Latest on Boise’s cooling house market. Where rents are heading. What’s coming near you.
The latest proposed developments, housing and other construction projects, and new businesses around Idaho’s Treasure Valley:
Nampa
Joshua Hubert, a local real estate agent, applied to build 84 apartments in a complex at 2416 and 2424 Southside Boulevard.
The apartments, Southside Lofts, would have six buildings, the application said.
The application said the units would be “luxury apartments.”
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Delmar Lake, doing business as Avenue Thrift Store, leased 5,000 square feet of retail space at 410 N. Franklin Blvd., Colliers reports.
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Boise
A new piece of public art is coming to downtown Boise. Named the Pale Blue Dot, its 15 climbing figures and a blue circle will be placed on the north side of a six-story parking garage at 502 W. Front St., next to the Home2Suites.
Studio Capacitor, a public art firm based in Boise, is creating the artwork.
The project was already approved by the Capital City Development Corp., Boise’s urban renewal agency. The Sixth Street Hotel Condominiums Association Inc. is listed as the applicant for a building permit. Boise developer Clay Carley is the registered agent for that corporation.
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A plastic surgery clinic could be coming to Boise near Bishop Kelly High School.
Property owner MEP Group LLC applied for design review of a 4,497-square-foot, single-story outpatient ambulatory surgery center at 218 S. Whisperwood Way, off West Franklin Street in the Englefield Medical Subdivision.
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Vital Care Infusion Services leased 2,720 square feet of office space in Discovery Pointe, 12828 W. Lasalle St., TOK Commercial reports.
“Infusion centers are basically closed-door pharmacies that not only compound prescriptions for patients but can administer therapy-via needle or catheter-and monitor a patient’s treatment,” says Drug Topics, a pharmacy-industry publication. The centers “easier for patients to access long-term therapy without enduring protracted hospital stays.”
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Boise Ballroom and Dance leased 3,608 square feet of retail space at 1507 W. Main St., Colliers reports.
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RC Restaurant Brands Inc., doing business as Clucks Nashville Hot Chicken, has leased 2,274 square feet of retail space at 345 S. 8th St., the Colliers commercial real estate agency reports.
That’s the site of the recently closed Meraki Greek Street Food restaurant.
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Meridian
Brighton Development Inc. applied to build the first two phases of a subdivision south of East Lake Hazel Road between Locust Grove and Eagle roads.
Phases 1 and 2 of the Vertex Subdivision would have 95 homes on about 31 acres. The subdivision, formerly known as the Apex East Subdivision, would have 37 homes in its first phase on 12 acres and 58 homes on its second phase on 19.2 acres.
The Meridian City Council is scheduled to hear the proposals at 4:30 p.m. Tuesday, June 28, at City Hall.
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Dave’s Hot Chicken leased 3,980 square feet of retail space in the Ustick Marketplace Shops, 3450 N. Eagle Road, TOK Commercial reports.
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Boise Juice Co., which says it opened the Treasure Valley’s first cold-pressed juice bar in 2016 and now has three local sites, plans to open a juice bar in Ten Mile Crossing’s Retail Building No. 1 at 755 S. Vanguard Way, developer Ball Ventures Ahlquist reports.
The 400-acre development is at the northeast corner of Interstate 84 and Ten Mile Road.
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Power Engineers will occupy the to-be-constructed Office Building No. 5 at the Eagle View Landing development at Eagle Road and Interstate 84, developer Ball Ventures Ahlquist reports.
The Meridian-based company does business in dozens of countries. It designs power plants and transmission lines as well as food manufacturing plants, such as the $100 million CS Beef Packing plant near Kuna co-owned by J.R. Simplot Co.
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Caldwell
Tim Mowka, with Hayden Homes in Meridian, applied to build two phases of a 275-house subdivision located at the end of Lincoln Road.
The first phase of the subdivision, Huntington Ridge West, would have 86 single-family homes on 29.5 acres. The second phase, Huntington Ridge East, would have 189 single-family homes on 60 acres.
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D&B Supply, the Idaho and Oregon farm-and-ranch-supply chain of stores, plans to open a yet-to-be-built distribution center in Caldwell’s North Ranch Business Park at U.S. 20-26 and Smeed Parkway, developer Ball Ventures Ahlquist reports.
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Eagle
Sheridan Hodson, of Fathom Reality, applied to build a 28 houses in a subdivision 2,000 feet south of Beacon Light Road between Linder Road and Park Lane.
