Economic Development

Federally Qualified Opportunity Zones in Spokane

Spokane's 11 Census Tracts Designated

The City of Spokane was able to have 11 census tracts designated by the Federal government for qualified Opportunity Zone investment. These 11 census tracts were among the 14 we recommended to our Governor for nomination. These census tracks aligned with our City’s Target Investment Economic Development Strategy and our incentives area, and were areas where economic growth is planned and occurring.

Below the map you can click the pictures of the Target Investment Areas, which will open the dashboard PDF reports on each census tracts located within that Target Investment Area. The Dashboard tool was developed by Enterprise Community Partners, Opportunity360 offers a 360-degree view of any neighborhood?in the country. Opportunity360 measures five foundational criteria shown to have the greatest impact on how we live: Housing Stability, Education, Health & Well-Being, Mobility and Economic Security. The information provided by each neighborhood-level dashboard can help you better understand the resources needed to make communities more inclusive, equitable and connected to opportunity.

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  Downtown

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  Kendall Yards

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  North Bank

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  Lower South Hill & Medical District

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  University District (south of the Spokane River)

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  Sprague Union District

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  The Yard & Market St. Area

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  Portion of West Plains and International Airport

Why these areas?

• Economically distressed residents
• Targeted Investment Areas attracting investment
  • (Downtown) $50 million in projects planned at downtown Spokane's west end
  • (Downtown) All Systems Go at Hotel Indigo
  • (Kendall Yards) What's not to love about Spokane's newest neighborhood?
  • (North Bank) Spokane could have a new tallest building after developer submits plans for 22-story tower
  • (North Bank) New Spokane Sportsplex will host 2022 U.S Indoor Track and Field Master's
  • (Lower South Hill Medical District) Two medical office buildings planned in Spokane
  • (Lower South Hill Medical District Spokane's first co-housing community sold out before groundbreaking
  • (University District) UW, Gonzaga announce plans to expand health sciences with new $60 million building
  • (University District) Plans progress for $45 million River Bend development in the University District
  • (Sprague Union) McKinley School | Union Park Market
  • (Sprague Union) New affordable housing on East Sprague seen among catalysts for transformation
  • (The YARD) New industrial park planned in Hillyard area
  • (The YARD) Beacon of progress at Beacon Hill
  • (West Plains Spokane IA) Spokane International Airport receives federal grant to build rail, freight project
  • (West Plains Spokane IA) Selkirk Pharma plans $30 million manufacturing facility on the West Plains
• Aligned with other incentive areas
• Partners in place Public Development Authorities and Business Improvement Districts
• Pipeline projects ready go
• Opportunities for new investment

Opportunity Zone Funds and Projects Meetup!

The City of Spokane does not certify funds or projects, and it recommends that funds and projects conduct research on each other. The City offers to post basic info with links to both funds and projects investing in our distressed zones here on our Opportunity Zone page. Please email us at incentives@spokanecity.org if you have a fund or project in one Spokane’s Zones to list.

North Bank

Papillon Opportunity Zone Fund, a single-property fund centered on the Papillon Towers Development. The Papillon Towers Development is developing on Spokane's North Bank. The infill development focuses on reuse of an existing building, an adjacent mid-rise new tower to the east, and a high-rise tower with parking directly across the street to the north. The Papillon OZ Fund is offering an opportunity to other zone investors. Papillon Opportunity Zone Fund

Downtown

6th Avenue Partners LLC has purchased the 55,000sf QualMed Building at 508 W 6th Avenue utilizing a Qualified Opportunity Zone Fund. 6th Avenue is planning to completely modernize and redevelop the property into a mixed-use development including retail, office, medical office, and apartments. The project is being handled by local developer and construction manager Brumback Real Estate & Construction. The 508 West project is currently underway and final completion is expected by 2021.

Alignment with Strategic Plan

• Grow targeted areas – Invest in key neighborhoods and business centers; especially PDA's
• Marketing Spokane – Market Spokane's urban advantages and experiences to grow jobs and economic development
• Public amenities – Invest in key public amenities and facilities
• Regional collaboration – Work collaboratively with regional partners

National Landscape:

• The Economic Innovation Group (EIG) launched the Opportunity Zones Activity Map, an online portal highlighting some of the most innovative and impactful publicly-announced developments catalyzed in the early stages of this new policy. This portal features four maps that highlight the core components of the emerging marketplace. Investments, Funds, Activities, and Projects get listed by submission. Fill out this quick survey with as much available data as possible. EIG doesn’t guarantee inclusion, but will assess all suggestions for map additions.
• The IRS continues to update its OZ FAQ.