An Eagle based developer, Pennbridge Capital, is constructing a 186-room, 10-story extended stay hotel at the corner of Broad Street and Capitol Boulevard in downtown Boise. The hotel is planned to be a Residence Inn by Marriott. This type of hotel caters to a longer-term visitor with amenities such as a kitchenette in each room, fitness area, pool, and a third floor patio and bar.
CCDC is assisting the project through a Type 2 General Assistance Participation Agreement. The project scores as a Tier 1 using the Participation Program scorecard, giving it the ability to receive up to 80% of the tax increment generated by the project to pay for public improvements. This project will receive approximately $876,000 over the course of 4 years after the hotel is complete.
The Residence Inn is implementing several initiatives to promote sustainability. The project plans to tap into the city’s geothermal for domestic hot water as well as construct an underground seepage facility to capture and process all stormwater that falls within the property limits.
Public improvements to the property include brick sidewalks, street trees, decorative fencing, streetlights, bicycle racks, green stormwater infrastructure, and a ground level plaza with irrigated planters and seating. The project will also relocate and extend the communication utilities located within the alleyway, and underground the overhead facilities crossing Myrtle Street, providing new services to the Ada County Building and the hotel from an electrical vault within Broad Street.
In June 2015, CCDC helped fund a downtown hotel study, which showed that Boise’s growth and convention space demands more rooms to be built in downtown. The Residence Inn will help close this supply side gap and CCDC is pleased to help invest in this downtown facility. The hotel is scheduled to be complete in early 2017.
CCDC Development Director, Todd Bunderson, managed this project.