Half of a high-profile property in Downtown Boise has new owners.
Front Street Holdings of Redmond, WA bought the half-block property along Front St. between 10th St. and 11th St, across from the JR Simplot headquarters building and next to Hotel 43.
The sale went through in July, according to Ada County Property Records. Pennbridge Lodging of Eagle bought the property in 2020 from the Yanke family of Boise, as BoiseDev previously reported. Pennbridge plans two hotels on the site along the Grove St. side, moved to sell the Front St., and issued a call for offers on the property last spring.
Front Street Holdings is controlled by Seattle-area marketing firm owners Lori Wiley and J. Patrick Riley, according to State of Washington business entity records.
BoiseDev reached out to the contact listed for Front Street Holdings, and they did not reply.
Plans not yet known
Pennbridge marketed the site as an ideal location for a “high-density multifamily development”, and emphasized that the site does not have any constraints from the City of Boise when it comes to height limits, density or parking.
No permits have yet been filed with the City of Boise for the site.
While it’s not clear what the Wileys might do with the property, Pennbridge did record two restrictions on the deed according to Ada County records. The first bars anyone from building a hotel or similar lodging on the site for at least 75 years. The second relates to the former property owners.
“The reserved right of the members of Dan Yanke & Sons LLC (Daniel R. Yanke, Nathan D. Yanke and Carl R. Yanke) to be invited and sign the topping-our beam at the topping-out ceremonies for any towers or tops of buildings that are erected on the property prior to January 16, 2040,” the restriction says.
The Wileys own Compact Information Systems of Redmond, Washington, which provides marketing services and mailing lists data as well as direct marketing services. Lori Wiley is a University of Idaho graduate and grew up in Idaho according to her bio on the website of a Seattle nonprofit.
Last summer and fall, the Wileys also acquired several properties in Redmond, according to the Daily Journal of Commerce, paying more than $55 million in a series of transactions for properties near a large park in the city.