Questions and Anwsers on the Capitol Terrace Apartments
100 N. 8th Street Boise, Idaho 83702
What are the Capitol Terrace Apartments?
The Capitol Terrace Apartments are a proposed 90-unit residential development at 100 N. 8th Street in downtown Boise. The development will contain a mix of studio, one and two bedroom apartments, some of which will fit the definition of “workforce housing”. Other of the units will be so called “market rent” apartments. One unique feature of the development is its proposed location a top of an existing downtown structure – the Capitol Terrace retail project
What about this project makes it suitable to downtown Boise?
Perhaps the most important feature of the project is that it will address a community priority to create a greater mix of downtown living options. Currently, there are several options for condominium living downtown for Boiseans at relatively higher income levels. There are few options for what is commonly called “workforce housing.”
What is “work force housing?”
The Urban Land Institute defends it this way: a workforce household means at least one full-time worker, whose members earn incomes that are too low for them to afford to pay market prices for homes or apartments in areas where they work, but whose incomes are too high to qualify for the most significant kinds of federal housing assistance. In Boise, monthly wages for this group are in the $1,500 to $2,000 range.
Since 2003, the Capitol Cities Development Corporation (CCDC) has made this issue a top priority. CCDC notes that there are more than 43,000 jobs in the downtown Boise area, but only about 2,000 downtown housing units. There are additional benefits associated with reductions in commuting time, traffic congestion, air pollution, and people living in close proximity to services and retail facilities.
How are monthly rents for these apartments determined?
Rental rates are determined based on the area’s median income, which will make the rent approximately $500-$600 per month for those who are income eligible.
Who is the developer?
The Capitol Terrace Apartments are being developed by Parklane Company and Roper Investments. Parklane has successfully completed approximately thirty real estate developments since 1975. With one exception, all are in Boise. Many are downtown or near downtown. Primarily they are apartment projects, but they also include six office developments, some with ground floor retailers.
Parklane is owned by Ken Howell of Boise. About half of his projects have been new construction and half substantial or moderate renovation. Seven projects were developed with the benefit of housing tax credits, including in downtown the rehabilitation of the Idanha Hotel and the Idaho Building.
Parklane projects have received two "Orchid" awards from the Idaho State Historic Preservation Council and two design awards from Boise's Design Review Committee. In 1997, the Idaho State Historic Preservation Council named Mr. Howell a distinguished preservationist for his work in preserving Idaho’s heritage.
What are the challenges involved in developing this project on top of an existing structure?
The existing Capitol Terrace Retail Building was initially built with this sort of addition in mind for the future. That means that structurally there are no real issues. Staging the construction to minimize disruption for existing retail tenants and other downtown residents will be important.
What is the status of the approval process for the apartment project?
The City’s Design Review Committee has approved the project. The developers have already made improvements as a result of the design review process and from talking with neighbors. The next step is for the CCDC Board of Directors to approve the project.