Utah business buys car dealerships

Downtown Automotive, owner of the Toyota, Honda and Lexus dealerships on West Second and Third avenues, has signed a purchase agreement with Larry H. Miller Auto Group of Utah.

Terms were not disclosed.

The Miller Auto Group owns 41 other dealerships around the West. The Spokane dealerships will be its first in Washington.

Miller Group also owns the Utah Jazz and its home arena, four multiplex theaters in Utah, and other assets. Founder Larry Miller died in February.

Downtown Automotive President David Coombs, in a press release, said the Miller Group will be a good fit for Spokane. “The family-owned company takes care of customers, employees, family and community,” he said.

Bert Caldwell

Rockwood plans 93-unit tower

Rockwood Retirement Communities has plans for a second tower on its 90-acre South Hill campus but is unlikely to start construction this year, President Alan Curryer said Friday.

A schedule for ground-breaking on the potential $90 million project depends on buyer interest generated at informational meetings over the next several months, he said.

Typically, Curryer said, developers look for commitments to buy 70 percent of the units before starting construction.

The tower, named The Summit, would join the 165 single-family and duplex units, 75-room health center, and existing tower, The Ridge, on the campus. The Ridge, built in 1960, will be upgraded as part of the project, which could be undertaken in stages, Curryer said.

He said NAC Architecture and Walker Construction have designed The Summit to include 93 independent-living units, underground parking, 10,000 square feet of exercise and pool space, dining space and other common areas.

Bert Caldwell

Auction of condos delayed until Aug. 1

An auction for condominiums in a high-profile Coeur d’Alene development has been postponed for the second time.

The auction for 36 units at the Village at Riverstone, which was set for Sunday at The Coeur d’Alene Resort, has been delayed until Aug. 1 to allow potential buyers to secure “more attractive financing,” said Nelson Hudes, spokesman for the auction.

“There is interest” from potential buyers, Hudes said. “They’re just trying to put together better financing packages for them.”

The condos, in the Riverstone development along the Spokane River, have been deeply discounted – with minimum bids for the auction that was scheduled Sunday as much as 55 percent down from original list prices. The minimum prices for the one-, two- and three-bedroom condos ranged from $180,000 to $490,000, down from a range of $329,000 to $899,000.

Hudes said he didn’t know if the minimums would change for the rescheduled auction.

The Village at Riverstone is owned by Riverstone Center East LLC, an affiliate of SRM Development.

Shawn Vestal