Coeur d’Alene plans to buy 47 acres of riverfront property

The city of Coeur d’Alene on May 2 agreed to buy 47 acres of former lumber mill property along the Spokane River just beyond the city’s southwest corner to redevelop as public waterfront access and potential corporate headquarters.

“This is probably the biggest endeavor we have ever done,” said Sam Taylor, Coeur d’Alene’s deputy city administrator. “There’s never been a plan like this here with economic development and waterfront access.”

The due diligence period for the $7.85 million purchase ends Oct. 25, he said.

Coeur d’Alene is buying the property from local resident Holly Lahti, who acquired the acreage following her $190 million Mega Millions lottery win in 2011.

Taylor said several private parties have considered buying the property but all stopped short due to remediation and access issues. The city approached Lahti to purchase the land that sits between the river and Seltice Way, the main city street linking Coeur d’Alene and Post Falls.

The piece is one of the last undevelopment waterfront properties along the Spokane River, Taylor said.

“Our community really wants waterfront access,” he said. It’s not yet clear what the city will do with the land.

“Conceptually, we are very early in the process,” he said. “We’ve talked about a 10-acre park with 1,800 feet of waterfront.”

The city will determine what land to keep and then zone the remainder for economic development purposes and to sell to the private sector.

“We would really love corporate headquarters down there,” Taylor said.

The property abuts the 160-acre Village at Riverstone, the mixed-use residential, retail, office, movie theater urban renewal project, also on former lumber mill property, that has been built over the past 10 years.

The property will be bought by ignite cda, the city’s urban renewal agency.