This unbuilt Eagle development was a family’s dream. Now it’s for sale. Here’s why
When news came out that the sprawling 27-acre property where the proposed Quarry Village mixed-use project was supposed to be built was now for sale, the owners heard that many in Eagle were disappointed.
But they say there’s no reason to be.
The Quarry Village project was dreamed up by 11 family members of Treasure Valley business partners Ray Dowding Jr. and Myron Stahl, who inherited the defunct gravel quarry property at the northwest corner of Hill and Horseshoe Bend roads, just east of Idaho 55. The project is now managed by Cindy Greco, Dowding’s daughter.
And according to her, Quarry Village is still moving forward.
“Some alluded to the families just giving up on their dreams and they’re not going to build Quarry Village, it’s just for sale,” Greco said. “And that’s not the case at all. We’re working on this every day.”
The property is indeed up for sale. Building the entire project, which Greco estimates will cost up to $200 million, just isn’t a “financial reality” for the two families, especially since they don’t have much development experience.
“We intend to remain active participants in the development, but as inexperienced land owners we are not capable of building such a massive project on our own,” Greco said.
Luckily, there’s no shortage of interest.
“The phone is ringing off the hook,” Greco said. “It’s not languishing out there.”
She hasn’t accepted any offer and doesn’t plan to until she finds others interested in carrying out the specific vision the owners have in mind.
She is open to finding unique ways to do that and has looked into opportunities that include selling individual parcels within the project, creating long-term leases and teaming up on joint ventures. Because of the project’s size, she doubts it will end up in the hands of a single buyer.
“I feel good about the process I’ve gone through to find the people who really, really would commit to doing something nice and didn’t want to just slap up some apartments and put up a CVS and just average stuff,” Greco said. “We want it to be special. I could have made a bunch of deals in the last year. And I just held off, because I want it to be the right deal.”
A development agreement that took four years to hammer out with the city was attached to the property in July 2021. It allows for up to 232,000 square feet of commercial space to be divided between office, retail, restaurant, entertainment and hospitality. Real estate broker Arthur Berry & Co. posted an advertisement for the lease or sale of portions of the site, including 200 apartments or condos, up to 35,000 square feet of either retail or office space, up to 10,000 square feet of restaurant space, a 90-room hotel and up to 8,000 square feet of pad space.
While Greco said she has received an especially large number of offers on the housing portion, she won’t sell those until she has the commercial side figured out, saying she doesn’t want people “living in a construction zone for five years.”
She is hoping to build most of it at the same time so residents will have things like day care, a gym and restaurants right away.
Greco’s deliberate attitude toward the project makes sense: She plans to live there herself. She imagines a Quarry Village with a European village atmosphere — pedestrian-friendly with a central gathering square, sidewalk cafes, fountains and strolling residents who frequently run into friends — but with a “Hometown U.S.A.” aesthetic.
The surrounding residential areas may also benefit from such a place. North West Neighborhood Association of Boise President Richard Llewellyn lives near the site of the future Quarry Village and, while he’s nervous about more apartments and increased traffic, he believes there is a growing appetite for businesses within walking distance.
“People would like the proverbial neighborhood coffee shop that they could walk to, the kind of places that serve residential,” Llewellyn said. “Right now, you’re going to have to get in your car, unless you’re an avid cyclist, for that whole northeast section of Eagle and unincorporated Ada County. You know, I would think that there was a real desire for that kind of local commerce (and) entertainment.”
Greco is expecting to find developers by the end of the year and to begin submitting the next set of application documents in early 2023. She expects the design review process to be lengthy, but thinks it’s possible that they could begin moving dirt by the end of next year.
If all goes according to Greco’s plan, 2024 is when Eagle residents should expect construction to begin in earnest.
This story was originally published August 23, 2022 at 4:20 AM with the headline "This unbuilt Eagle development was a family’s dream. Now it’s for sale. Here’s why."
CORRECTION: A previous version of this story included an inaccurate sizing of the Quarry Village project.
