Stone steps down - Coeur d'Alene Press: Local News

Stone steps down

SRM Development, LLC announces his departure

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Posted: Tuesday, February 15, 2011 12:00 am

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.

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  • RadRevD posted at 4:23 pm on Wed, Feb 16, 2011.

    RadRevD Posts: 3333

    sorry Triumph...
    Two theaters merged and relocated an the anchor.
    Vertical Earth relocated.
    Others located and collapsed.
    Still others broke their contract as the lesser evil path.

    Where are the bio-tech jobs promised?
    Does anyone have statistics breaking down new employers and new employment opportunities?

  • Triumph posted at 11:12 am on Wed, Feb 16, 2011.

    Triumph Posts: 586

    CdaCitizen is right! The rest of yall are wrong! It's a good development and it employs many. The economic mess is the reason the place isn't performing as well as planned. Sooo many haters......

  • RadRevD posted at 9:15 pm on Tue, Feb 15, 2011.

    RadRevD Posts: 3333

    beg to differ CDAcitizen ...

    After the burst and 9/11, investors looked for safer haven for their riches. Lenders and the real estate machine complied with inflated prices. Municipalities like CDA gave great faire to the bandwagon. MayorB primed the pump with the Library land at more than twice it's appraised value. A law was definitely broken...either with the Assessor's Office or the Library foundation - LCDC - MayorB brigade!

    Citizen-taxpayers have been repeatedly bulldozed since.
    btw...I hazard to guess that we lost more CAREER jobs than the unlivable wages Riverstone affords

  • ancientemplar posted at 4:00 pm on Tue, Feb 15, 2011.

    ancientemplar Posts: 1261

    I would venture to guess that the majority of the citizens of the area that pass the ugly theater building roof along Northwest Blvd. daily would disagree with CDAcitizen. The whole development is atrocious and will become a vacant slum public housing project.

  • CDAcitizen posted at 12:20 pm on Tue, Feb 15, 2011.

    CDAcitizen Posts: 1

    I understand the concern for jobs, etc. in our community but I think that a little slack is deserved after the traumatic economic earthquake that has hit our whole country. There are developments such as Riverstone going under all over the country and jobs being lost. At least there is still slow, steady progression in this one.

    I personally think that they have done a nice job down there. The fact remains that it was an abandoned mill site before and was the first thing you saw when entering this beautiful you see something much prettier. Even if the job creation figures are much lower than is in keeping with our country as a whole right now. I just think that Riverstone is a beautiful development and from what I have heard John Stone cares a great deal about the community.....could be much worse.

    Also, the park in Riverstone is now run by the city of cda and it is up to them what to do with it. If you want to place blame, at least place it in the right place.

  • Mary Souza posted at 12:04 pm on Tue, Feb 15, 2011.

    Mary Souza Posts: 807

    The jobs must have gone the same way as their promise of public accessibility to the pond. They said there could be small boats with for leisurely rowing, maybe even some fishing. That was the pretty scenario they painted until after they got approval...then things changed: No swimming, no boats no public access to the water.

    Makes you wonder what will happen to all the promises in the proposed McEuen plan, doesn't it?

  • RadRevD posted at 11:17 am on Tue, Feb 15, 2011.

    RadRevD Posts: 3333

    where is the bio-tech industry and 5,000 jobs promised as Riverstone plans were considered?

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