Two heavy hitters in the Inland Northwest development community are joining forces on a 900-acre mixed-use development in Liberty Lake that will skirt the Spokane River.
Greenstone Corp., the Liberty Lake-based residential development company led by Jim Frank, and Centennial Properties Inc., a Cowles Co. development subsidiary, have formed River Crossing LLC for the massive undertaking, which is being called the River District at Liberty Lake.
When fully developed over the next 20 to 30 years, the areas complete build-out will have a value in excess of $1 billion, Frank says.
The 900 acres of largely undeveloped land are located north of Interstate 90. The largest block of land is bordered by the Spokane River to the north, the freeway to the south, Harvard Road to the east, and the city of Spokane Valley-Liberty Lake border to the west. About 300 acres lie on the north side of the river, however, and a somewhat smaller tract is east of Harvard Road.
Frank says the first stage of housing is under way at the west end of the development, and a large retail complex along Interstate 90 is slated to start next year.
The first stage of residential development will include 495 home lots and 45 townhouse units, Frank says. Also, he says, that portion of the River District will include two park sites and a 12-acre parcel thats being donated to Central Valley School District for a future elementary school.
Home prices in the first stage will range from $195,000 to the mid-$300,000s, and townhouse prices are being set at below $200,000, Frank says. Depending on market conditions, he says, it will take between two and three years to develop fully that first group of new homes.
Including that first stage and additional phases of a variety of types of housing, River District will have between 2,000 and 3,000 residential units, he says.
The envisioned retail complex, called Telido Station, is to be located on 150 acres of land just north of Interstate 90 at the Greenacres turnoff. Bob Smith, vice president and chief operating officer of Centennial Properties, says the first 100 acres slated for development at Telido Station will be home to 20 retail pad sites that will accommodate more than 500,000 square feet of retail space.
Smith says he currently is in negotiations with several prospective tenants, but none of them have committed formally to take space in the development. He declines to disclose the names of potential tenants, but says they include general-merchandise retailers, a home-furnishing store, a sporting-goods store, restaurants, and other entertainment-type venues.
Frank says it likely will take about three years to develop Telido Station, which is named after a train station that once was located on that site.
Later, once the first stage of homes and Telido Station are well under way at the west end of the project, River Crossing plans to begin development of a town center at the east end of the project, Frank says. An extension of Indiana Avenue will run the length of the development and serve as an arterial, and the planned center will be located near where Indiana connects with Harvard.
The town center will act as the focal point of the community and is designed to be pedestrian friendly, with parking lots built behind the retail stores and sidewalks in front of storefronts, Frank says.
The town center also could include urban-style flats and townhouses, he says.
It will have a bit more urban character than weve seen in a community like Liberty Lake, says Frank, adding that the area will have characteristics similar to Spokanes Garland District or South Perry District, but obviously will be much newer.
In the future, as additional phases of housing are built, some affordable housing and rentals will be added to the mix, and high-end condominiums and homes will be added as well.
As the project develops, the range in housing will broaden at both ends, he says.
River District is being developed with the goal of preserving views and access to the river, as well as the stretch of the Centennial Trail that runs along the river there, Frank says.
A trail system is being built into the development, and a greenbelt of land along the river will remain undeveloped. Those strips along the river, parks, and open spaces within the development will take up roughly 15 percent of the total acreage in the development, Frank estimates.
Were obliged to do a project that honors the river in ways that havent been done before, he says.
Contact Linn Parish at (509) 344-1266 or via e-mail at firstname.lastname@example.org.
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