Business

Construction has started on former parking lot next to The Ram. Here’s what’s going in

Construction work has started on an apartment building on the Boise Greenbelt near Boise State University.

Site preparation is underway on the Gardner Co.’s 237-unit Park Place Apartments. They will fill a five-story building that wraps around a six-story parking garage (with 356 spaces.)

The building will include studio, one-bedroom and two-bedroom apartments, with studios starting at about $900 per month, said David Wali, executive vice president of Gardner.

The site is at 749 E. Park Boulevard, immediately east of the Ram Restaurant and Brewery and Ferguson Street, across the Broadway Bridge from campus, half a mile from Albertsons Stadium. Until recently, the site was a parking lot.

It is aimed largely at young professionals and Boise State students.

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This artist’s rendering shows the proposed Park Place apartments on the north bank of the Boise River. STK Architects via city of Boise

The $40 million project is the latest to go to construction in the Treasure Valleys’ apartment-building boom. Among other projects in the works, ranging from the early proposal stage to nearly complete, are:

Trapper’s Island: 3600 Americana Terrace. 304 condominiums. Jayo Holdings, Boise.

The Vanguard: 600 W. Front St. 75 apartments. Visum Development Group, Ithaca, New York.

2nd and Myrtle: 270 E. Myrtle St. Up to 243 apartments or condos. Collegiate Development Group, St. Louis, Missouri.

Boise Caddis: 200 W. Myrtle St. 174 apartments. River Caddis Development Corp., East Lansing, Michigan. The efficiencies would rent starting at $900 at current value, with other units costing as much as $2,300.

▪ The Cartee: 406 S. 4th St. Roundhouse (formerly LocalConstruct), Los Angeles. Eight-story building with 161 apartments, including studios, one- and two-bedroom units and live-work spaces. Rents would start at $1,190 per month up to $2,400, at 2019 values. The building will also have ground-floor retail.

▪ The Afton: 880 W. River St. Thirty-five townhouses and condominiums are scheduled to be ready in December. The first phase had 28 condominiums. Units are selling for between $420,000 for a one-bedroom unit and $716,000 for a two-bedroom. Michael Hormaechea, Boise.

▪ River Street Lofts: 535 S. 15th St. Ten three-level condominiums with attached garages. They’re each priced at $420,000. Energreen Development Co., McCall.

The 3.3-acre parcel Park Place site is being leased by its owner, the Harry W. Morrison Foundation. Annual lease payments to the foundation will begin at about $200,000 per year and will continue for the lease’s 65 years, Gardner’s Wali said. The foundation makes grants to an assortment of Idaho causes.

“They do a lot of good work in the community,” Wali said by phone.

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An aerial view shows the location of the proposed Park Place apartments. It’s situated along East Park Boulevard and north of the Boise River and Greenbelt. Provided by the city of Boise

BuildZoom reported the filing of a permit to begin construction of the Park Place Apartments.

Park Place.JPG
The Park Place apartments would wrap around a parking garage. STK Architects via city of Boise

This story was updated Tuesday, Nov. 12, to include comment from Gardner’s David Wali.

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David Staats is business editor of the Idaho Statesman, which he joined in 2004. He has assigned, edited and reported business, politics, government and other Idaho stories since 2006.Get the top Idaho business stories of the week in a free email every Monday morning. Go here, then press the “Select” button under Idaho Business.
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