Key Takeaways
- Downtown Spokane will see a new $95 million, 24-story apartment tower, bringing 310 new units and reshaping the city’s skyline and rental market.
- Secondary markets like Spokane are gaining traction among investors, especially as Seattle and Portland markets grow more competitive.
- The Centennial Rise project is powered by Opportunity Zone funding and green building incentives, appealing to long-term, ESG-minded buy-and-hold investors.
Spokane, WA — The Inland Northwest just made a major play in the multifamily sector.
A $95 million, 24-story apartment tower has been approved for development in the heart of downtown Spokane—a project set to redefine the city’s urban skyline and unlock a fresh wave of investor interest in secondary markets.
The development, named The Centennial Rise, will feature 310 units, ground-floor retail, and structured parking.
Positioned just two blocks from Riverfront Park, it targets mid-market renters, remote workers, and relocating professionals looking for affordability with urban perks.
Spokane’s Multifamily Market Takes Center Stage
This approval is more than just a construction headline. It signals Spokane’s growing role in Washington’s investment map.
With Seattle and Portland markets experiencing inventory pressures and tighter cap rates, investors are looking east, and Spokane is answering.
Key Development Stats:
- Project Value: $95 million
- Unit Count: 310 residential units
- Cap Rate Expectations: 5.5%–6.2%
- Completion Target: Q4 2026
- Retail Space: 18,000 sq. ft.
Incentives & Infrastructure
The developer, Cascade Housing Partners, secured partial funding through Opportunity Zone capital, layered with a low-interest city loan and state green building incentives.
The project will feature energy-efficient infrastructure, EV charging stations, and bike-friendly access points, enhancing appeal for ESG-focused investors.
Assessment
Spokane is no longer a sleeper city—it’s sprinting into investor crosshairs.
The Centennial Rise project not only fills a housing gap but introduces a scalable investment model backed by incentives and urban demand.
For those seeking value-add opportunities beyond the I-5 corridor, Spokane offers the right mix of growth, affordability, and long-term stability.
This is the kind of market where today’s smart money is planting deep roots.
