Riverstone Deal Gives Cda A Hand

Efforts to revitalize downtown Coeur d’Alene got a boost last week when Riverstone L.L.C. announced the purchase of the old W-I Forest Products mill on the Spokane River.

Coupled with the state’s plans to overhaul the Northwest Boulevard-Interstate 90 interchange, the deal could trigger a long-overdue upgrade of Lake City’s western entrance, extending to the waterfront. The key here is the ability of Kootenai County governments to work with John Stone, the hard-nosed Spokane developer who formed Riverstone this year with several other investors.

Too much is at stake for Coeur d’Alene to annex Riverstone’s property, provide services and offer financial incentives without getting something in return. Local officials should press Stone’s group to follow through on tentative plans to incorporate open space, the Centennial Trail and extensive landscaping into its 73-acre project.

Development plans include a waterfront residential area backed by shops and professional offices.

Currently, the river side of Northwest Boulevard is an eyesore, stretching from the subpar interchange, past the vacant mill site, warehouses, billboards and gas stations to the downtown area. New office buildings on the east side of the entryway look out upon railroad tracks, makeshift car lots, an old trailer court and a lumber mill.

The Riverstone project on 4,250 feet of river frontage should trigger major investment nearby - and benefit Coeur d’Alene’s public waterfront renewal. A railroad spur that runs along Memorial Field and City Park could be abandoned, if Riverstone developers can persuade Burlington Northern/Santa Fe and Union Pacific railroads to use one track instead of the two that cross their property. Waterfront plans call for the railroad right of way to be landscaped extensively and used for parking.

Additionally, the development would give city officials the opportunity to relocate a dangerous section of the Centennial Trail. Now, only a white line on the shoulder of Northwest Boulevard separates trail users from trucks and cars zooming past them at 45 mph.

Commendably, Stone appears willing to cooperate with local officials. “This property is such a big part of Coeur d’Alene’s future,” he said. “We want to do something that benefits the community.” What’s in it for him? Riverstone investors reportedly were attracted by the city’s ability to offer financial incentives such as tax-increment financing to pay for public infrastructure upgrades.

It’s interesting that Stone, who complained vehemently against the public-private partnership for River Park Square in downtown Spokane, would jump at the chance to benefit from a similar incentive in North Idaho. We wish him well. Investments like this keep cities healthy. Redevelopment of the old mill site will be a great thing for Coeur d’Alene.