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CCDC strikes deal to sell downtown parking garage to fund new parking projects

The Capital City Development Corp. finally has a deal in hand to sell a parking garage it owns.

It started the process to sell the Boulevard Garage, also known as Capitol & Front – under the Grove Hotel – in 2018.

It put out a request for proposals asking for bids of at least $6.8 million.

No one bid.

It revised the amount to $5.3 million.

No one bid.

The agency then went a different route and the board of commissioners told staff to see if it could negotiate a direct agreement.

After talking to several parties, it struck a deal with Block 22, LLC — the company that owns the Grove Hotel and CenturyLink Arena that sits above the garage.

$4 million will flow into CCDC coffers for the garage.

[Grove Hotel opens new terrace with dining & event options overlooking Downtown]

“This is a specialized parking garage,” CCDC Project Manager Laura Williams said. “It’s probably going to operate we think more effectively in the private sector. It’s no longer a significant contribution to our (downtown parking) system, it’s only 5% of our gross revenue comes from that garage. Being able to reinvest the money from sales into a new parking facility seems like a good forward step.”

Williams said Block22 will operate the garage much like it is now – with hotel parking, condo parking, 75 spots for monthly parking users – and some public access.

The sale should close at the end of a due diligence phase in February.

“This has been a long and winding road,” Boise Mayor Dave Bieter said. “I think it’s a good idea, and will pay dividends going forward.”

Funds from the sale will go into future parking garage projects CCDC is contemplating.

Don Day - BoiseDev Editor
Don is the founder and publisher of BoiseDev. He is a National Edward R. Murrow Award winner and a Stanford University John S. Knight Fellow. Contact him at don@boisedev.com.

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