A group led by Innovation Collective LLC owner Nick Smoot has bought the long-vacant Elks Building in downtown Coeur d’Alene.

Smoot says the building will be home to Coeur d’Alene-based Innovation Collective activities, including teaching, mentoring, networking, and collaboration.

Innovation Collective advocates entrepreneurial ventures and efforts to create a Coeur d’Alene-area tech hub.

The building at 418 E. Sherman, which has been vacant for 25 years, has two floors and a mezzanine level with a total of 26,000 square feet of floor space. Smoot says the new owners plan to add to the mezzanine level to bring the total floor space in the building to 32,000 square feet.

The building will be renovated to include 58 small office spaces for rent, four larger spaces for anchor tenants, and conference and educational space, Smoot says, adding that he also envisions a café-coffee house and a bar-restaurant in the building.

Smoot says the owners hope to attract business startups that collaborate to expand or serve the technology industry, including human resources providers, venture capitalists, attorneys, and payroll service providers.

He declines for now to identify prospective tenants.

“We’re working with private-sector businesses, government, and the community to formulate a great plan,” he says. “We’ve been talking with a few folks who want to make a big impact on the community.”

Steve Ridenour, a broker with the Coeur d’Alene office of Spokane-based NAI Black, handled the transaction.