CCDC PARTNERSHIP WITH BROWNFIELD’S, LLCFebruary 21, 2018
122 N 5th Street – Shops on 5th – Type One Participation Agreement Designation with Brownfield’s Building, LLC
CCDC, Boise’ redevelopment agency, is working with the property owner of the Brownfield’s Building, LLC on their upcoming renovation project. The Board of Commissioners approved a final Type One Participation Agreement at the February 12 meeting. Agency staff will review the Shops on 5th as a project eligible to utilize the Type One Streetscape Grant Participation Agreement, and will continue to negotiate a final agreement with Brownfield’s Building, LLC for future Board approval.
The property owner of the Brownfield’s building located on the southeast corner of 5th and Idaho plans to remodel the existing building for office and retail use. The original building was built in 1950’s and renovated in the late 80’s. It previously housed a prosthetic patient management and custom fabrication business and has been vacant for over a year.
The renovation project includes significant alteration to the existing building and a 2,988 SF second floor addition. The exterior of the building will be reconstructed with brick, patterned metal siding, and stucco accents. Public improvements in the right of way will be completed on 5th Street and Idaho Street frontages. Per the City’s Streetscape Standards and Specifications Manual, 5th Street will be constructed using the Urban Brick Standard and Idaho Street will follow the Neighborhood Street Standard. Eligible expenses for public improvements will include sidewalks/pavers, street trees, street lights, suspended paving systems, and street furnishings and associated construction and installation costs.
The new building called Shops at 5th will have a restaurant tenant and a retail tenant on the first level, with office on the second floor addition and in the existing basement. New job creation with permanent tenants is estimated at 50-60 people.
The CCDC Board has approved the Participation Program which includes a Type 1 Streetscape Grant Reimbursement. The Type 1 program is intended to, “assist smaller projects on their own schedule, often triggered by a tenant improvement.” The grant will reimburse for up to $150,000 of eligible expenses, hard costs for streetscapes and public improvements. This project meets the requirements of the Type One Program.
Project Summary and Timeline:
- 11,918 SF retail and office building renovation
- Located on 5th and Idaho Street (River Myrtle URD)
- $2 Million estimated Total Development Costs ($1.3 Million construction)
- December 12, 2017 – City Council Approval (Historic Preservation Appeal)
- January 23, 2018 – Final Conditions Approved by City Council
- February 12, 2018 – CCDC Board Type 1 Agreement Designation
- March 12, 2018 – CCDC Board Approval of Type 1 Agreement
- Spring 2018 – Construction starts
- Early 2019 – Construction Complete. Developer submits costs for reimbursement