The new Ash + River Apartments on Ash St. in Boise wrapped up earlier this year. THe new complex is aimed at bringing a more affordable option to Downtown Boise.
The project includes one and three-bedroom townhouse-style units, many with integrated garages. Ash and River rents aim for those who make less than 120% of the average median income for a family. That works out to those making $47,000 to $88,000 in combined yearly income.
“We’ve done our best to bring exactly what we intended to bring to market – from the pretty pictures to the final development,” Dean Papé with deChase Miksis said. “So far we are about 35% leased, and have Boise State students, retired folks and single mothers in the development.”
Papé said the smaller units continue to sell quickly, but the three-bedroom option is moving slower. The project’s website lists three-bedrooms from $1850 to $2,095 per month. The available one bedroom fetches $1,500 per month.
The three-bedroom units at Ash and River feature one bedroom on each floor of the three-story project, allowing for a shared roommate-living situation.
The 24-unit project came about from a request for proposal process from the Capital City Development Corporation, which formerly owned the land. CCDC sold the land to deChase Miksis with a development agreement dictating particulars of the project. One of those includes a 7-year deed restriction requiring units lease for 80-120% of the adjusted median income for the Boise area. deChase Miksis also is eligible for up to $318,000 in reimbursement for improvements in the public right away – including the streetscape, water/sewer/power pole improvements and pathway connections.
“This whole project is illustrative of the double-edged sword of affordable housing,” CCDC commissioner Maryanne Jordan said. “It is doable but it difficult. There is no one organization that can do this on their own. This is a village effort – and this is exciting to see. It’s great for the people who are living there because they wouldn’t be able to live anywhere close to this area.”
The project includes a small 500-square-foot commercial space on the Pioneer Pathway, which currently sits empty. Ash and River sits next to the historic Hayman House, which the City of Boise acquired for future use.