April 29, 2009
In Ponderay, Idaho, we are developing the northeast corner of Highway 95 and Kootenai Cutoff Road, and the northwest corner of Highway 95 and Schweitzer Cutoff Road, which are directly across the street from one another. A Wal-Mart shopping center is located on the southeast corner of this intersection, and Home Depot is located to the east of our project on the northeast corner. This is the “main and main” location for retail, commercial and mixed use development in the Sandpoint/Ponderay trade area.
On the northeast corner we are redeveloping the former Kmart building, which is approximately 80,000 square feet, and will be subdivided to accommodate tenants in the 10,000 – 50,000 square foot range. We are currently working with various regional, national and local tenants in the main building, and also recently constructed a 6,000 square foot building in the shopping center (fully leased). We are currently planning to build an additional building for smaller tenants, as well. We expect this project to be completed by the summer of 2011.
On the northwest corner, we are currently designing the project to include two pad sites and a hotel. The site is approximately 20 acres (4.5 buildable acres), is bisected by the Sand Creek, and has incredible sweeping views of Schweitzer Mountain to the northwest. With this unique park-like setting we will provide outstanding outdoor amenities to our customers and guests, which will include floating and fishing the Sand Creek, mountain biking and walking trails, sledding hills in the winter or just enjoying the local scenery and wildlife.
GVD is developing this project as a joint venture with the prior owners of the site. We expect this project to be complete by the summer of 2012.