Fisher Building sale finalized

When it comes to the case of the Cheney School District’s surplused Fisher Building, apparently the fourth time is the charm.

After three previous purchase proposals for the district’s former high school, junior high and administration building fell through, school officials closed a deal Monday with Eastmark Capital Group of Seattle. District Superintendent Rob Roettger said Tuesday the final sale price to Eastmark was $750,000.

The Fisher Building, originally constructed in 1929, was declared surplus by the school district’s board of directors in late spring 2013 after the district moved its administration offices out of the 57,128-square-foot structure to new property it had previously acquired on Needham Hill off Anderson Road. The firm of Auble, Jolicoeur & Gentry appraised the building at $1,000,055, noting that it would likely require at least an estimated $5.76 million to renovate it for continued use as an educational facility.

Eastmark’s Sean Barnes approached the district this past summer with a purchase offer, hoping to not only turn the building into student apartments but have it listed on the national, state and local historic registries. Eastmark is still in the process of obtaining the first two, and the Cheney Historical Preservation Commission obliged his request on the latter at their Nov. 3 meeting.

According to building information filed with Cheney, Eastmark plans to renovate the Fisher Building into 36 studio, one-, two- and three-bedroom apartments for students. The plans call both the original building and a 1952 addition along Fifth Street to remain, with a portable classroom building along College Avenue to be removed.

To achieve historical registry status, and potential financial assistance that comes with it, Eastmark must maintain at least the original nature of the building’s exterior. In an Oct. 6 Cheney Free Press story, Eastmark consultant Lori Noto said they also are planning to retain as many historical aspects of the building’s interior as possible, including a portion of the 300-seat auditorium and the gymnasium.

“We’re excited to have somebody who has a vision for the building,” Associate Superintendent Sean Dotson said about the purchase and renovation details.

Kassidy Probert, executive director of finance, said the district planned to put the proceeds from the sale into its capital projects fund, but had not identified any intended uses right now. One thought on that was the funds would be available should any capital facilities need arise, Probert said, but added that since most of the money in the fund is earmarked for specific projects, having a bit more is a bonus.

“It’s just nice to have some capital project funds available,” he said.

On Monday, officials associated with Eastmark’s contractor, Yost Gallagher, were walking the Fisher Building mapping out the upcoming work. In an email, Noto said they plan to begin demolition work this week, and have a target date to open the building in time for the start of fall quarter at Eastern Washington University.

John McCallum can be reached at [email protected].