BOISE, Idaho — This article originally appeared in the Idaho Press
BOISE — The Capital City Development Corporation (CCDC), Boise’s urban renewal agency, on Monday accepted a development bid which, if finalized, will bring five new buildings, including a 20-story high-rise, hundreds of new apartments and a new Treasure Valley YMCA to downtown Boise.
The CCDC board of commissioners accepted a $180 million proposal from Edlen & Co., a Portland, Oregon-based real estate developer, to redevelop several city blocks between 10th and 12th and State and Jefferson streets. Edlen & Co.’s was one of three private proposals submitted to CCDC for its Block 68 Catalytic Redevelopment project, which seeks to attract new housing to the area.
The project has the potential to bring up to 626 housing units downtown — including a couple dozen for people who make below the area median income and another 130 for people who make 120% of the median income or below. Of the three proposals, Edlen & Co.’s was the only one to contribute additional land for development, said a CCDC staff report.
“This was an important priority for the (request for proposals) and suggests that the catalytic impact of the (request for proposals) could in fact result in 626 new housing units, a new downtown YMCA, significant public space, and mobility infrastructure that represents $330 million in total investment,” the report said.
NEW YMCA?
Also planned is a relocation of the current downtown YMCA branch, located at 1050 W. State St. The current building would be torn down to make way for a four-story, 176-unit housing project.
Meanwhile, a new 98,000-square-foot YMCA building would be constructed across the street at 421 N. 10th St., a CCDC-owned property occupied by ISG, a print shop whose lease expires next year, according to the staff report.
Treasure Valley YMCA officials worked with Edlen & Co. on the proposal. A YMCA news release said the project is “a turning point for Downtown Boise, and will help shape the landscape of a growing downtown community.”
“We are thrilled to be a part of this historic undertaking. The new Downtown Boise YMCA will be the cornerstone for a campus of opportunity that will create a network of support, vitality, and community for thousands who live and work here,” said YMCA President and CEO David Duro in the release. “This project will create a barrier-free YMCA that will truly serve all, while reinforcing the social fabric of the Downtown Boise neighborhood.”
The new YMCA building will cost about $60 million and construction is expected to begin in 2023, the release said.
The nonprofit is hoping to raise $30 million for the new building. Remaining funding will come from other sources, including community partnerships and the sale of various downtown YMCA assets, the release said.
PROJECT DETAILS
In addition to housing and the YMCA, Edlen & Co. is proposing 18,000 square feet of retail space, 26,000 square feet of health care and/or education space and a 14,000-square-foot child development center.
South of the new YMCA, on the same block, the company is proposing a 20-story mixed use building. It would include retail or commercial space on the bottom floor, topped by a multi-story parking garage and 12 floors of housing.
On the block west of 11th Street a seven-story housing structure is proposed.
In total, the development proposal includes nearly 700 parking stalls.
As part of the proposal, CCDC would contribute $20.5 million in tax increment financing.
The agency and private partners will now negotiate a development agreement, which could be finalized next year.
This article originally appeared in the Idaho Press, read more on IdahoPress.com.
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