McKinstry Affiliate Emerald Initiative to Buy South Landing Parcel
Development will further the vision of creating five smartest blocks in the world
SPOKANE, Wash. (July 9, 2020) – Avista Development and Emerald Initiative, an independently owned affiliate of McKinstry, have entered into an agreement for the purchase of a 66,000 square-foot parcel that is part of the South Landing development at 501/521 Sprague Avenue.
The sale is expected to close this summer and terms of the deal were not disclosed. Avista Development, a non-utility subsidiary of Avista Corp., will remain as an investor in the site, and a valued partner in the eco-district that will provide energy to any building planned for the lot. Options for development of the site are still being explored.
“We are excited for the opportunity to be a part of the growth and innovation happening in Spokane and the University District,” said Dean Allen, CEO of McKinstry and principal of Emerald Initiative. “It’s exciting to see the vision of building the five smartest blocks in the world come to life and to be a part of this vibrant community.”
“Avista Development chose to sell this parcel of land to McKinstry affiliate, Emerald Initiative, because several years ago when then Avista Chairman and CEO Scott Morris envisioned creating the five smartest blocks in the world and sought out partners who could help bring his vision to life, the group from McKinstry proved to be the right partner to help make it happen. We believe they will build on the momentum of what we’ve started, continue to champion transformation and innovation, and further enhance the economic vitality of our community,” said Avista President and CEO Dennis Vermillion.
South Landing is a unique collaborative effort of diverse industry partners to create a transformative, real-world prototype for sustainable development now and in the future. Located in Spokane’s University District at the south end of the University District Gateway bridge, the Catalyst building and Scott Morris Center for Energy Innovation anchor the South Landing development.
At five stories and 159,000 square feet, Catalyst aims to beone of the largestzero energy andone of the firstzero carbon buildings in North America, certified by the International Living Future Institute. The four story, 40,000-square-foot Scott Morris Center for Energy Innovation–the heart of the South Landing eco-district–isan innovativeshared energy plant that will providecentralized heating, cooling and electricityfor multiple buildings in the South Landing development.
The Catalyst building and Scott Morris Center for Energy Innovation are slated for completion this summer. Emerald Initiative is also developing the new Regional Health Partnership building for Gonzaga and the University of Washington in Spokane at the intersection of Trent and Hamilton, adjacent to McKinstry’s historic SIERR Building.
About Emerald Initiative
Emerald Initiative envisions, develops, owns and operates commercial real estate and alternative energy infrastructure. We craft creative, technology-enhanced solutions that help our commercial, industrial, and institutional clients to be resilient in a quickly evolving world. Our boldly sustainable buildings provide a healthy home for our uniquely curated communities and public-private partnerships, and we focus on projects that make a difference to the people and the neighborhoods that they serve. Emerald Initiative takes a long-term view to investing, and we proudly deliver financial returns that are enhanced by our environmental and community outcomes.
Emerald Initiative is an independently owned affiliate of McKinstry.
McKinstry is a national leader in designing, constructing, operating and maintaining high-performing buildings. From new construction and ongoing operations to adaptive reuse and energy retrofits, the company provides a single point of accountability across the entire building lifecycle. McKinstry focuses on people and outcomes to ensure the built environment serves owners, operators and occupants alike. McKinstry is your trusted partner for the life of your building. Learn more at www.McKinstry.com.