Dave Rucker, a California developer who owns six properties in or near downtown Coeur dAlene, has forged plans to redevelop one of those properties and remodel another, and also has made a seventh acquisition in the Lake City.
Rucker says he plans to develop a $3.5 million downtown residential project this fall at the site of the former Coeur dAlene Creamery, which is behind the Roosevelt Inn, a well-known bed and breakfast at 105 E. Wallace.
Lake City Development Corp., a city of Coeur dAlene-sponsored urban renewal agency, will contribute roughly $300,000 to pay infrastructure costs for development of that project, says Tony Berns, its executive director.
Rucker says the project will have roughly 22 residential units, but hes unsure whether they will be condominiums or apartments.
We recently tore out the foundation, which was still on the site even though the creamery building is gone, Rucker says. Were wrestling with what were going to do there. It could be condos or apartments.
In his latest Coeur dAlene acquisition, Rucker recently bought 10 acres east of the Olive Garden restaurant at 525 W. Canfield, on Coeur dAlenes northern edge.
He says hes unsure what he will develop on that vacant land.
It could be some sort of commercial office building, Rucker says.
Rucker, who has residences in both Ventura, Calif., and Coeur dAlene, says, I spend about 30 percent of my time in Coeur dAlene. Its one of those dynamic areas, and I am very bullish on the area.
Rucker says he considers his downtown buildings to be long-term investments.
I plan on keeping them for the long haul, Rucker says. I love the downtown area. I plan on making improvements to my properties there.
He began remodeling a 7,500-square-foot building at the northeast corner of Fourth Street and Lakeside Avenue this spring. He bought the building about two years ago. The building is mostly vacant, and Rucker plans to market it as commercial office space after its updated.
Were trying to get the building back to its original look with a brick facade, he says.
Last month, he bought the old City Hall building, at the southwest corner of Fifth Street and Sherman Avenue. It houses a number of tenants, including Crickets Steakhouse & Oyster Bar, an office of the Coeur dAlene Tribe, and several smaller businesses. Rucker doesnt plan to make any major improvements to that building.
He plans to remodel later this year a 5,000-square-foot building in the 500 block of Sherman. Rucker bought that the building about a year ago.
Rucker also owns a 10,000-square-foot building at 206 E. Indiana, a few blocks north of downtown, where tenants including Blue Water Technologies Inc. and the First Judicial District Court Appointed Special Advocate, a nonprofit that works for abused, neglected, or abandoned children in the legal system, have offices.
In addition, he owns a 4,500-square-foot building at 105 E. Indiana that houses the School Indigo, a private nonreligious school with 32 students, as well as the Aspen Apartments, a 48-unit complex in Hayden that he bought about four years ago.
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