Boise Urban Renewal Agency accepts bid to develop new 20-story tower downtown YMCA

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The $180 million proposal has the potential to bring up to 626 housing units downtown.

BOISE, Idaho- This article originally appeared in the Idaho Press

BOISE — The Capital City Development Corporation (CCDC), Boise’s urban renewal agency, accepted a development bid Monday that, if completed, will bring five new buildings, including a 20-story skyscraper, hundreds new apartments and a new Treasure Valley YMCA in downtown Boise.

The CCDC Board of Commissioners has accepted a $180 million proposal from Edlen & Co., a Portland, Oregon-based real estate developer, to redevelop several blocks between 10th and 12th and State and Jefferson streets. . Edlen & Co. was one of three private proposals submitted to CCDC for its Block 68 catalytic redevelopment project, which aims to attract new housing to the area.

The project has the potential to bring up to 626 homes downtown, including a few dozen for people with median incomes below the area and another 130 for people earning 120% of the median income or less. Of the three proposals, Edlen & Co. was the only one to provide additional land for development, a CCDC staff report said.

“This was a significant priority for the (RFP) and suggests that the catalytic impact of the (RFP) could actually result in 626 new housing units, a new YMCA downtown , a significant public space and mobility infrastructure that represents $330 million in total investment,” the report states.

NEW YMCA?

There are also plans to relocate the current downtown YMCA branch, located at 1050 W. State St. The current building would be demolished to make way for a four-story, 176-unit housing project.

Meanwhile, a new 98,000 square foot YMCA building would be built across the street at 421 N. 10th St., a CCDC-owned property occupied by ISG, a printing company whose lease expires next year. , according to the staff report.

Treasure Valley YMCA officials worked with Edlen & Co. on the proposal. A YMCA press release said the project is “a watershed moment for downtown Boise and will help shape the landscape of a growing downtown community.”

“We are delighted to be part of this historic company. The new Downtown Boise YMCA will be the cornerstone of a campus of opportunity that will create a web of support, vitality and community for the thousands of people who live and work here,” said President and CEO. YMCA executive David Duro in the statement. “This project will create a barrier-free YMCA that truly serves everyone, while strengthening the social fabric of Downtown Boise.”

The new YMCA building will cost around $60 million and construction is expected to begin in 2023, the statement said.

The association hopes to raise $30 million for the new building. The remaining funding will come from other sources, including community partnerships and the sale of various Downtown YMCA assets, according to the release.

PROJECT DETAILS

In addition to housing and the YMCA, Edlen & Co. offers 18,000 square feet of retail space, 26,000 square feet of healthcare and/or education space, and a children’s development center of 14,000 square feet.

South of the new YMCA, on the same block, the company is proposing a 20-story mixed-use building. It would include retail or commercial space on the ground floor, topped by a multi-storey car park and 12 floors of housing.

On the block west of 11th Street, a seven-story housing structure is proposed.

In total, the development proposal includes nearly 700 parking spaces.

Under the proposal, CCDC would provide $20.5 million in tax increment funding.

The agency and private partners will now negotiate a development agreement, which could be finalized next year.

This article originally appeared in the Idaho Press, learn more at IdahoPress.com.

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