The former Hazen & Jaeger Funeral Home building on Monroe Street has been sold to a buyer who plans to retain the historic character of the structure while redeveloping its interior.
AJB Monroe Operating Company LLC, whose principal is Benjamin Milbrath, purchased the 30,000-square-foot, two-story building at 1306 N. Monroe St. in November for $1.1 million, according to data from the Spokane County Assessor’s Office.
“I happened to be driving down Monroe (Street) and it just caught my eye,” Milbrath said, referring to the historic building. “I thought if I could get into it at the right price point, it looked like a great opportunity.”
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After more than two decades spent converting a shuttered saw mill along the Spokane River into a thriving mixed-use development in Coeur d’Alene, John Stone and his partners in the Village at Riverstone development decided it was “time to bring the hay into the barn.”
“We all wanted to do some more things in to the community and bring on some more challenges,” Stone said. “We decided it was time to sell the project.”
They had no trouble doing so in the city’s thriving real estate market, according to Casey Brazil, vice president and partner of Kiemle Hagood, which handled the property’s sale.