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Mad Anthony's Restaurants is Apparent Winning Bidder for Site on Lincoln St.

Company has leased that location since April 2004

Release Date: 9/25/2012 11:45:00 AM

MEDIA CONTACT: Marlene Feist, Public Affairs Officer, 509.625.6740

Mad Anthony’s Restaurants, owner of the Anthony’s seafood restaurants, is the apparent winning bidder for the site of its Spokane restaurant along the Spokane River on Lincoln Street. The City Council still needs to approve the sale of the property, which is owned by the City of Spokane.

“We are going to return this property to the private sector, which is in the best position to develop it for its highest and best use,” says Jan Quintrall, the City’s Division Director of Business and Development Services. “The proceeds from the sale also will allow us to pay for arterial street projects and maintenance on City facilities more integral to our operations.”

Mad Anthony’s submitted a bid of $3.9 million for the property, which includes 34,000 square feet of land and the 11,000-square-foot restaurant building. As submitted, Mad Anthony’s proposal will preserve the site’s existing public view corridors and two overlook locations on the north and south ends of the restaurant.

“After eight and a half years, Mad Anthony’s has fallen in love with the Spokane community and is appreciative of the community’s support,” said Lane Hoss, the company’s Vice President of Marketing. “We also have a great team at the restaurant and it is important to be able to continue operating the restaurant for them as well as our guests. Mad Anthony’s is excited to be the apparent high bidder and looks forward to serving Spokane for many more years.”

The City received two bids in response to its request for proposals to sell the property. Proposals were due by Sept. 10. Both this and the other proposal were for more than the $3 million appraised value for the site.

About $2.95 million from the sale proceeds will go into the arterial street fund for construction projects. The rest will go into a new asset management fund, which the City has set up to establish a fund for capital repairs and investment in the properties the City owns.

Even if the City were able to lease the property at twice its current monthly lease payment, it would take more than 10 years to save that much money for arterial street work. The City can use that money to gain matching dollars from state and federal sources. The City typically is able to gain about $4 for each $1 of local funds.

The City purchased the Anthony’s property in anticipation of the Lincoln Street Bridge project, which ultimately was abandoned. Anthony’s has leased the site since April 2004. Before that, it was leased by the restaurant, Salty’s. On July 9, 2012, the City Council passed a resolution declaring the Anthony’s property along the Spokane River as surplus.

As part of his 100-Day Action Plan, Mayor David Condon had staff complete an inventory of the City’s 1,600 pieces of property. As part of ongoing work, the City will determine what properties aren’t needed and how we can use money raised from the sale of those assets to help maintain the properties that remain critical to our mission.

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