River-Myrtle/Old Boise URD Projects Update
September 24, 2020News Update on CCDC Projects in the River-Myrtle/Old Boise URD
The city’s largest district, River-Myrtle/Old Boise is made up of two distinct zones: the areas adjacent to the Boise River, public parks, and the historic downtown section known as Old Boise.
5th & Front Streets – Hotel and Parking Garage – Participation Program (PP) Type 3, 5: The parking garage portion of this project (540 total spaces) opened for customers in mid-March under a temporary certificate of occupancy. On May 1, CCDC began leasing 200 spaces for public use, specifically reserved monthly parkers. The developer is planning a public art element on the stairwell wall facing Front Street, and is working with the City of Boise Arts and History Department on the selection process. The CCDC Board approved an additional $90,000 in eligible expenses for public art at its December 2019 meeting. Chair Zuckerman represents CCDC on the selection committee. Other members represent the development group, the City Arts & History Commission, and local artists. The selection committee will review artist applications and is waiting for the developer’s proposed art program.
500 S. 8th Street – Trailhead – Agency Leased Property: The Board approved a new two-year lease of this property at its May 18, 2020 meeting for continued Trailhead occupancy.
200 Myrtle Street – Boise Caddis – PP Type 2: Construction continues on the Boise Caddis project with post-tensioned concrete work underway. Wood framing is underway. Apartment facade finishes will start in early August. The project, scheduled to open in the summer of 2021, includes 160 rental units and 400 parking spaces. Ada County will purchase a number of the parking spaces for use by its nearby Courthouse complex workforce. The Type 2 Agreement includes approximately $1.2 million in eligible expenses for public improvements on 2nd, 3rd, and Myrtle Streets and a small portion of Broad Street. Reimbursement will come from tax increment revenue generated by the project.
204 Myrtle Street – CDG Boise – PP Type 2: The Board designated this project for Type 2 funding at its November 2019 meeting. CDG Boise is building a 249-unit apartment building with 353 parking spaces, and has requested reimbursement for approximately $980,000 of public improvements including streetscapes and utility work. The Type 2 Agreement was approved at the December 2019 Board meeting. Construction is scheduled to begin at a later date.
406 Broad Street – Cartee Apartments – PP Type 2: This project includes 160 apartment units and 176 structured parking spaces. Construction and mobilization began in October 2019. Excavation, footings, and first floor columns are complete. Currently concrete work is being performed on the first floor slab and garage ramp. The agreement between CCDC and the developer contemplates approximately $1.3 million in eligible expenses to be reimbursed from project-generated tax increment revenue.
512 W Grove Street – 5th & Grove Mixed Use Residential – PP Type 2: At its March 2020 meeting, the CCDC Board approved a Type 2 General Assistance Participation Agreement with 5th and Grove Investors, LLC. The project includes 114 for-rent apartments and 8,000 square feet of ground floor retail. Fifty of the apartment units will be dedicated to workforce housing, serving 120% AMI (area median income) and below. The project qualifies for Level A status and is eligible to receive 80% of the tax increment revenue it generates to reimburse Eligible Expenses. The project includes approximately $1 million in Eligible Expenses for public improvements along 5th Street, Grove Street and alley. It is estimated that tax increment revenue can reimburse approximately $700,000 of Eligible Expenses. CCDC will construct and pay for the already-planned Grove Street streetscape improvements currently in the Agency’s 5-year Capital Improvement Plan, accounting for approximately $347,000 in Eligible Expenses. If construction timelines do not align, CCDC will reimburse the developer for that work upon completion of the project and not through project-generated tax increment revenue. Those two sources will reimburse the developer for all of the project’s Eligible Expenses. Construction has begun, Summer 2020.
16 6th Street – 6th & Grove Mixed Used, Income Restricted Residential – PP Type 2: At its March 2020 meeting, the CCDC Board approved a Type 2 General Assistance Participation Agreement with the developers of the 6th & Grove project. This is a mixed-use residential and retail project being developed by Capital Partners, Galena Fund, and deChase Miksis. It will consist of 60 apartment units (income restricted and market rate), 5,000 square feet of retail and 9,000 square feet of office space. The project includes approximately $600,000 of Eligible Expenses for public improvements in the alley and streetscapes along Grove and 6th streets. CCDC will construct and pay for the already-planned Grove Street streetscape improvements currently in the Agency’s 5-year Capital Improvement Plan, accounting for approximately $130,000 in Eligible Expenses. Sixth Street improvements are included in CCDC’s current year CIP and will be reimbursed upon completion. The remainder of the Eligible Expenses will be reimbursed using tax increment revenue generated by the project between 2022 and 2025. These funding sources will reimburse the developer for all Eligible Expenses. Minor site prep has begun, Summer 2020. Full construction is imminent. The First Amendment to the Agreement was approved by the Board at the September 2020 board meeting.
