Boise’s urban renewal agency is set to buy the former Idaho Sporting Goods building at 421 N. 10th St. in Downtown Boise.
The Capital City Development Corp. will pay $2.1 million for the building and parking lot next to it, according to the terms of a deal the agency’s board of commissioners unanimously approved Dec. 20. The property takes up 0.39 acres.
CCDC wants to redevelop the property, which is two blocks west of the Capitol across State Street from the Downtown Family YMCA. Executive Director John Brunelle said Tuesday that the redevelopment likely will incorporate residential and commercial uses, though it is too soon to say for sure.
Over the next few years, CCDC will solicit ideas for redeveloping the property, Brunelle said. That might mean renovating the existing building or building something new.
The renewal agency has used similar purchases to spur projects such as the Watercooler apartments at 1401 W. Idaho St. and The Afton, a condominium complex between 8th, 9th, River and Fulton streets near the Boise Library.
The property’s appraised value is $2.2 million, Brunelle said. The assessed value for Ada County tax purposes is $1.24 million.
Idaho Sporting Goods opened in 1953. Hugh Brady bought out his partner in 1969, said Patrick and Nicholas Brady, Hugh’s oldest and youngest sons, who inherited the business along with two other brothers. It used to sell sporting goods at retail. The brothers sold the business in 2016 to BSN Sports, a nationwide sporting goods business that specializes in selling gear to sports teams and corporations. Patrick and Nicholas Brady said they work for BSN now.
The sale is expected to close Thursday, Jan. 4. CCDC will honor the leases of the building’s tenants, Brunelle said. Tenants include BSN, Trophy House Pros and Boise GreenBike. The lease with the latest expiration date is up in early 2020, Nicholas Brady said.