Liberty Lake developer mulls big housing projects
Two subdivisions could top $50 million in valueMarch 13th, 2014
Rivercrossing LLC, an affiliate of Liberty Lake-based real estate development company Greenstone Corp., plans to create a total of 282 residential units in two new subdivisions with a combined value of more than $50 million in the city’s River District.
One subdivision, to be named River Crossing North, would have 225 single-family-home lots. Kevin Schneidmiller, of Rivercrossing LLC, says homes there likely would range in price from $200,000 to $280,000. River Crossing North would be located on 53 acres of land north of Mission Avenue, west of Harvard Road, and south of the Centennial Trail.
Assuming homes in the River Crossing North subdivision would have an average selling price of more than $200,000, the total developed value of the River Crossing North subdivision alone would be more than $45 million.
The other subdivision, which would be an addition to the recently developed Courtyard at River District multifamily subdivision, would have 57 apartment and town house units on 6 acres of land west of Bitterroot Street, on the north and south sides of Indiana Avenue. Schneidmiller says 10 to 12 town houses would be for sale, and the rest of the units would be rentals.
The developer hasn’t determined a price range for the town houses in the Courtyard project yet, he says. For comparison, though, the Courtyard addition would be somewhat larger and closer to the Spokane River than the neighboring multifamily housing complex, which the Spokane County Assessor’s office has appraised at $5.2 million.
Greenstone is designing the subdivisions, and its construction affiliates will develop the lots and build the homes, Schneidmiller says.
Both planned subdivisions are on undeveloped, historically agricultural land, and construction for both would begin this year, he says.
Home sites and apartments in both subdivisions would be marketed to middle- to high-income buyers and renters, preliminary plat applications on file with the city of Liberty Lake say.
The developer estimates in the application that 560 people would live in the River Crossing North subdivision, and 165 people would live in the Courtyard at River District addition when fully occupied.
The River Crossing North preliminary plat application is in the initial stage of environmental review, while the environmental review for the Courtyard addition is nearly complete, says Amanda Tainio, the city of Liberty Lake’s planning and building services manager.
The city likely will issue a conditional notice of no significant environmental impact for the Courtyard project and will schedule a public hearing on that preliminary plat request either later this month or in April, Tainio says.
The preliminary plat process is an initial required stage in dividing land parcels into individual lots for development.
River Crossing North would be developed in phases over a span of four or five years, depending on buyer demand, Schneidmiller says. Homes there would have one or two stories, and some would have optional basements. They would range in size from 1,500 square feet to 3,000 square feet of living space, he says.
The homes would be served by a public street system that would be developed within the project and connect to Holl Boulevard and Cavalier Road.
Land adjoining the River Crossing North parcels includes single-family homes surrounding the River District’s public centerpiece Half Moon Park to the south, vacant land to the west, and the Centennial Trail along the Spokane River to the north.
The Courtyard at River District addition would be just over a half-mile east of the proposed River Crossing North subdivision. It would be just south of the Centennial Trail and just north of the initial phase of the Courtyard at River District.
The earlier Courtyard phase includes a five-building, 47-unit apartment complex, and Greenstone also is marketing units there to middle- to high-income residents.
Greenstone’s website shows that units in the initial Courtyard at River District subdivision have one to three bedrooms with 900 to 1,700 square feet of living space and monthly rents from $890 to $1,450.
To accommodate the proposed Courtyard addition, Bitterroot Street would be extended north, and Indiana Avenue would be extended west from Bitterroot, Schneidmiller says.
Greenstone and its affiliates are developing the River District, a master-planned community in west Liberty Lake that includes about 670 acres of land north of Interstate 90 with four miles of frontage on the south side of the Spokane River. Schneidmiller says about 10 percent of the River District is developed so far.