600 Front Street – The Vanguard – PP Type 2: Visium Development is constructing a 75-unit multi-family apartment building on the corner of 6th and Front streets (former Biz Print location). The CCDC Board designated this project for Type 2 funding at its November 2019 meeting. Visium has requested reimbursement for approximately $400,000 of public improvements, including streetscapes and utility work. The Type 2 Agreement was approved at the December 2019 Board meeting.
601 S. 8th Street – Mixed-Use with Public Parking – PP Type 3: Jordan-Wilcomb Construction is partnering with local developer Global Senior Housing on a mixed-use project that preliminarily includes office, retail, public parking and residential spaces. The residential portion will be Global Senior Housing’s specialty, an “Active Adult Community Platform” for 55+ year-old adults. Current use at the property is a one story building which is currently vacant and previously housed the Foothills School for Arts and Sciences. CCDC is interested in potentially purchasing a parking condominium and providing public parking at the location. The project anticipates over 160 residential spaces over 5 floors, 300 parking stalls, and over 20,000 sq ft of commercial and retail spaces. The project’s total development cost is estimated to be $53 million, and construction is expected to begin in 2021 and open by late 2022 or 2023.
5th St & Myrtle St – Signalized Crossing: This project seeks to install signal control on Myrtle Street at the 5th Street intersection to provide a safe crossing between Julia Davis Park and the Central Addition, and to extend the signal-coordinated calming of Myrtle Street. Kittelson & Associates has completed a preliminary warrant analysis and representatives of ACHD, City of Boise, CCDC, and ITD met in March 2020 to discuss next steps. CCDC and the City are working on a request to ITD outlining the rationale for a signal and how it will not set a precedent.
ParkBOI – Capitol & Myrtle Parking Garage – Agency Owned Property: This project will apply repair patches of spray-on fire-proofing throughout this garage. The Agency has met with a contractor, looked at the repairs, and is waiting for a detailed proposal.
5th & 6th Streets – City of Boise/ACHD Traffic Configuration: ACHD has this project on indefinite hold until there is programmed construction funding. The Agency stands ready to assist and anticipates direction in the near future.
505 S. Bannock St – 505 Bannock – T1 Designation: Local general contractor Visser Construction is building a three-story mixed-use property at the site of the former Wells Fargo bank branch. The project features over 11,000 sq ft of dining space between two restaurants, and 3,700 sq ft top floor office space. The project is an estimated $5.5 million in total development costs. The project requests reimbursement to replace the public improvements in its narrow storefront, as well as install a transformer on-site that will replace existing pole-mounted transformers in the alley right-of-way. Total anticipated reimbursement is over $80,000. Applicant is I M IRIE TWO LLC, the site owner’s controlling entity. CCDC expects the applicant to submit for approval at the September 2020 Board meeting.
ParkBOI – 11th & Front Parking Garage – Agency Owned Property: No significant maintenance performed in recent months. 160 of the Agency’s 250 spaces are currently available for lease.
Grove Street – Multi-Block Improvement Project: The Old Boise Blocks on Grove Street, between 3rd and 5th Streets downtown, is ready for a catalytic transformation. With a few nearby projects already underway, CCDC is kicking off an inclusive community-driven visioning process to develop a place-making strategy for the Old Boise Blocks on Grove Street. The process begins in June with a series of stakeholder visioning meetings to create a community-supported vision for the area. The public will have several opportunities to engage in the visioning process through summer and fall 2020. Stakeholder visioning meetings were held on June 11 and July 9 with the final meetings scheduled for August 6 and September 17.
RMOB Public Art – City of Boise Broad Street Sculpture – PP Type 4: Final concepts have been submitted. The City Department of Arts & History is running its process. CCDC stands ready to assist.