Capitol & Front Garage Disposition
CCDC currently owns seven garages that make up the structured parking in the ParkBOI system. The Capitol & Front garage (formerly, Boulevard Garage) is located underground on the southeast corner of The Grove Plaza. The Grove Hotel and CenturyLink Arena are directly above. The garage has 207 functional spaces and was built as part of a 1996 Development Agreement with Block 22, LLC. The hotel and and arena were built in conjunction with CCDC’s public parking component, and CCDC purchased the garage from Block 22 in 1998 for the cost of construction, approximately $5.3 million.
The garage has several use agreements with Block 22, LLC which dictate some of the operation. Along with public parking, The Grove Hotel uses the garage for its guests valet and self-parking. Additionally, Boulevard Two Fifty Five condominiums, located on the upper levels of the building, have an existing lease agreement for 21 spaces for the condominium owners. Lastly, CCDC offers CenturyLink Arena special-rate event parking for their season ticket holders. These operations are listed in existing Lease Agreements and the Operation, Maintenance, and Management Agreement with Block 22, LLC and would have to be taken into account by any future owner per that same agreement.
From an economic development perspective, CCDC has achieved many goals through ownership of the garage, most importantly of which is the development project that has become a cornerstone of downtown. The Grove Hotel was the city’s first luxury hotel that caters to convention travelers, and upscale consultants and visitors. The arena has brought thousands to downtown to see see sporting and entertainment events. Overall, CCDC is extremely pleased with the outcome of the overall project and sees a great amount of success in the partnership.
However, regarding the parking specifically, now is the right time to consider divesting from an under-performing (only 5% of CCDC’s parking income comes from this garage), but high-demand parking asset, the revenue from which can be used to fund other redevelopment projects in need of urban renewal funding.
CCDC, is requesting proposals from interested Buyers for the purchase of its Capitol & Front Public Parking Garage, formerly known as the Boulevard Public Parking Garage (“Garage”). The Garage is located on the west side of Capitol Boulevard between Main and Front streets in Downtown Boise, below The Grove Hotel, a 17-story mixed use building containing 250 hotel rooms below 20 residential condominiums. The Garage is a unit in the Block Twenty-Two Condominiums established in 1998. CenturyLink Arena, an approximately 6,000 seat multi-use arena and home to the Idaho Steelheads hockey team, is another condominium unit attached to The Grove Hotel building and facing The Grove Plaza. The Garage along with The Grove Hotel were completed in 1998 pursuant to a Disposition and Development Agreement between CCDC and Block 22, LLC. The deadline to submit responses to this Request for Proposals from Interested Buyers is APRIL 30, 2018 by 3:00 p.m. local time.
The Request for Proposal and related documents can be viewed and downloaded from the CCDC website at this location: https://ccdcboise.com/development/rfps/capitol-front-garage/
CCDC Project Manager, Laura Williams, is overseeing the Capitol & Front Garage Disposition.