An Albertsons. 100s of houses, apartments, coming near you (plus: Can you afford them?)
The latest proposed developments, other construction projects and new businesses around Idaho’s Treasure Valley:
Boise
Boise now ranks as the nation’s 23rd least-affordable city for owning a home among 100 U.S. cities, according to RealtyHop, a site that says it finds undervalued homes for investors to buy.
Boise led the nation in climbing Realtyhop’s least-affordable list, rising from 33rd place two months earlier. The ranking compares median house prices to median household incomes.
The median price of Boise homes listed in RealtyHop’s database as of March 29 is $424,000, while the share of income needed for a median Boise household to own a home is 40.8%. That percentage is based on estimated mortgage and taxes totaling $2,043 per month and household income of $60,035 per year.
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The city’s Parks and Recreation department plans to replace five sections of the Boise River Greenbelt starting next month.
The parts to be replaced include:
Railroad Trestle Bridge to 9th Street Bridge (mile points NW 1.1 to N 0.0)
Broadway Bridge to Parkcenter Bridge (NE 1.0 to NE 1.2)
The east end of Kristin Armstrong Municipal Park to Marden Lane (NE 1.7 to NE 1.9)
Leadville Avenue to the Baybrook Court Bridge (SE 1.1 to SE 2.0)
East Parkcenter Bridge at Bown Way to East Parkriver Drive (SE 4.2 to East Parkriver Drive)
Those sections were “high on the city’s priority list for replacement due to cracks, root damage or outdated asphalt,” the city said in a news release.
Work will take place throughout the summer and is expected to be finished in the fall. Parts of the pathway will be closed during construction. Signs will direct users to detours.
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The city of Boise seeks to exchange 6.2 acres of property west of the Lakemoor subdivision for certain improvements, including a buffer zone for the West Boise Water Renewal Facility, an expanded park area and a Greenbelt connection.
The Boise City Council scheduled a hearing on the exchange for 6 p.m. on Tuesday, April 20, at Boise City Hall.
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Meridian Holding QOZB, an LLC registered to Marianne Payne of Boise, seeks to build the Springtree Apartments at 121 S. Springtree Lane, near the southeast corner of West Franklin and North Allumbaugh streets.
The development would consist of 39 apartments over three buildings. Built on 1.6 acres, the complex would have 21 two-bedroom and 18 one-bedroom units.
The Boise City Council is scheduled to hold a hearing on a rezone for the property from R-2D (medium density residential with design review, which allows for 14.5 units per acre) to R-3D (multi-family residential with design review, which allows for 43.5 units per acre). The hearing is scheduled for 6 p.m. Tuesday, April 20, at Boise City Hall.
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Mountain West Electric Vehicles seeks an occupancy permit at 9990 W. State St. The space was previously occupied by Autotranz Transmission shop.
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Breeze Boise 1 seeks a permit to renovate the former Popeyes Louisiana Kitchen at 1612 S. Broadway Ave. into a laundromat.
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Parkside Market seeks a permit to build a store on the ground-floor of a building under construction at 1100 W. Idaho St.
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Ampersand Studios LLC, a brand photography studio, leased 2,368 square feet of retail space in the Lincoln Building at 1519 W. Grove St., TOK Commercial reports.
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Meridian
Albertsons is seeking to build a new grocery store at 4621 S. Eagle Road.
The supermarket would be about 58,000 square feet and size. According to city filings, it was originally permitted a few years ago, but that permit expired.
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DFG Development, a Utah company, plans to build 102 apartments in nine buildings.
The buildings, part of the Lost Rapids neighborhood, will be two- and three-stories tall, according to city filings. Amenities include storage garages and a community building.
The development will be at 3400 W. Lost Rapids Drive, just off Ten Mile Road.
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Independence Indoor Shooting Range is converting a building previously used for gunsmithing to an open-front paint booth for “applying spray finishes to firearm parts,” according to city filings.
The conversion would take place at Independence’s site at 2749 E. Gala Court.
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Bach Storage seeks to build a 97,000-square-foot self-storage complex at 3280 E. River Valley St.
The project is valued at $7 million, according to city filings. It was first reported by BuildZoom.
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Damon Beard seeks to build a new multitenant shell building with a drive-thru lane at 6097 N. Ten Mile Road.
