406 S 4th Street
The Hearth on Broad
A Type 2 Participation Program Project that promotes a CCDC and City objective to bring more housing to downtown Boise.
The Hearth on Broad is a 161-unit residential project developed by Roundhouse in downtown Boise. Roundhouse currently owns and manages 900 apartment units in the Boise area including the Owyhee, The Fowler, and Watercooler. The Hearth also includes ground floor retail, live-work units, a 176-space parking garage, and amenities for the tenants (community center, gym, bike storage). The Hearth was approved by Design Review on January 10, 2019. The developer completed construction in late 2021.
Previously, the parcel was vacant land in the River Myrtle-Old Boise District and in Boise’s Central Addition District. The project included eight floors with seven live-work units; 39 studios; 62 1-bedrooms; and 55 2-bed, 2-bath units. Rents range from $1,190 – $2,400 depending on the unit type. The project utilizes Silva Cells, sustainable landscape features, and will connect to Boise’s Geothermal heat for sidewalk snow melting capabilities.
The Hearth requested designation for CCDC’s Type 2 Participation Program, which is scored based on 10 categories. The project scored 146 points, which is in the highest category – Level A. Level A scoring allows the project to receive 80% of its tax increment generated for up to 4 years. Although this project meets CCDC’s definition of providing Mixed-Income/Workforce Housing, the project will not receive additional increment years, because the three year timeline of the reimbursement period coincides with the final year of the District term in FY2025. However, initial estimates indicate that a substantial amount of the project’s public improvements will be reimbursed within this timeframe.
The public improvements constructed include sidewalks/streetscapes on Myrtle and 4th, under-grounding utility lines in the alley, tapping into the geothermal line, paving the alley, and some asphalt patch back work on Broad and 4th streets. Broad Street only required small updates, having been completely renovated in 2017 by CCDC.
- Located on 4th and Broad
- 161 for-rent units
- 176 structured parking spaces
- $48 million Total Development Costs
- January 11, 2019 – DR Approval
- February 2018 – Type 2 Agreement Finalize/Execute
- July 2019 – Construction Start
- November 2021 – Construction Complete
- Early 2022 – Developer submits costs for reimbursement
- 2023 – 2025 – T2 reimbursement
CCDC Project Manager, Kevin Holmes, is overseeing The Hearth on Broad project.
For availability and pricing information, visit The Hearth on Broad website: https://hearthonbroad.com/