COEUR DALENESpokane developer John Stone unveiled detailed plans last week for turning 73 acres of vacant land along Northwest Boulevard here into a $200 million mixed-use development.
The project, called Riverstone, envisions 42 lots for single-family homes, about half of which would be along the Spokane River waterfront; space for condominium or apartment buildings; 16 commercial buildings with a total of about 450,000 square feet of space; and an entertainment complex that could include movie theaters and restaurants. In addition, Stones plan calls for a realignment of the Centennial Trail to connect with pathways through the development; a park-like central open space; and public boat docks.
Its a campus lifestyle, Stone says. It will allow someone to live, work, and recreate all in one place.
The property thats slated to become River-stone is between Northwest Boulevard and the Spokane River, northwest of downtown Coeur dAlene. Plans call for Riverstones main entrance to be at Lakewood Drive.
Site work has begun on the property, which Stone bought for $6 million last April. The property formerly was owned by W-I Forest Products Inc., of Portland, Ore., which once operated a sawmill there, but closed the operation about a decade ago.
Stone hopes to break ground on the first commercial building in the planned development as soon as weather permits. That structure will have 40,000 square feet of floor space, he says, and should be finished by the spring of 2001.
The entire project could be completed in five to seven years, Stone says, adding that the commercial buildings and the entertainment center likely will be developed first, followed by the residential portion of the project.
The specific housing mix included in the project will be decided later, Stone says. For example, although plans currently show lots for single-family homes along the waterfront, market demand could prompt Stone to change that portion of the project to semi-detached, one-story, townhouse-style residences, he says. In addition, the mix of condominium and apartment units hasnt been decided, he says.
Stone has asked Coeur dAlenes Urban Renewal Agency for $1.2 million in tax-increment financing to fund improvements along Northwest Boulevard for the development, including installing traffic signals at the projects entrance on Lakewood. Stone expects to hear the agencys answer to his request within a month, he says.
Jacke Beebe and Rich McKernan, of Coeur dAlene-based Coldwell Banker Schneidmiller Realty, will market the project. Beebe says hes had discussions with parties interested in occupying space in the development, although no tenants have been signed.
Subscribe today to our free E-Newsletters!SUBSCRIBE