A story the members of BoiseDev got first.

A quiet part of downtown Boise may soon see large-scale, if not large-scale change. The Capital City Development Corp. is considering a trio of proposals for an area at 10th St. and State St. that could add between $ 89 million and $ 260 million in investment. One proposal could even demolish and replace the YMCA facility along State St.

The agency has asked for proposals to redevelop what it calls “Block 68” – two plots of land that the urban renewal agency owns across from the YMCA. The sites include above ground parking lots, the former Idaho Sporting Goods building and an office building.

The agency will go through a process to choose a winning proposal in the coming months.

“This is obviously very exciting, and we are waiting to see what proposals we have received,” said CCDC Council of Commissioners Chair Dana Zuckerman. “We have three proposals that will make a big difference in this part of the city. We have a lot of work ahead of us to see what’s best for the city.

Here is how the three proposals look, according to a presentation to the board of directors, and the project proposals submitted to the CCDC.

Edlen & Co. et al Green Street PEG development
Total investment $ 260 million * $ 89 million $ 125 million
Total housing units 626 * 239 345
120% of AMI units 130 107 130
80% AMI units 25 50 25
Car park 724 431 575
Contribution of the CCDC $ 20.5 million $ 20.9 million $ 14.6 million
Planned completion 2026 Sep 2024 October 2025
* Edlen & Co. numbers include all numbers offered, both on CCDC-owned plots and YMCA-owned plots.

Edlen & Co., deChase Miksis, Elton Companies, YMCA

Edlen, deChase & Elton offered to work with the YMCA to go beyond the boundaries of the two CCDC plots and redevelop additional YMCA-owned land for a large-scale proposal that would completely reorganize all or part of four city blocks. the region.

Records obtained last year by BoiseDev, whom YMCA officials met with urban renewal staff about a so-called “catalytic” project in the area, but details have remained scarce. In 2019, BoiseDev reported that the agency was working to expand its Westside urban renewal area to include the YMCA plots, but did not provide details on why it was hoping to expand the neighborhood. He later added land, including Boise High School and the YMCA site, to the district.

The proposal with the YMCA group would be one of the largest in terms of value in the history of downtown Boise. With more than $ 260 million in proposed upgrades, it would demolish and replace the aging YMCA facility on State Street. and additional space for health / education, office and childcare.

“This proposal also brings together agency-owned and YMCA-owned assets to accomplish broader visionary results development,” said Brady Shin of CCDC.

The centerpiece of the project is a proposed 20-story tower at the corner of 10th Street and Jefferson Street, with a variety of uses, including residential housing, parking and mobility, and retail on the ground floor. -of the road. It would include 560 housing units, including 130 priced at 120% of square footage or median income level or less, 25 units at 80% of MAI or less, and 295 units at market rate.

Another 126 units would be displayed in other buildings of the project, for a total of 626.

The project as proposed would include:

  • 278 studios of at least 550 square feet.
  • 247 one-bedroom units of at least 650 square feet.
  • 101 two-bedroom units of at least 850 square feet.

In total, this project would add 727 new rooms to the area.

According to property records, the project would destroy the current YMCA building, which dates from 1972. The building has undergone a number of alterations and expansions over the years.

  • A residential and commercial building would be erected in place of the main YMCA building.
  • The Y would cross State St. to the former Idaho Sporting Goods site.
  • Immediately behind is the 20-story residential tower.
  • A third residential and commercial building would appear along 11th Street on the former Nelsons school supplies site.
  • A “creative office space” building would replace a surface parking lot used by the YMCA.

“Our vision for the project is to provide various opportunities to new residents, retailers and the surrounding community,” the group wrote in a letter of proposal. “A pedestrian-focused ground floor will include a mix of uses that promote indoor and outdoor activities, the ability to walk, public safety, and a strong connection to transit for pedestrians and cyclists. Our proposed project prioritizes the activation of street facades with large storefront windows to improve density, enrich the pedestrian experience and contribute to a cohesive, livable and inclusive neighborhood for downtown Boise. The designs of the buildings will serve to increase the authentic fabric of the neighborhood by integrating avant-garde sustainable materials. “

Under this proposal, CCDC would contribute $ 20.5 million and value, including streetscapes, mobility hub and grounds.

