Since it closed in March 2010, the old Macy’s at 10th and Idaho streets has been eyed by a number of developers for potential retail use without a bite. Now Boise-based Northwest Real Estate Capital Corp. wants to fill the top floors with about 62 one-bedroom apartments and lease the bottom floor to retail or nonprofit enterprises.
The goal is to add affordable housing for Downtown workers who make about $20,000 to $27,900 a year, said David Wali, an investment services director with Colliers International, a commercial real estate company representing Macy’s. Macy’s has agreed to work with Northwest, he said. Wali and Raquel Guglielmetti, executive vice president of Northwest, gave an overview of the project Monday to the board of the Capital City Development Corp., Boise’s urban renewal agency.
Apartments would range in size from 518 to 1,000 square feet, which equates to rents of about $539 to $1,040 a month, based on the $1.04 per square foot estimate provided by the developer. Storage would be available in the basement. Tenants with cars would have to find space in a nearby lot or garage.
“We have a lot of condos in Downtown Boise but a limited amount of affordable rentals,” Guglielmetti said.
A 2007 study by the CCDC found that there are few apartments for workers who make too much to qualify for low-income housing but not enough to buy homes. “It is definitely a priority,” said CCDC Chairman John May.
The project is expected to cost up to $8 million, including renovations, heating and cooling, and fire safety, Wali said. About $2.2 million would come from private investors, he said. Northwest has been shopping local banks for up to $5 million in financing, and hopes that the CCDC would provide some incentives as it has for other major projects.
CCDC commissioners seemed enthusiastic about the initial idea, but would need final plans and a proposal from the developers before they could take action. “The idea is exciting,” May said. “It does put a lot of the elements together” that are set out by CCDC’s goals.