Mountain Home Urban Renewal Agency announced two new development opportunities in the city’s downtown.
The first, located at 295 N 2nd E, is a 24,468 square foot building constructed in 1962 and renovated in 2012. The building is one-story with a basement. MHURA spent around $700,000 when they purchased the property in 2012. Beall’s Department Store then leased the building until February of this year.
MHURA wants this location used for commercial retail or entertainment.
The second, located at 195 N 2nd E, is an 11,000 square foot building constructed in 1964. The Hub is two-stories with a mezzanine and a basement. According to MHURA’s website, the building is split into three units. MHURA purchased the property in 2018.
MHURA laid out submission requirements for people interested in developing these properties. The proposal must have a project narrative, a timeline, development team information, MHURA assistance and a release and waiver.
MHURA has some basis for selection that includes investment (will your project bring people downtown). And a similar portfolio (have you worked on a project similar to this). MHURA says none of the basis for selection are requirements, but they prefer some.
There is also a three-step selection process; request for proposal, evaluation, awards of proposals, and Agreement to Negotiate Exclusively that the team selected has 30 days to sign.
Four copies of the team’s proposals and one electronic version must be submitted by February 26, 2021, by 5 p.m. Mountain Time. MHURA will then review the proposals on April 26, 2021. Additional information and the complete timeline are available on the MHURA website.