The proposal aims to begin construction of the project in phases in 2023, with a multi-year schedule extending until 2026.

Green street real estate companies

Green Street of Clayton, MO, is also hoping to build a large-scale project on the CCDC plots. The concept of Green Street was strictly limited to the two land owned by the agency.

The company hopes to build what it calls an “L-shaped” building on the block. A large parking structure would go up along Jefferson St., with a 17-story residential tower at the corner of 10th and State.

If selected, the project would add 239 housing units, 10,800 square feet of retail space and build 431 parking spaces and “at least” 30 bicycle spaces.

The project requires an investment of $ 89 million. It would consist of 107 units at 120% or less of the MAI, 50 units at 80% or less of the MAI and 82 units at the market rate.

Green Street’s proposal would build:

  • 93 studio units of 580 square feet.
  • 99 one-bedroom units at 650 square feet.
  • 47 two-bedroom units at 1,015 square feet.

In total, Green Street hopes to build 286 housing beds at the sites.

Some units would include ‘expandable room accessories’, which rearrange floor space with movable units that move from a bedroom to a living room in the same area.

Although Green Street does not have the YMCA land under his control, he says he hopes to add more land to his proposal if chosen.

“Our experience in Saint-Louis and in other cities shows that Green Street is a developer of neighborhoods and not just one-off sites,” says the proposal. “We intend to pursue other development opportunities in the surrounding blocks of downtown Boise. The partnership with CCDC and the Town of Boise will allow us to offer attractive Class A residential units to a large number of residents at various income levels, as well as provide commercial space and cycling facilities to activate the surrounding streets.

The project is requesting funding and a value of $ 20.9 million from CCDC, including streetscapes, mobility hub and land value.

If selected, Green Street hopes to begin construction in early 2023, with the project ending by September 2024.

PEG development

PEG Development’s Provo, Utah land at CCDC would also build a large-scale residential and mixed-use project, remaining within the boundaries of the two agency-owned sites.

PEG would construct two buildings on CCDC-owned sites, connected across the lane with an air bridge, reaching up to 17 floors. The project would include retail on the ground floor, an integrated parking garage and residential units soaring to the sky.

The PEG concept would add 345 housing units, 13,210 square feet of retail / restaurant, and build 575 parking spaces and over 30 bicycle spaces.

This proposal provides for a total of 345 apartment units, with 130 units at 120% or less AMI and 25 units at or less than 80% AMI. The remaining 190 units would be fixed at the market rate.

PEG’s proposal calls for:

  • 90 studio units of 560 square feet.
  • 160 one-bedroom units of 707 square feet.
  • 95 two-bedroom units at 965 square feet.

In total, the project would add 440 beds in downtown Boise.

The concept envisions two large “green walls” with plant material on a mesh backing facing the YMCA facilities along State St.

“PEG Companies (PEG) is pleased to announce its interest in teaming up with the Capital City Development Corporation on the Block 68 catalytic development project in downtown Boise, Idaho,” PEG wrote in an application letter. “According to recently released 2020 US Census data, Idaho’s population has grown 17.3% in the past decade, the country’s second-largest, and its capital, Boise, has seen an increase of 14.6%. PEG hopes to meet the needs of the growing urban population while establishing a landmark that enhances the city’s skyline.

PEG’s proposal calls for $ 14.6 million in CCDC contributions, including for streetscapes, mobility hub and “reduced” property value.

He predicts that construction will begin in March 2023 and end in October 2025.

And after

The CCDC decided to form a group of three board members – Dana Zuckerman, Ryan Woodings and Latonia Haney Keith. The group will meet with developers, gather additional information, ask questions and provide information to CCDC staff. Agency staff will then grade and rank the proposals and submit them to the full board for a final vote.

Source link

Leave a Reply

Your email address will not be published.