GVD Commercial Properties Inc., of Spokane, is redeveloping and expanding a large commercial center in Ponderay, Idaho, near Sandpoint, that currently includes 86,000 square feet of retail space.
The Spokane company says it might add a hotel and additional retail space later at the center, called Ponderay Crossing, but it's too soon to estimate the cost of the entire project.
GVD Commercial, which is owned by Gerald Vance "Jerry" Dicker, is redeveloping for retail tenants an 80,000-square-foot building on a 10-acre parcel at the northeast corner of U.S. 95 and Kootenai Cutoff Road that formerly housed a Kmart Corp. store. It has leased 10,000 square feet of that building's space to Laughing Dog Brewing, of Ponderay, which GVD Vice President Ryan Goodell says likely will move into the space by early next year. Currently, a Black Sheep Sporting Goods retail store is renting the remainder of the building on a flexible lease, he says.
GVD also has built an additional 6,000 square feet of retail space on the north side of the former Kmart building, which is fully occupied. The tenants in that building include Spokane Teachers Credit Union, a Verizon mobile phone dealer named Wireless Works, an EZ Money store, and an upscale Laundromat. GVD also plans to develop another retail building for smaller tenants there, which it expects to be completed by 2011, depending on demand for retail space.
"With the current market, we aren't building anything on speculation," Goodell says, but adds that GVD sees the development as a good long-term investment. He says other new construction nearby, such as a new Slates restaurant and a newly opened Holiday Inn Express, draw more traffic north to that area.
Meanwhile, across the highway to the west, GVD has bought another 20 acres of land on which it plans to develop what it will call Ponderay Crossing West as part of the commercial center. It calls the site of the former Kmart building Ponderay Crossing East.
In the Ponderay Crossing West development, GVD is considering developing an 80-room hotel, along with additional retail space. Goodell says about 4.5 acres of that site would be used for the development, and the remainder of the land, which is bisected by Sand Creek, would be used to provide outdoor recreation and amenities to customers and guests at the hotel.
GVD is developing the Ponderay West project with the former owner of the site, whom Goodell declines to name.
Goodell says GVD anticipates that the overall project likely will be completed in 2012. Another affiliated company, GVD Hospitality Services Inc., likely would operate the hotel if one were constructed, but Goodell says that is just one of several options being considered for the Ponderay West site. GVD also is redeveloping the historic Burgan's Block, in Spokane, at which it plans to develop a five-story hotel.
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