COEUR d'ALENE - After 37 years in the development business, John Stone wants time to play a little more golf, maybe visit Hawaii, too.
The man behind the Riverstone project in Coeur d'Alene has stepped away from his role as a partner with SRM Development, LLC.
"I believe it is an opportune time to depart from SRM," he said in a press release. "I have been fortunate to have had the opportunity to work in a business that I have thoroughly enjoyed for over four decades and I look forward to continuing the Riverstone project until its completion."
Stone will remain part owner in many of the projects sponsored by SRM and will remain involved in the development and completion of the Riverstone project, which includes a movie theater, shops, condos and a manmade lake.
The 160-acre reclamation project that began in 2000 has become one of the Lake City's major developments, and is home to 54 businesses. It's estimated there are 915 jobs and 160 residents at Riverstone.
"John has been a guiding force at SRM through its expansive growth," said Jim Rivard, SRM's director of real estate. "Even as the economy soured and the real estate industry has experienced a downturn, John has been highly instrumental in resolving issues, getting strategy in place and positioning SRM to move forward without any major obstacles."
Stone's real estate career started in 1973. Over the span of 20 years, he built 27 mini-storage facilities in Washington, Idaho and California.
In the early 1990s Stone diversified John Stone Development, LLC and entered the multi-family and senior housing segment of the real estate industry, first with luxury apartments and followed by independent living, assisted living and Alzheimer's facilities.
In 2000, along with his son Bryan Stone, Jim Rivard and Dee McGonigle, he founded SRM to pursue multi-family real estate opportunities throughout the West Coast.
Stone, a Gonzaga University graduate, is confident that SRM has a bright future.
Over the past decade, he said he and his partners have had the opportunity of being involved in a variety of major developments in many cities across the West Coast including mid-rise apartments, retirement communities, commercial offices and land development.
"I am leaving SRM in extremely seasoned and capable hands and I believe SRM will continue to grow and prosper under their continued leadership," Stone said.