Steve Ridenour, manager of development services for Coldwell Banker Schneidmiller Commercial Realty in Post Falls, is one of two development partners. The other is Dr. Bret Dirks, a Coeur d' Alene neurosurgeon.
The Wal-Mart broke ground last week. North River LLC's $24-million project will be built in two adjoining developments. Ridenour describes the projects as "companion developments to Wal-Mart."
The larger project will be built on 20 acres adjacent and directly to the west of Wal-Mart's own 20-acres. Still in the early stages of planning, North River anticipates constructing between 160,000 sf and 200,000 sf of retail space here, for about $20 million. As for the planned tenant mix at this first property, Ridenour says, "We're looking for mass merchandisers, big-box types of tenants."
The second project will be constructed on Pines Road, facing west into the Wal-Mart parking lot. The cost of this 35,000-sf strip development, dubbed the Pines Road Center, is expected to run $4 million. Ground-breaking is anticipated within the next two months and completion scheduled for this coming fall. Ridenour says this property "is suited for shop-types of tenants with 1,200 sf to 10,000 sf."
North River owns an additional 30 acres contiguous to its 20-acre site and foresees more retail there. Ridenour says that property has already been seeded for development by two major auto dealerships.
Ridenour says the Post Falls area, just 15 miles east of Spokane and eight miles West of Coeur d' Alene, is "coming into its own" as "residential growth has been creating pent up demand for retail and retail services." In fact, Ridenour says the town is currently looking at annexing 350 to 1,600 acres on its north end for anticipated residential growth.
According to Ridenour, Liberty Lake, just over the border in Washington, and Post Falls comprise a business center that is attracting many high-tech companies. While Post Falls proper has only a population just under 16,000, about 600,000 people live within a 35-mile radius. In fact, Ridenour says projections for residential development have Post Falls surpassing Coeur d' Alene within 10 to 15 years.
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