A company headed by Spokane developer John Stone has doubled the size of the big, mixed-used Riverstone development in Coeur dAlene, by agreeing to buy a neighboring, massive gravel quarry along the Spokane River from Central Pre-Mix Concrete Co., of Spokane.


The company, Riverstone West LLC, is in the process of filling the quarry and plans to develop the 77-acre property as an extension of the 74-acre Riverstone property, an upscale commercial and residential development located on a former lumber mill site between the river and Northwest Boulevard.


The quarry property, once developed, will be called Riverstone West.


Getting our arms around what we have has been a challenge in and of itself, says John Stone in a press release. Now, were well into the execution phase of turning what was once a quarry into what will be office, retail, residential, and green space.


Stone says in the press release that the Central Pre-Mix property also will provide the overall Riverstone project with more visibility, since the western portion of the property is visible from Interstate 90. The site can be accessed both from the Riverstone property to the east and Seltice Way, which parallels I-90 near the the freeway before connecting with Northwest Boulevard.


Riverstone West LLC, of Spokane, which is an affiliated investment company formed by John Stone Development LLC, also of Spokane, paid an undisclosed amount for the land.


A Stone affiliated company called Rivermill Investments LLC bought the land for the original Riverstone project in 1999, from W-I Forest Products Inc., of Portland Ore., for $6 million. Since then, infrastructure has been constructed at the site and several office buildings have been erected there, along with a new headquarters building for Idaho Independent Bank. Another affiliated company recently broke ground on a 140,000-square-foot retail center there that will be anchored by a 14-screen movie theater. That complex is expected to open in spring 2005.


Stone companies also are in the process of developing Riverstones planned waterfront residential area, which will include 24 homes and about 230 condominium units, says Mike Craven, spokesman for John Stone Development.


Well start marketing them this summer, says Craven. Theyll be nice. Pricewise they will be on the high end.


John Stone says in the press release that the Riverstone West property will be ready for building this fall. K.C. Construction Inc., of Coeur dAlene, has been filling the gravel pit with thousands of cubic yards of structural fill material over the last several weeks.


Central Pre-Mix will continue for now to mine the western-most portion of the quarry, and will keep its retail operation there along Seltice Way, says Mark Murphy, vice president and general manager of Central Pre-Mix. We have an agreement to continue to operate, and we have an extension to work until we are finished there, he says. He declines to estimate when that will be.


Murphy describes the propertys size differently than does Stone.


Murphy says the real estate contract states that Stone has purchased 50 acres already and will be able to buy another 46 acres there.


That would add up to 96 acres, or 19 more than what Stone says was purchased.


Murphy declines to say how the closure of the quarry at Riverpoint will affect Central Pre-Mixs operations.


Thats a decision I dont have to make for a while, he says. We have other properties.


The Riverstone West property currently is located in Kootenai County but is expected to be annexed by the city of Coeur dAlene, says Rand Wichman, the countys planning director. Coeur dAlene hasnt received an annexation request, or subdivision plans for the development, says Dave Yadon, the citys planning director.


Coeur dAlenes urban renewal agency gave Stone $1.5 million in tax-increment financing for infrastructure improvements for the original Riverstone project. Tony Berns, the executive director of the Lake City Development Corp., says Stone has not asked the organization for additional money related to the Central Pre-Mix site.


Were looking forward to partnering with him, once we understand what hes thinking, Berns says.