Whether or not Boise gets a new main library anytime soon, a local developer is plowing ahead with a new 12-story tower next door.
On Monday, Boise’s urban renewal agency Capital City Development Corporation gave initial approval to funding public improvements and purchasing 200 parking stalls in a proposed project at the corner of 8th and River Streets in downtown Boise.
The project, which is being developed by Jordan-Wilcomb Construction Company and Global Senior Housing, would be on the site of the former Foothills School of Arts and Sciences across the street from the main branch of the Boise Public Library.
The proposal includes a ground floor for retail and office space, four floors of parking and seven floors of residential apartments for adults 55 and older.
CCDC staff recommends the board approves roughly $750,000 in public funds for public infrastructure upgrades and streetscape improvements. Staff also proposes the city purchase 200 of the parking spots in the garage for public use for $6.5 million. The remaining 60 to 100 spaces will be for residents.
It is unknown how much units will be rented for if the project is approved by the City of Boise, though the CCDC documentation says they will be “market rate.”
CCDC said the project should go through design review this fall. The project will also come back to the CCDC board for full approval once the developer receives a funding letter for the proposal
Developers hope to break ground next year and have the project open in 2023.
Project next to shelved library project
Jordan-Wilcomb Construction announced plans in February 2019 to redevelop the warehouse on the site into a mixed-use development with parking spaces available for visitors to the city’s new main library. But, after a successful ballot initiative requiring a vote on the main library project and over-budget construction costs, discussions for a new main library building have been tabled for now.
“Regardless of what happens with the library or anything else – we are in great need of parking in that area,” CCDC board chair Dana Zuckerman said. “There just isn’t enough parking to serve anyone. I’m excited about our role in creating parking there.”
CCDC is expected to reimburse the developer for improvements to public utilities and the streetscape after its estimated completion in fiscal year 2023. The agenda packet for the meeting estimates the construction of the tower would increase Ada County’s tax rolls for the site $45 million.
The project comes toward the end of the Boise urban renewal agency’s River-Myrtle/Old Boise urban renewal area. That area terminates in September of 2025.
CCDC project manager Brady Shin said the expected tax increment collections generated by the Wilcomb project should pay for CCDC’s reimbursement in the first year.
BoiseDev’s Don Day contributed reporting.