New development would cater to horse lovers

A group of investors who want to return horse racing to the area received approval this week to annex 200 acres to the city of Rathdrum for an equestrian-themed development.

Pleasant View Properties LLC wants to develop a mile-long racetrack on the property, along with two show arenas, stables, a hotel, an RV park and 65 acres of housing.

“It’s what we call an equine community,” said Ross Yearout, a member of the LLC. “It’s aimed at families who want to keep a horse in the neighborhood.”

Similar developments have been successful in California, Southern Idaho and Oregon, he said. They cater to people who may be boarding their horses now and like the idea of easy access to stables and amenities such as bridle trails and gallop areas.

In Pleasant View’s case, sales of residential lots will help finance approximately $50 million worth of horse facilities, including the racetrack, Yearout said.

Pleasant View’s members hope to start booking competitive events, such as dressage and jumping, next year for the 2008 season. The racetrack would be a later phase of the development. Yearout described it as a regional track, operating 50 to 60 days a year.

On Tuesday night, however, the Rathdrum City Council said it wanted more detailed information about the balance between equestrian and residential uses, plus the sequence of the build-out. Pleasant View must submit a planned unit development application to the city before the annexation is finalized. Annexing the property allows the developers to tap into city water and sewer services.

A residential development, by itself, probably wouldn’t have received annexation approval from the City Council, said Brett Boyer, Rathdrum’s city administrator. The 200 acres at the northwest corner of Wyoming and Greensferry roads is located too far from existing neighborhoods, he said.

The council thought, however, the site was appropriate for the horse development, with its mix of open space, horse barns, arenas and houses, Boyer said. But council members also wanted to ensure that the 200 acres wouldn’t become a dense residential development if the owners changed their plans for the property or ended up selling the land, he said.

Yearout said the developers hope to have the PUD completed and approved by the city by November, so they can begin selling residential lots in the development by next spring.

Yearout is a former IBM employee, who also worked at Spokane’s closed Playfair track. The LLC’s other three members are: Joe Dobson, a Coeur d’Alene real estate agent; Colt Courtright, a health care economist from Vancouver, Wash., who shows horses; and Walt Wolf, a Spokane insurance agent.