Boise's Capitol Terrace is showing signs of age. With development booming around Boise, the formed concrete structure with painted accents doesn't really fit in - and shows its 1980s vintage.
Could the structure be ready for a renaissance?
BoiseDev has learned that the Roper family has finally made a deal to sell the retail portion of the building after more than a year on the market. The buyer is Alturas Capital of Eagle.
Capitol Terrace stands on land that was once home to the Roper Clothing Company. It includes two pieces - the parking garage, which is currently owned by the Capital City Development Corp - and the retail portion, which the Roper family has owned for the last 30 years.
Alturas Capital is behind several local projects - including the Eagle View Plaza and Eagle Marketplace. Partner Travis Barney confirmed to BoiseDev that his organization is in early stages of due diligence on the property.
As part of the sales pitch for the building, the Roper family stressed that it includes a so-called "air parcel" that sits atop the current building starting on the second floor. In 2007, the City of Boise OK'ed a plan to build on top the building, which would have added six stories and 85 apartments. Construction never started as the economy fell apart in 2008.
The pitch even showed a concept for a revamp of the property - including new construction on top, and a thorough remodel of the existing retail. The renderings aren't likely to ever be built -- and Alturas may or may not have its own plans for the property.
Existing tenants - including Piper Pub. Pita Pit, Tapohouse, Jamba Juice and others have leases which are binding with the potential new owners. In a letter to tenants obtained by BoiseDev.com, current owner Josh Roper was excited about possibilities for the 28-year-old building.
"(Alturas envisions) development in the 'air rights' space on the roof, a project that will enhance the value of the retail spaces on the first two floors. Just to give a flavor of the way this development might look, I’m attaching conceptual drawings of Capitol Terrace with the air rights project completed," he wrote. "A local architectural firm completed these drawings—not Alturas Capital, but Alturas’s plan I know will be even more exciting."
That rendering is below.
No word on the deal terms, but the building was listed at $11.9 million - which included the air rights parcel.
Could another piece of Boise's core soon have a new look? Time will tell. The sale is expected to be complete, if all goes well, in December.