The City of Boise is looking to potentially purchase a site for affordable housing development.
On Tuesday, Boise City Council unanimously approved a purchase and sale agreement to buy nearly 2 acres near Fairview Avenue on the West Bench for affordable housing development. The site, located at 1505 McKinney Lane and 1500 El Dorado Street, has a commercial office building on it currently.
The city will now enter into a 90-day due diligence period in which they will explore whether or not to close on the property for $2.75 million. The property is owned by an LLC tied back to R. Craig Groves, a real estate broker and developer.
City spokesperson Maria Weeg provided few details to BoiseDev about the property.
“We are formally entering due diligence on this property to explore the opportunity to build affordable housing there,” she wrote in an email. “That’s about all we can say at this point.”
Larger push for affordable housing
This is the latest move from the City of Boise to acquire properties around the city for its affordable housing land trust.
Other properties the city has moved to close include the Franklin & Orchard site, which will be home to hundreds of housing units next year, and the planned State & Arthur site. Like this West Bench site, both of these properties have been located near public transit lines to provide residents the ability to get around without a car in the hopes of reducing their expenses.
The city also entered due diligence on several properties it never ended up buying, a BoiseDev report revealed last summer.