805 Idaho Building
Address: 805 W. Idaho Boise, Idaho
Year Acquired: 2010
Square Footage: ±36,748 located in 4 stories and a daylight lit lower level.
Year Constructed: 1890
Year Rehabilitated: 1996 & 2010
Project Type: Multi-Tenant Office/Retail. Masonry and steel frame construction
The Seller of the four story 805 Idaho Bank building (formerly known as the “Boise City National Bank Building”), developer Rick Peterson had acquired the property with the intention of developing the adjacent property into a multilevel multi-use facility. The difficult entitlement process, economic conditions, and timing of the project ultimately eliminated the value of the proposed develop which went on to be known as the “hole” in downtown Boise. With a fractured relationship with the city of Boise the Seller chose to sell the property, which had been poorly managed and maintained. There are nine bank vaults of various sizes located within the building which remain in the building today. At the time of purchase the property had tenants only on the first floor leaving approximately 85% of the building vacany.
The RMC Answer
In November 2009, a Rocky Mountain Company purchased the Boise City National Bank building after 17 days of due diligence. The speed in which we underwrote the building led to us being the successful bidder for the property. Immediately after closing on the property Rocky Mountain implemented a value optimization and lease up plan for the property by completing a multi-million dollar renovation and complete refurbishment to maintain the historical significance while making it functional and marketable.
After renovation the property promptly leased up and is now 100% occupied.