The 899-acre Black Rock North golf course community was originally approved in 2005, prior to the real estate market melt-down. It was planned as an extension of The Club at Black Rock. Located on the west side of Lake Coeur d'Alene and then owned by Marshall Chesrown, it was a casualty of the recession. Black Rock North went into foreclosure in 2009.
In 2010 Chesrown also surrendered The Club at Black Rock over to the bank. At the time, I blogged about Chesrown signing Black Rock back to the bank, here.
Now, Rock Creek of Idaho Holdings LLC, a Las Vegas-based subsidiary of Fidelity National Financial, who acquired the site in 2012, is proposing a new development plan of 411 lots in what had originally been approved as the Club at Rock Creek in Black Rock North. The development as previously approved made sense in the pre-recession days, but is no longer desirable in the current market. Gone are the days of local demand for multi-million dollar vacation homes on 2+ acre lots. The developers have revised plans to make sense for today's buyers.
Development began 2 years ago on 22 previously platted lots, and an 18-hole golf course opened. Other amenities completed include a dog park, hiking and bike trails, organic garedn, swimming pool, basketball and tennis courts. Proposed amenities are an archery range, equestrian facilities, vinyard and fitness facilities.
Hoping for a public hearing on proposed changes this spring, the developers are aiming for homes in the $500,000 to $1 million price range, with scaled down lot sizes and more open space.
Read the full Coeur d'Alene Press Article here.
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