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 also 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.
8 Responses
Where are you getting this information from? I cannot find any info about this anywhere except for here. The images are all Ai as well. Is this fake?
Over time, and since this publication, many numbers and other information have evolved. Here’s a link to more info: https://my.spokanecity.org/news/releases/2025/08/19/millions-awarded-to-affordable-housing-projects-across-spokane/
That’s great, I hope it gets built. I am curious as to where in downtown they want to build it. I tried searching online for more info about this project, but I haven’t found much on it so far. It must be in the early stages still, but it does mention that it’ll be located 2 blocks from Riverfront Park, so perhaps a parking lot near the park is about to be transformed soon? As we know, more housing, especially affordable housing, is needed in the downtown core. The Spokane Falls Tower, which is being constructed nearby, will be a nice addition when completed, but it doesn’t fill the gap for affordable housing. Now, from an architectural perspective, downtown is long overdue for a new tallest building. The Bank of America Tower (formerly SeaFirst) has held that record here since 1981, and perhaps this proposed apartment tower could be the one to finally drop the BoA Tower down to second-tallest? Who knows. But if this proposed apartment tower can help reduce one less ugly parking lot in the city core while adding affordable housing, I see that as a win-win for downtown. #YIMBY
Over time, and since this publication, many numbers and other information have evolved. Here’s a link to more info: https://my.spokanecity.org/news/releases/2025/08/19/millions-awarded-to-affordable-housing-projects-across-spokane/
Is anyone else thinking this $95M tower is just gentrification in disguise? Whos really profiting here, Spokane or big investors?
Great for Spokanes economy, sure, but what about affordable housing? $95M couldve gone a long way to help homelessness. Just saying.
Interesting move, but arent there enough vacant apartments already? Whos going to fill this $95M tower in downtown Spokane? Seems like a risky investment.
95M for a tower? How about fixing our potholes first? Spokanes charm is in its small-town feel, not skyscrapers! #missingspokanesoul