokesman-Review reported) that Centennial Properties, a subsidiary of Cowles, announced Thursday it won the bidding for the structure, part of which dates to 1914. The winning price wasn’t disclosed.
Cowles also owns the River Park Square shopping mall.
Doug Yost, Centennial’s real estate director, says the company plans to remodel the building, with retail space on the first and second floors and a mix of office and residential units on other floors. The basement may be converted into parking for apartment renters.
Centennial hopes to have a new retail tenant in by fall 2017.
Among the other bidders was developer Kent Hull, who put together a bid with former basketball star John Stockton and an unnamed minority partner.
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