SPOKANE – WSU has selected NexCore Group of Denver to enter into negotiations for possible development of the Pine Street Project at the Riverpoint Campus, the subject of a request for proposals the university published in late March.
The proposals were reviewed by the WSU real estate committee and an independent consultant.
Their consensus was that the NexCore Group proposal best met the goals outlined in the RFP for several reasons:
1. The financial proposal was strong (lease term, future lease payments, reappraisal provisions).
2. They have secured a “flagship” tenant for the project that supports the health sciences focus of the Riverpoint campus.
3. Their conceptual development plan provides a phased approach that can be developed over time.
4. Their proposal has meaningful programmatic benefits to the university and the community.
Proposals from four developers were received and reviewed by the university: Amidi Group, Redwood City, CA; GVD Commercial, Spokane, WA; NexCore Group, Denver, CO; and Wells and Company, Spokane, WA.
In the second phase of negotiations, the university and NexCore will work toward a letter of intent and ultimately a ground lease.
NexCore has identified one tenant already.
Arthritis Northwest, a five-physician clinic currently located in the Sacred Heart Doctors Building, would move its offices to the site and bring a “Musculoskeletal Center of Excellence” to the project, according to NexCore representative Jarrod Daddis.
For a complete story about the selection process click here.