SPOKANE -- There's a new owner of Spokane's Kendall Yards property, and they're promising it will be more earth-friendly.
Greenstone Corporation announced Thursday the purchase of the 78-acres on the north banks of the Spokane River.
The area, previously owned by North Idaho developer Marshall Chesrown's River Front Properties, once promised an upscale urban neighborhood -- a combination of high-end shopping and offices mingled with residential condos. But since the groundbreaking on May 17, 2007, there's been little progress.
In August, the property went up for sale, with developers asking for a partner to help finance the $25 million project. Greenstone is pledging to "restructure about $20 million in debt on the project."
Greenstone officials say they plan to carry on the vision for Kendall Yards, but will strive to obtain LEED-ND certification. LEED-ND is a scale that rates green communities and neighborhoods. According to Greenstone, they "envision the project will become the first in Spokane to obtain a LEED-ND designation in recognition of its integration of smart growth, urbanism and green building principles."
The new Kendall Yards will also be at a cheaper price for potential residents. Greenstone is promising "housing options at more diverse pricing points."
Greenstone currently operates housing communities in Spokane, Spokane Valley, Airway Heights, Liberty Lake, Post Falls and Coeur d'Alene.
