Obie Development, based out of Eugene, Oregon, constructed a boutique hotel on the corner of Capitol Boulevard and Myrtle Street. The 6-story, 112-room hotel broke ground in October of 2015 and features a 3,300 SF restaurant space. Obie Development focuses on “creating boutique, thoughtful, and community-oriented developments with strong attention to detail and the complete guest experience.” The hotel opened its doors to the public on January 17, 2017.
CCDC is assisting the development through two types of participation agreements and a parking lease agreement. The Type 2 General Assistance Agreement will provide $269,000 for utility line relocation and upgrading, as well as streetscape improvements, public art, and landscaping located in a public easement for all Boise residents and visitors to enjoy. The Type 4 Capital Improvement Reimbursement Agreement will provide approximately $198,000 for streetscape improvements, such as streetlights, trees, and benches located in the existing right-of-way.
Parking for the hotel will be provided on-site and through an agreement to use spaces in the City Centre or Myrtle Street garages owned by CCDC.
Obie Development picked Boise from a list of “dozens of markets,” according to their news release. Key factors in that decision include the fact that Boise is a capital city and has a major university, headquarters for big companies, an urban population, a dynamic downtown, and increasing demand for a boutique hotel option.
Recently, CCDC helped fund a study focused on downtown hotel options in Boise. The study showed that Boise’s growth and convention space demands more rooms to be built in downtown. Additionally, the market lacks an upscale, luxury hotel to “cater to executive level and leisure travelers.” The Inn at 500 will help fill this gap and CCDC is glad to support this investment in downtown.
CCDC Development Director, Todd Bunderson, managed this project.