A Coeur dAlene development venture says it plans to launch next spring a $50 million, 74-unit condominium project overlooking the Spokane River near the big Riverstone development.


The five-story, 190,000-square-foot structure is to be located at 1214 W. Mill, just west of Northwest Boulevard and a few hundred feet north of the river, says Art Bale, a Coeur dAlene-based developer and real estate broker who is part owner and manager of the development company, called Coeur dAlene Condominiums.


The project would be built on a 2.25-acre site thats currently occupied by Riverwalk RV Park, which Bale developed in 1997 and continues to own.


Bale, who also is an associate broker with Northwest GMAC Real Estate, of Coeur dAlene, says the planned structure will have five above-ground floors and two basement levels. Units in the structure, which is to be called the Coeur dAlene Condominiums, will be priced from $500,000 to $1.2 million, he says, and will range in size from 900 square feet to 1,850 square feet of floor space.


Each unit also will have a balcony ranging in size from 90 square feet to 270 square feet, Bale says.


The ground floor of the building will have about 40,300 square feet of floor space and might include some retail shops, he says. The project will have 135 underground parking spaces in two basement levels and 24 ground-level parking spaces on a surface lot.


He says that every unit will have a view of the Spokane River, and that units on the second through fifth floors also will have views of Lake Coeur dAlene.


Bale says he expects to obtain financing for the project within the next few weeks. He is marketing the units himself. Construction is expected to begin in May and be completed in September of 2009.


Contractors Northwest Inc., of Coeur dAlene, is the contractor, and Patano Architects PA, of Coeur dAlene, designed the project.


With the Riverstone project nearby, Coeur dAlene Condominiums will be within walking distance of medical, banking, exercise, restaurant, and entertainment facilities, Bale says. The project also is near easy bicycle and pedestrian access to downtown Coeur dAlene via the Centennial Trail, he says.


Bale, who also was a development partner in the 54-acre Cochise Terrace RV Resort, in Benson, Ariz., says Coeur dAlene Condominiums is the biggest residential project hes been involved in.


Contact Mike McLean at (509) 344-1266 or via e-mail at [email protected].