March 27, 2007 in Business

Condos going up on Third

The Spokesman-Review
 
Courtesy Daryl Wilder photo

A rendering of the 505 Flats condo project.
(Full-size photo)

The 505 Flats condo project planned for downtown Coeur d’Alene will take advantage of the city’s infill housing ordinance, designed to encourage dense residential development in the city’s older neighborhoods.

The four condo units will be built on a city lot at 505 Third Street. The infill ordinance allows developers to build more units in established neighborhoods when design standards are met.

Builder Daryl Wilder said his inspiration for the project came from Portland’s Pearl District, where old warehouses have been converted into living quarters.

“We get a lot of demographics that people want to be downtown,” he said.

The Third Street parcel is within walking distance of downtown. As a corner lot, it was large enough for a small condo project, Wilder said.

Though the 505 Flats project is new construction, the units were designed with a slightly industrial brick-and-slate look. “It’s not like the Craftsman style,” said Joel Pearl, real estate agent for the project.

The two-bedroom, two-bath units are priced from $380,000 to $425,000. Pearl envisions the units attracting empty nesters and summer-only residents. One unit is reserved, he said. Wilder, who owns Wildwood Building Co., said the units will be ready by fall.

Bank to buy back stock

Idaho Independent Bank will buy back up to $2 million in shares of company stock over three years. It’s the fourth buyback in the history of the state-chartered bank, which was founded in 1993.

“It’s another way to return money to the shareholders,” said Kurt Gustavel, president of Idaho Independent, which posted record earnings last year. When the bank buys back its stock, remaining shareholders have a larger stake in the company. It’s kind of like getting a dividend, Gustavel said.

Idaho Independent’s stock was trading at $32 a share Monday on the Over-the-Counter Bulletin Board.

Chesaw, Wash.

Gold mine plans appealed

An environmental group has fired off another round of appeals over the proposed Buckhorn Mountain gold mine in northern Okanogan County.

The Okanogan Highlands Alliance filed a 54-page appeal last week for the Buckhorn Access Project’s environmental impact statement.

Mine opponents said the Buckhorn Mine will cause a permanent shift in the way water flows off the mountain, harming senior water-rights holders. Dave Kliegman, the alliance’s executive director, said the effect on groundwater flow will continue long after the mine closes.

According to the environmental impact statement, the water pumped out during mining operations will be treated and channeled back into the ground to alleviate the impact. The appeal will be heard by the Forest Service.

Kinross Gold Corp. received permits to begin constructing the underground gold mine last fall.

About 108 people are working on construction, and the mine is expected to employ 160 during its 7½-year operating life. The Buckhorn mine is slated to begin production in summer, said Loren Roberts, manager of Kinross’ Kettle River operations.


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