Hodson’s Soaring Feather Ranch would be on 17 acres of what is now ranch land. The developer would leave an existing horse arena as it is, on one acre of commercial land.
The existing horse arena is part of Little Feather Ranch, a riding school. It has been in operation since 2000, the application said.
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LGPD Utah, LLC, a development company in Sandy, Utah, applied to build 74 houses in a subdivision on the west side of North Linder Road, about 1,430 feet north of the intersection of Linder and West Floating Feather roads.
The subdivision, called Kingswood, would have single-family homes on about 39 acres.
The application said the subdivision would include pickleball courts, a gazebo and walking paths with benches throughout.
Ada County
Matrix Construction is looking to build 16 apartments on 1.4 acres southwest of Boise and near the Boise Ranch Golf Course.
Four two-story buildings would each include four two-bedroom apartments located at 5971 S. Cloverdale Road in unincorporated Ada County. The parcel is zoned for commercial use and would need to be rezoned to allow for the higher-density housing.
Originally scheduled for discussion by the Ada County Commissioners on June 1, the proposal was tabled until July 13.
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A developer plans to create a 10-lot subdivision on two parcels of farmland south of West Victory Road in unincorporated Ada County bordering Canyon County.
Jarron Langston, the listed applicant and an agent of Epic Development Derby LLC, proposes to subdivide an area totaling 56.5 acres into 10 residential lots. Each lot would be five acres or larger and would likely become part of Meridian sometime in the future. The area is inside the Willowtree Estates subdivision.
Langston has filed preliminary plat and private road applications, which are scheduled to be discussed at a meeting of the Ada County Commissioners on Wednesday, July 13. The meeting will include a public hearing.
Around Idaho
Chobani, the Greek yogurt maker with a plant in Twin Falls, is giving $1 million to the Center for Agriculture, Food and the Environment, or Idaho CAFE, said the University of Idaho, which leads the center.
The money will help fund construction of the nation’s largest research dairy and will advance scientific dairy research, the university said in a news release.
“Idaho CAFE spans three counties with a 2,000-cow research dairy and 640-acre demonstration farm in Rupert, a public outreach and education center in Jerome, and collaborative food-science efforts developed in partnership with the College of Southern Idaho in Twin Falls,” the university said.
The university said it would break ground this month on the first phase of the $22.5 million dairy.
“The dairy is designed to represent an average dairy in southern Idaho, so the research conducted at the site will be immediately applicable to dairy farms in Idaho and throughout the region,” the university said.
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Notable
The days of bidding wars and fierce competition to buy a house in the Treasure Valley seem to be over. The affordable-housing shortage is as acute as it ever has been, but real estate sales-price reductions are back, at least for some houses.
The Boise Regional Realtors reported Tuesday, June 7, that “the average percent of original list price received for existing homes that sold in Ada County last week was 99.3%.” During the same week a year ago, the average percent of original list price received was 104.3%.
Still, prices were up 15%, to $575,000, in that time. It’s still a seller’s market.
But the latest statistic is another sign of the once white-hot market beginning to cool, which eventually could lead to a leveling out or decline in prices. While local homeowners are just now receiving tax-assessment notices with sharply higher home values, houses in Ada and Canyon counties are now taking longer to sell, and home-sales profits have been falling,
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Rents, meanwhile, are still going up. The median rent in Boise increased 3.4% from April to May, according to Apartment List, a rental platform. Among the nation’s 100 largest cities, that month-over-month percentage increase ranks second.
The median rent in Boise is $1,408 for a two-bedroom and $1,192 for a one-bedroom. Boise’s median rent is 9.6% higher than it was last year, below the national average increase of 15.3%.
After a decline in February, Boise has seen rents rise in three straight months, Apartment List reported.
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Boise State University’s College of Business and Economics says it will launch new online entrepreneurship and resort operations and hospitality management programs this fall.
“The new programs expand the existing Boise State online bachelor of business administration in management,” the university said in a news release. “They include an emphasis in entrepreneurship, an emphasis in resort operations and hospitality management, and a resort operations and hospitality management certificate.”
Idaho’s leisure and hospitality sector is projected to add 5,900 jobs between 2021 and 2023, the second-largest job increase in any sector, the university said, citing U.S. Department of Labor statistics.
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This story was originally published June 8, 2022 at 4:00 AM.
