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CCDC may invest $8.4 million in Gardner’s Parcel B office project

Gardner Co. proposed a four-story office building for the corner of Myrtle and 13th streets. Image courtesy of Capital City Development Corp.

Gardner Co. proposed a four-story office building for the corner of Myrtle and 13th streets. Image courtesy of Capital City Development Corp.

The Capital City Development Corp in coming months will consider investing $8.4 million or more in parking and streetscape improvements for Gardner Co.’s proposed office development on downtown Boise’s so-called Parcel B.

Gardner has outlined a five-story, 100,000- to 130,000-square-foot office; a four-level, 600- to 630-space parking garage; and a smaller, 5,000-quare-foot retail building for the 5.02 acres outlined by Myrtle, Front, 11th and 13th streets.

The CCDC Commission on June 13 gave the project preliminary designation as eligible for CCDC subsidies once an agreement is reached between the agency and Gardner.

The final CCDC contribution to the $55 million project may increase as Commissioners David Bieter (also Boise’s mayor) and Pat Shalz gained commission concurrence to have the garage built so that condos or offices could be built atop the garage at a later date.

“That’s an awful short building,” Bieter said about the four-level garage. “Can we build on top of that?”

Building on top would require increased footings and foundations for $11.5 million garage, which now is not designed for the burdens of an additional structure. There is no way to know how much the garage price tag would increase without more information about the building, Gardner Executive Vice President David Wali said.

The garage will have a 12,000-square-foot attached, street-level commercial space that may become the new home for the Boise Area Chamber of Commerce.

“We are seriously looking at it,” Chamber CEO Bill Connors said. “My board has said that is a good potential spot for us. Our lease (in the C.W. Moore Plaza) is up the end of 2017.”

The preliminary plan calls for CCDC to supply $5 million for the garage construction, which would also give the agency ownership of 250 to 280 of the parking spaces, said Todd Bunderson, CCDC’s development director.

CCDC also anticipates spending $3.4 million for 2,100 linear feet of streetscape improvements such as sidewalks, trees and benches on 11th, 13th, Myrtle and Front as well as extending 12th street through the center of the property.

The garage payment to Gardner is expected to be made at the time the garage is completed in October 2017, while Gardner would be reimbursed for streetscape improvements in annual payments from 2019 to 2024.

About Teya Vitu

Teya Vitu is an Idaho Business Review reporter, covering commercial real estate, construction, transportation and whatever else may intrigue him in the moment. Join me on Twitter at @IBR_TeyaVitu.