J'espère qu'il lui viendra une nouvelle et bonne idée.

English Translation

I hope he will come up with a new and good idea.

Is this a construction somewhat like ‘il y a’? In that the ‘il’ is an impersonal object? Is this saying something like ‘it will come to him’?

Yes, it is an impersonal expression, your intuition is correct.

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appreciate the response!