A subsidiary of John Stone Development LLC, of Spokane, has begun grading the 25.5-acre residential portion of the big Riverstone development, in Coeur dAlene, and will put in roads and utilities there shortly, spokesman Mike Craven says.
The subsidiary, Rivermill Investments LLC, obtained approval from the city of Coeur dAlenes planning commission recently of a plat and a planned-unit development on the property, which borders on the Spokane River near Northwest Boulevard, Craven says.
We will be marketing lots on the waterfront this spring, he says. Were really charging ahead.
Separately, Riverstone Center LLC, another affiliate of John Stone Development, will begin construction this spring of a 140,000-square-foot retail center at Riverstone that will be anchored by a 14-screen Regal Cinemas theater complex, Craven says.
In addition to the theaters, the center will include restaurants and apparel and retail stores, he says.
Earlier, two office buildings, Riverstone One and Riverstone Two, were built in the 74-acre Riverstone development. Also, Idaho Independent Bank is nearing completion of a 20,000-square-foot new headquarters building at Riverstone, and expects to move into the building on April 16, Lynn Gustavel, the banks senior vice president, says.
John Stamsos, an associate planner with the city, says that in the absence of an appeal, the planning commissions approval of Rivermill Investments plat and planned-unit development on the residential part of Riverstone is tantamount to approval by the Coeur dAlene City Council. A required administrative approval by the staff of the final plat and final planned-unit development plan is expected, he says.
Craven says the waterfront residential area, located between the Burlington Northern & Santa Fe Railway Co.s tracks and the Spokane River, will include 255 living units, 24 of which will be single-family homes. The rest of the units will be condominiums, built on seven pads.
We will either be building the condominiums or selling the condominium parcels to developers, he says. He adds that Rivermill Investments expects to sell the 24 lots for single-family homes both to people who will build their own residences and to developers who will build speculative homes to sell.
The plans call for a dock in front of each of the single-family home lots, and each condominium owner will be able to moor a boat at a slip at a nearby marina there, Craven says.
Residents will have year-round waterfront living with their dock and boat in the front, he says.
The price range of the condominiums hasnt been set yet, but theyll be very nice. Theyll be upscale, Craven says.
The developers have been trying to have the BNSF tracks removed from the development site, Craven says.
Were still working towards it, and the city of Coeur dAlene is still working towards it, but theres no date set or firm plan to remove them, he says.
BNSF serves a Stimson Lumber Co. mill with two slow-moving trains a day on those tracks, he says.
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