An entire city block in Downtown Boise has a new owner with a track record in Downtown Boise.
The Yanke family sold the block bounded by Front St., Grove St., 10th St. and 11th St. last month. An entity owned by Pennbridge Lodging of Eagle purchased four of the five parcels on the block.
The block, currently a parking lot, has been owned by the Yanke family of Boise for decades. It primarily serves as a parking lot, including for employees of the JR Simplot Co. It also used to host the Boise Farmers Market before that event moved to another location.
The fifth piece of property is now owned by a company controlled by members of Pennbridge co-founder Jared Smith’s family. All the transactions happened on January 16th of this year.
Altogether, the Ada County Assessor valued the properties at $3.691 million dollars in 2019.
High-profile Downtown Boise site
The current parking lot, which started hosting cars after Downtown Boise went through a spree of tearing down buildings, is now one of the most prime pieces of property near the core. BoiseDev mentioned the site as a key development spot in our 2020 preview story last month. It sits near the Simplot headquarters building, JUMP, Hotel 43, The Owyhee, and is just a block from The Grove Plaza.
What does Pennbridge plan for the site? Smith did not return our requests for comment.
Downtown has seen a spate of hotels in recent years, adding 574 rooms in just a few years. As of last February, all the new rooms had been absorbed by the market, according to Pat Rice of the Greater Boise Auditorium District.
Another 140 rooms will come in the market later this year when the Home2 Suites by Hilton Boise opens on Front St.
The Capital City Development Corporation plans to spend $11 million along the Grove St. corridor, including $5.4 million in the area of the former Yanke property. Upgrades include streetscapes and infrastructure projects.