512 W Grove Street
The Lucy Apartments

A Type 2 Participation Program project, transforming a surface parking lot to a mixed-use residential and retail space.

Background

On a site previously used for surface parking, The Lucy Apartments at 512 W. Grove Street is a mixed-use, residential, and retail project developed by Capital Partners and deChase Miksis in the River Myrtle-Old Boise District. The project is comprised of 114 apartment units and 8,000 square-feet of ground floor retail space. The residential apartments consist of studios, one bedroom, and two bedroom units, ranging in size from 400 to 900 square-feet. Rents will range from $975 to $2,200 depending on unit size. The building is six stories with a roof top community space on the seventh floor. Parking will be available for residents in the parking garage on 5th and Front.

Project Partnership

The public improvements eligible for CCDC funding include undergrounding utility lines in the alley, alley re-paving and permeable pavers installation, and the 5th street streetscapes, which include sidewalks, historic streetlights, and landscaping. The CCDC Board of Commissioners approved a Type 2 General Assistance Participation Agreement with 5th and Grove Investors, LLC at its March 2020 meeting to reimburse approximately $1 million in eligible expenses for public improvements along 5th and Grove Streets and the alley.

Project Summary

Located on 5th and Grove
114 for-rent units
8,000 SF retail
10 surface parking spaces located off of the alley (more parking available at 5th and Front Garage)
$25 million Total Development Costs
300 construction jobs estimated
50 permanent jobs estimated

Project Timeline

June 13, 2019 – DR Approval
March 2020 – Type 2 Agreement Finalize/Execute
May 2020 – Construction Start
Winter 2021 – Construction Complete
2021 – Occupancy Year for Tax Assessment
Spring 2022 – Developer submits costs for reimbursement
2022 – Project is on primary tax rolls and pays property taxes
2022 – 2025 – T2 reimbursement based on taxes paid and limited to actual eligible expenses