A new mixed-use project will bring additional condominiums and office space to the Riverstone master-planned community in Coeur d’Alene. Village at Riverstone developer John Stone, and business partners Nikole Cummings and Ryan Martin are building CornerStone, a four-story, 57,000-square-foot structure near the northwest corner of Riverstone Drive and Beebe Boulevard.
The project will be built on the last available site in the 160-acre Riverstone development. When complete, CornerStone will house office space on the ground level and a variety of two- and three-bedroom condo units on the second and third floors. The project’s upper floor will feature three penthouses, said Cummings, of Riverstone Holdings LLC. The two-bedroom condo units will span more than 1,400 square feet, while the three-bedroom units will be about 1,600 to 1,700 square feet. The penthouses will be between 2,500 and 3,000 square feet, Cummings added.
“The penthouses and condos will have views of the pond, park and Riverstone,” she said, adding the building will encompass a design similar to other buildings within the Riverstone development. The CornerStone project also calls for an underground parking garage with two parking spaces per unit, she said. Riverstone Holdings plans to break ground on CornerStone this month and is obtaining bids for the project. Once material and building costs are determined, Riverstone Holdings will set sale prices for the condo units, Cummings said.
In 2019, Stone completed the Village at Riverstone, which has more than $350 million in investment in a mix of more than 40 restaurants and businesses, three hotels and hundreds of condos and apartments. Stone purchased the former sawmill site near the Spokane River in 1999 and saw an opportunity to transform it into a live, work and play concept, which was built in phases. Development of the Village at Riverstone stalled during the Great Recession, but as the economy bounced back, so did potential tenants’ interest in the property.
The Village at Riverstone celebrated its 20th anniversary in 2019. In December, Riverstone Holdings sold the Village at Riverstone to Bellingham-based investment group All-Terr. Stone told The Spokesman-Review the development group decided it was time to sell because they wanted to pursue other things in the community. CornerStone is slated for completion in 12 to 14 months, Cummings said. Coeur d’Alene-based Architects West is designing the project.
Ginno Construction, of Coeur d’Alene is the project contractor. “We just wanted to create a unique looking building,” Cummings said. “It will be a pretty unique wrap up for John, Ryan and I to do. Office space is always in need in Coeur d’Alene and with the housing market as it is, we wanted to help.”