The project would be valued at just over $1 million, according to city filings.
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Northpoint Recovery Center seeks to build a single-story inpatient center for drug and alcohol rehabilitation at 2335 State St.
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Kate’s Bridal Cottage seeks to remodel and move into a space at 934 E. 5th St.
The space previously held a music-lesson studio. It would be turned into a dress boutique with wedding coordination services.
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Balance Yoga leased 3,711 square feet of retail space at 3055 E. Fairview Ave., reports Cushman and Wakefield Pacific Commercial Realty Advisors.
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Envision Specialty Eyecare and Dry Eye Center PLLC subleased 887 square feet of retail space at 1130 E. Fairview Ave., TOK Commercial reports.
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Star
Paul and Vicki Larson seek to build the East Star Ranch subdivision, which would have 266 houses and 21 commercial lots.
The applicant also seeks a rezone, a preliminary plat and a conditional use permit for a senior living business. The property, which is at 8874 W. Wildbranch St. and 855 S. Calhoun Pl., is 59.3 acres.
The Star City Council is scheduled to hold a public hearing at 7 p.m. Tuesday, May 4, at Star City Hall, 10769 W. State St.
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Linda Lubbersis seeks to build the Landyn Village subdivision at 551 S. Crystal Springs Lane.
The development would include 53 houses, 10 live/work home lots and a future common lot on 10 acres.
The Star City Council is scheduled to hold a public hearing at 7 p.m. Tuesday, May 4, at Star City Hall, 10769 W. State St.
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Eagle
Foxtail Senior Living Center seeks to increase the number of residential assisted living units from 77 to 100 in its development on 4.6 acres at 2559 and 3600 W. Bavaria St.
The request is scheduled to go before the Eagle City Council at 6 p.m. Tuesday, April 27, at Eagle City Hall.
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Treasure Valley
A Boise commercial real estate agency is asking if the big increases in Boise-area rents this past year are sustainable.
“Rents have increased 16% from Q1 2020 to Q1 2021, according to Apartment List,” TOK Commercial says in its latest multifamily report. “In March 2021 alone, rents rose over 3%. The question of whether the market’s median income is enough to support these increases looms large.”
The median income in Ada and Canyon counties combined is $61,949, TOK said.
The rental market is helped by Boise’s home-sales market, where prices discourage many tenants from buying.
The apartment market’s good times have drawn investors near and far, though few desirable buildings are being offered for sale.
“Demand for multifamily investment product remains high, but the biggest hurdle for buyers is the lack of quality assets on the market,” TOK says. “As a result, the number of transactions in Ada County has declined over the last few years. Canyon County saw an uptick in sales in 2020. Of the deals that do occur, more are happening off-market.”
One metric used by buyers of apartment buildings is the price per door, which means the price per apartment.
“The median price(s) per door in Ada and Canyon counties for 2020 were nearly aligned, while historically Canyon County has lagged Ada County prices,” TOK says. “Part of this uptick is accounted for in the size of complexes sold in 2020. Ada-County’s average sale was 75 units, while Canyon’s was half that amount. Smaller complexes typically see higher price per door values.”
Another measurement used by developers and investors is the capitalization, or cap, rate. The cap rate is the expected rate of return per year expected, after expenses, from an investment in a commercial real estate property.
It used to be that investors received higher cap rates in Boise than in many other markets. No more. But investors are still interested in Boise, thanks in part to robust in-migration and low unemployment.
“Multifamily cap rates have decreased steadily, both locally and nationally, since the recession,” TOK says. The Boise area’s cap rates caught up to the national average of 5% in 2019 and are expected to stay near that for the rest of 2021., but “the market will continue to be very competitive for buyers.”
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Around Idaho
Denny and Willean White of Emmett have agreed to sell a 43-acre parcel they own at 4th Street and Substation Road on Emmett’s east side to the Emmett School District for a new high school.
The sales price would be $3.2 million and is contingent upon an appraisal and upon approval by district voters of a $68 million bond levy on the May 18 ballot.
The Whites own Valley Pump & Equipment in Emmett and are parents of Wendy Johnson, superintendent of the Kuna School District and one of four finalists for the superintendent’s job in the West Ada School District, Idaho’s largest.
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