Address: 705 8th Street, Boise, Idaho
Year Acquired: 2011
Project Type: Redevelopment of Warehouse into Class A Office, Research and Development, and Warehouse
Square Footage: ±30,000 SF
Biomark, a local biotechnology firm, desired to relocate its location from a multi-tenant flex building to a single tenant building in downtown near the Boise river and requested RMC’s assistance. This was particularly challenging since the facility needed to house the corporate offices, research and development, and light manufacturing space. These types of projects are not prevalent in downtown Boise and the tenant desired that it be “hip” high quality space.
The RMC Answer
For months RMC completed an exhaustive search and targeted several buildings scoured the market looking for meet the requirements of Biomark. However, the cost to redevelop any of the buildings identified was economically impractical for Biomark and it appeared that their requirement may not be feasible until RMC approached the City of Boise about an abandoned warehouse at 9th & Capitol Blvd that the City of Boise wished to be put to a better use. RMC negotiated at length to enter into a long term land lease with the City of Boise in order to renovate the “Old Shaver’s Warehouse” located at 705 S. River Street in Downtown Boise.
The renovation of the building brought the warehouse up to code, beautified the exterior and retro-fitted the interior for Biomark, the improvements became part of the building and as the City of Boise owned the underlying ground the property is not subject to property taxes. The absence of property taxes provided the equivalent of a 20% reduction in project costs and made the project economically viable. Based on this strategy, RMC was able to meet Biomark’s tenant requirement, redevelop a dilapidated warehouse for the City of Boise, and help retain a growing biotech company in the Treasure Valley.