BOISE, IDAHO — EdR has completed agreements with Boise State University for the $39.7 million development, construction and management of honors college and freshman housing on the Boise State campus. Construction will begin this year, aiming for a July 2017 completion date. The on-campus development will include a four-story building with a 305-bed honors college and 351 additional beds devoted to a freshman live-learn community. Situated on campus adjacent to the Student Union Building and the Recreation Center, it will also include a dining component. Upon completion, EdR will own the residence hall under a 50-year ground lease with Boise State and will manage the facility, while Boise State will provide residence life services. EdR will complete the development through its On-Campus Equity Plan — The ONE Plan — that uses the company’s equity and financial stability to fund projects on university land. This program gives the university access to a single partner, and creates long-term financial benefits for Boise State and EdR. Boise State chose EdR in November 2014 through a competitive process to execute all the aspects of this development — design, construction, finance and management. LCA Architects of Boise will lead the project’s design team, which includes Ayers …
Idaho
KETCHUM, IDAHO – The Courtyard, a 17,500-square-foot retail center in downtown Ketchum, has sold to a California investor for $2.5 million. The eight-tenant center sits adjacent to the Ketchum Town Center, on East Avenue. The buyer and unnamed seller were represented by Paul Kenny & Matt Bogue Commercial.
The Idaho retail market is showing signs of growth. Boise and Twin Falls are experiencing new developments breaking ground and national retailers are expanding or moving into the area. Much of this new development is coming in from California, Utah, Colorado and Arizona. Tenants are making deals again. Anchor tenants in second-generation space are looking in that $8-per-square-foot to $11-per-square-foot range for larger spaces. Shop spaces in A+ locations are still demanding high $20 per square foot lease rates and even into the low $30 per square foot for the higher-end projects like Meridian Town Center and the Whole Foods/Walgreens developments in Boise. Local and regional retailers are making a strong push to secure prime space as they are seeing lease rates start to rise. Many tenants are more willing to lock into longer lease terms if they can keep a lower rate. Landlords are beginning to provide tenant improvement allowances so long as the lessees can prove financial stability. Idaho is also experiencing retail market trends that are similar to the rest of the country. Larger healthcare facilities are driving the expansion of surrounding retail developments in Nampa and Twin Falls. Additionally, a few of the big box retailers …
The end of last year ushered in an increase of activity, a higher absorption of existing space and lower overall vacancy rates for Boise’s office market. In 2008, the economy went into a tailspin. It led to an increased supply of vacant commercial space in Boise as companies retrenched and downsized. Jobs and customers were also lost throughout the region. Unfortunately, there were a few submarkets that were dramatically affected. In fact, the Boise CBD (central business district), or downtown core, was the only local market that didn't experience a significant increase in vacancies or a huge drop in rents. Other areas listed below were negatively affected: The area near the intersection Cloverdale and Chinden, adjacent to the Boise HP campus that is known as the Boise Research Center, was hit particularly hard. HP downsized, re-trenched it operations and its sub-contract suppliers cut back. This created a vacancy rate of almost 30 percent. The Boise Research Center region was also hit by the bankruptcy of DBSI, a large real estate investment firm that put about 75,000 vacant square feet back into the local market. The area known as Eagle River, between the new Eagle bypass and the Boise River, experienced …
There is a visible upside to the Boise retail market as we begin 2011. Major employers such as Micron Technology, Hewlett-Packard and Albertsons seem to be holding their own after some layoffs in recent years. A number of national retailers are considering smaller store footprints, which has led them to consider smaller markets like Boise. And pedestrian friendly downtown Boise endured the economic downturn reasonably well, remaining an employment and cultural center that’s home to dozens of local shops and other small businesses. In addition to art galleries, restaurants, coffeehouses, jewelers, wineries, salons, apparel shops and gift shops, national tenants such as The North Face, Anthropologie, Urban Outfitters and Office Depot are well located in the city. After a brutal 2009 and soft 2010, the Boise retail leasing market is showing signs of recovery, despite that the greater Boise area posted negative absorption of about 100,000 square feet last year due to a few large move outs. One long-delayed major lifestyle retail project is moving ahead and is a positive sign that confidence is returning to the market. After a 3-year delay, CenterCal Properties is breaking ground later this year on the 90-acre mixed-use Meridian Town Center in the growing …
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