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Spokane, Washington  Est. May 19, 1883
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News >  Idaho

Work on Terraces likely to begin in fall

Local businessman Duane Hagadone expects to begin construction this fall on a $120 million condominium on the Coeur d’Alene Resort Golf Course that would be one of the most expensive building projects undertaken in the North Idaho/Spokane area.

The 30-unit luxury complex, which would be built into Potlatch Hill just above the 13th hole, received approval Tuesday night from the Coeur d’Alene Planning Commission.

“It’s probably the finest building site in the Inland Northwest,” Hagadone said Wednesday. “It’s very unique. There will never be another project like it in the area.”

That’s because the Coeur d’Alene Resort Golf Course – frequently cited on lists of the nation’s top resort courses – is the only premier golf course located right on either Lake Coeur d’Alene, Lake Pend Oreille or Flathead Lake in Montana, Hagadone said.

The Coeur d’Alene Planning Commission approved plans for The Terraces condo project in addition to recommending annexation of Blackwell Island – a multimillion-dollar project that Hagadone is proposing for the west side of town.

Hagadone wants Blackwell Island included in the city limits so he can expand the existing marina and build a “village-style” business park on the east side of the island that would include buildings up to eight stories tall with condos, shops and offices.

The Coeur d’Alene City Council will have a public hearing on the Blackwell Island proposal July 19.

Hagadone said that even without advertising, the majority of The Terraces units have been reserved, which “dramatically exceeded” his expectations.

Hagadone wouldn’t disclose the selling price for each individual condo, but if the complex is valued at $120 million it’s likely owners will pay at least $3 million for the gigantic units.

The average sale price for townhouses and condos in North Idaho is $187,115, according to the latest Coeur d’Alene Multiple Listing Service report.

The Terraces will have two different floor plans, one with 5,300 square feet and the other with 6,300 square feet, Hagadone said.

“The site is so beautiful it warrants it to be really upscale,” he said.

In addition to two memberships to the golf course, tennis club and beach club, condo owners also will get a 36-foot boat slip at a private marina on the east edge of the course’s shoreline.

Hagadone hasn’t yet applied to the Idaho Department of Lands for a marina permit but said that he will as the condo project progresses. He expects construction to take two years.

Kootenai County Assessor Mike McDowell said a $120 million building would add about $667,000 a year in new revenue to the city of Coeur d’Alene.

“That’s a big chunk of change,” McDowell said, adding that there are no other such buildings in the county, not even the Coeur d’Alene Resort.

The Terraces is even more expensive than several of the largest projects in Spokane, including the $80 million convention center expansion and the $40 million Davenport Hotel renovation.

The Terraces is the first of a five-phase plan to put condos, apartments and townhouses along Lake Coeur d’Alene, in addition to a new hotel on the golf course.

The Coeur d’Alene City Council voted in March 2004 to annex 273 acres of Hagadone’s property – including the golf course and Silver Beach Marina – into the city limits so the waterfront developments could use city sewer and water systems.

Initially The Terraces was touted as a waterfront apartment building where tenants would have 20-year leases and pay between $10,000 and $12,000 a month.

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