Seven27 condos planned for downtown

COEUR d’ALENE — Those who move into a planned, seven-story condominium development in downtown Coeur d’Alene won’t ever forget their address.

Seven27, at 727 E. Front Ave., is a 12-unit high-rise located next to McEuen Terrace, and is being developed by Coeur d’Alene-based KRB Investments. Architects will meet with the city’s Design Review Commission today on behalf of the development team to get a review of the early designs for the luxury condominium building.

“We’re very excited about being a part of downtown,” Kris Pereira, CEO of Ginno Construction and member of KRB Investments, said. “We still feel there’s a high demand and big need in the area for this, and we feel it will fit in well with the neighborhood.”

Pereira is serving as part of the development team as well as the contractor.

Each condo, according to Pereira, will be 3,000 square feet with three bedrooms and two bathrooms. Pereira added there will be a terrace and gym area on the roof of the building.

When asked by The Press, Pereira said he could not offer cost estimates on the condos at this time.

“We’re still working through how much the project is going to cost and need to do that before we start marketing the units,” Pereira added.

Hilary Anderson, community planning director for the city of Coeur d’Alene, told The Press the early design consultation involves a review by the city’s Design Review Commission of big picture project elements such as bulk, scale and mapping.

“There’s not a whole lot of detail at this point in the process,” Anderson said.

The primary intent of the meeting, Anderson added, is to prevent developers from getting too far down the line in a project only to eventually hear from the city that the project is not in compliance with city code.

For Seven27, Anderson said, the biggest challenge is meeting the zoning requirements of two different city zones — the downtown overlay and downtown overlay east — with height being the biggest difference between the two.

The actual condominium building will be in the downtown overlay zone, which allows for the planned 85-foot, 7 story structure. The portion of the project that falls in the east overlay zone will have a 25-foot parking facility.

Last year, Pereira approached the city’s urban renewal agency, ignite cda, regarding potential funding for project elements such as building demolition and site improvements in the public right-of-way. There was no vote on the potential partnership funding during the meeting, but Pereira told The Press he will likely approach the agency again sometime in the future.