A new 13-story building in Downtown Boise, initially put on hold, is poised to start construction.
The ICC Plaza at 4th St. and Idaho St. won approvals from the City of Boise, but project developer Tommy Ahlquist told BoiseDev last summer that the project was on hold due to rising construction costs.
Now, the timeout is over, and the project is poised to move forward. Ahlquist said costs have subsided in many areas.
“We went back out to bid in December, and all of our bids come back on the 23rd, and we’re hearing good things,” he said. “As an example, steel decking is down 22% from where it was last year. That’s a huge number on a project like ours. Some things haven’t come down, but most things haven’t gone up.”
He said the X factor is still labor, with costs remaining high, but that could change over the life of the project.
The ICCU Plaza replaces a two-story Idaho Central Credit Union branch and surface parking lot that were torn down and removed last year. In its place, Ahlquist’s firm BVA Development plans a $124 million, 13-story project that would add a variety of uses to the block.
The project includes a new ICCU branch location and back office space, as well as apartments and additional office and commercial space. It also includes a large parking structure with 406 spaces for cars and 232 for bikes.
The apartment portion of the project will feature 125 units, with a mix of studio, one, and two-bedrooms. The project will also have seven units set aside for residents using a low-income housing voucher.
Capital City Development Corp., Boise’s redevelopment agency, gave initial approval to help fund public improvements around the project, including sidewalks around the building and a public alley that would run through the building in a tunnel style from east to west.
Construction is planned to start this spring, and developers hope to wrap it up by the spring of 2025.