US: Upscale travel apartment provider Stay Alfred has signed a ten-year lease to renovate 27 units at real estate developer Roger Fruci Jr.’s Fruci Building in downtown Spokane.
The upper floors of the building at 218 N. Bernard St. have been left vacant since Fruci & Associates moved its offices to Washington Street in 2016.
Mike Wilson, Stay Alfred’s senior vice president of real Estate, told The Spokesman: “It was a great partnership from the beginning. Overall, we’re excited for the Spokane expansion.”
Wilson said he anticipates the renovations will be complete by June 2020.
Fruci’s father, Roger Fruci Sr., purchased the building in the 1950s after it was constructed in 1905. Since Fruci & Associates moved out three years ago, Fruci Jr. wanted to convert the space into short-term rentals due to its proximity to the Spokane Convention Center and the First Interstate Center for the Arts.
He said: “It was always in the back of our minds that we wanted to get back to residential at some point. Stay Alfred provided an impetus for a really cool project.”
Stay Alfred now operates over 2,500 vacation rental units in 33 cities, having raised $47 million in venture capital funding last year from Chicago-based real estate firm Nine Four Ventures. The company says it plans to use the capital to expand its footprint into Europe and add a further 4,000 units in the next 12 months.
For more information, visit the Stay Alfred website here.