May

30

Burgan's Property Redevelopment

Filed Under Project/Development News, Spokane | Leave a Comment

SRM Development out of Spokane and an undisclosed party have made offers on the former Burgan’s Furniture location.  SRM plans a mixed-use development, but will need to find an anchor tenant before proceeding with the project.

SR.com: Two parties vying for Burgans property

May

30

Nationwide Retail Store Closures

Filed Under National Market | Leave a Comment

AOL Money and Finance has created a list of retailers facing problems. So far we have not seen too many closures in the Inland Northwest. The only closure of note in Spokane is the CompUSA. Take a look at the list below:

  • Linens ‘N’ Things – closing 120 of 589 stores. Filed for chapter 11 bankruptcy protection in May.
  • Disney Stores – closing 98
  • Foot Locker – closing 140 of the 3,785 stores in addition to the 274 stores it closed last year.
  • Wilson’s Leather – closing 160 stores.
  • Home Depot – closing 15 stores.
  • Ann Taylor – closing 117 stores.
  • PacSun ‘Demo’ Stores – closing 154 stores in addition to the 74 stores it closed last May.
  • Lonestar Steakhouse – closing 27 locations.
  • Zales – closing 105 stores. Will have 2,145 locations open.
  • Pier 1 Imports – closing 25 stores. Closed 79 in 2007.
  • Friedman’s Jewelers – closing 120. Closing stores and laying off employees as it goes through bankruptcy proceedings.
  • Dell – closing 140 stores.
  • 84 Lumber – closing 140 stores. Directly impacting by the nation’s housing market. Closed 12 stores in December.
  • Sharper Image – closing 90 stores. Filed for bankruptcy protection.
  • Pep Boys – closing 31 stores.
  • Ethan Allen – closing 12 of 300+ stores.
  • Rite Aid – closing 28 stores.
  • Sprint/Nextel Corp – closing 125 stores.
  • Movie Gallery – closing 400 of 3,500 stores.
  • Saks – closing 1 store.
  • CompUSA – 103 stores will be shut down or sold.
  • Kirkland’s – closing 30 to 130 stores.
  • Fashion Bug, Lane Bryant and Catherine’s – closing 150 stores.

May

28

New Data Gives Insight on Kootenai County I-90 Traffic

Filed Under Demographics, Kootenai County | Leave a Comment

Cameras have been installed on I-90 that scans license plates of passing vehicles.  The primary reason for these cameras is to find stolen vehicles, respond to Amber Alerts, etc…  However, there has been an ancillary benefit to the installation of these cameras.  Local economist Jim Stravens has used the data to analyze traffic and visitor patterns.  Stravens has found that 47 percent of the traffic passing the cameras is from visitors.

For a full rundown of the data please click through to the following article:
Security cameras show visitor patterns – CDA Press

May

21

Downtown Coeur d'Alene Development Update

Filed Under Coeur d'Alene, Project/Development News | Leave a Comment

Several months ago the Senor Froggy building in downtown Coeur d’Alene was torn down. The lot has been vacant and fenced off since. Here is an article about the developer’s plans.
Development plans pending for vacant lot – CDA Press

Downtown Coeur d’Alene has seen a fair share of new projects with adequate absorption. However, it looks like development has been put on hold until users can be found. Developers are finding it more difficult to come out of the ground with speculative development.

Please note, across from the previously mentioned site, we have a 1/2 city block development lot available for sale. You can view the listing at the link below:

724 E Lakeside Ave
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May

8

Avista Buys 3,200 Acres for Wind Farm

Filed Under Local Market | Leave a Comment

The Spokane Journal of Business is reporting that Avista has just tied up 3,200 acres near Rearden, Washington to build a wind farm. Here is the update from the Journal:

Breaking News
Avista ties up site to develop wind farm …
Avista Corp. said today it has acquired rights to to a site to develop a 50-megawatt, $120 million wind farm near Reardan, Wash. The 3,200-acre site is roughly four miles south of Reardan off of state Route 231, includes Magnuson and Hanley buttes, and mostly is farmland, Avista spokesman Hugh Imhof says. He says the company will lease the property from seven landowners, will order wind turbines for the project this year, and will build the wind farm in 2011. Avista says that because of the intermittent nature of wind, the project will generate an average of 15 megawatts of power, or enough to serve 11,250 homes, and it can carry the electricity on its own transmission system, which saves cost. Avista Chairman, President, and CEO Scott Morris says the wind farm will help Avista satisfy renewable resource requirements under Washington law. Imhof says the company, which plans to build or buy 300 megawatts of wind generation by 2017, is continuing to look for other wind-power sites, mostly near its own transmission system.

May

7

Sam Zell Predicts Commercial Real Estate Resurgence

Filed Under Economy | 1 Comment

Sam Zell, chairman of Equity Residential, predicts more capital will begin flowing to commercial real estate investments and commercial mortgage backed securities in the near future. If his outlook is correct we could begin to see some much needed liquidity in the financing realm.

For the first time since July, when credit markets froze in reaction to rising home-loan defaults, investors are starting to move their money from Treasury bonds, whose returns are below the inflation rate, and into commercial mortgage-backed securities. Insurance companies and pension funds need to earn at least 6 percent to cover their liabilities, Zell said.

A 10 year Treasury note ended at 3.875% today, up 20 basis point from Tuesday. We have seen slight upward movement in the 10 year note, however the rate has dramatically changed from the 5% plus rates last summer.

Sam Zell – Bloomberg Article

May

1

Is Coeur d'Alene Recession Proof?

Filed Under Coeur d'Alene, Economy | Leave a Comment

A recent article in the Spokesman Review detailed Coeur d’Alene’s unique ability to potentially beat a national recession. Business consultant Mark Hovind has identified 27 “recession proof” cities. He bases this list off of data from the U.S. Bureau of Labor Statistics.

In my own personal opinion, Coeur d’Alene is definitely not immune to the national trends, however we have a unique area with an increasingly diverse economy. Our area has continued a positive influx of immigration from neighboring states. What is for certain, Coeur d’Alene will continue to be a highly desirable area that will continue to grow despite problems in the national economy.