Milestone Achieved in Transformative Downtown Project
October 10, 2022
The planned addition of 450 new residential units to downtown Boise was advanced today after the CCDC Board of Commissioners approved a major milestone in the Block 68 Catalytic Redevelopment Project.
Commissioners unanimously approved the Development and Disposition Agreement (DDA) for the Block 69 North Workforce Housing Project with a development team led by Edlen & Company and deChase Miksis. The Block 69 North site on State Street is planned as the future home of a seven-story, approximately 220 unit mixed-income residential building. The DDA solidifies the development partnership between CCDC and the developers that first began with their proposal submission to the Agency’s Request for Proposals in 2021.
During on-going conversations and negotiations, the Agency re-calibrated its support in the project and looked to its parking management plan and the Block 68 Mobility Hub as an innovative solution to support workforce housing. By offering future residents of Block 69 North parking through the Agency’s ParkBOI system, the cost of developing this workforce housing project is reduced by over $3.5 million.
“The Mobility Hub will reduce the burden of parking on housing costs and accelerate the delivery of housing to the growing community,” said CCDC Development Director, Doug Woodruff. “We expect some residents to purchase ParkBOI parking passes, but the Mobility Hub also consolidates surface parking in the area and will provide the necessary parking for visitors and the public in the future. That’s why the ownership and operations of the parking structure is purposefully co-mingled.”
As part of the Block 69 North DDA, the developer has introduced an expanded variety of unit sizes and styles to better accommodate the lifestyles and needs of future residents. With the intent to better serve working families at the request of the CCDC Board of Commissioners, this change doubled the number of two-bedroom units in the project, of which 72 percent will be rent-restricted. Additionally, a 15-year deed restriction will require income qualification during leasing to ensure units are rented appropriately.
“While the need for downtown middle-income housing hasn’t changed, the cost to construct it has significantly,” said Dean Papé, deChase Miksis. “A persistently changing economy and shifting financial market has increased the challenges we face when building urban housing. Through our partnerships with CCDC, the City of Boise, the Treasure Valley Family YMCA, and the greater development team we are working to create solutions to help provide needed housing within our city’s core.”
A revised land exchange with the Treasure Valley Family YMCA, which the Board of Commissioners also approved today, will provide further support by facilitating a quicker transition to construction of the Block 69 North housing development. The faster turn-around time between entitlement and construction means less time eating into the overall project budget.
“The Y is proud to be a collaborative partner in this visionary project,” said David Duro, President and CEO of the Treasure Valley Family YMCA. “The Mobility Hub is a critical piece as we think about how to best support our growing and changing community. It will be an essential infrastructure element in the future mixed-use area.”
This important development agreement is one of two that will finalize the full Block 68 Catalytic Redevelopment Project. The forthcoming DDA for Block 68 South will provide the final negotiations on the mixed-use residential tower and the Mobility Hub to be located at 1010 W Jefferson Street.
The developer will provide final designs, unit mix, and layouts in the coming months with construction expected to commence in late 2023.