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Market Square on RussellMarket Square on RussellIntermountain Development Company, Inc.Intermountain Development Company, Inc.
Project Site
12.05 acres
Wyoming Street
South 3rd Street
Russel l
Street
Catlin Street
Property
Boundaries
Project Area of Interest
SilvercrestResidence
IDC Objectives withIDC Objectives with Market Square on RussellMarket Square on Russell
Opportunity to provide housing for many income Opportunity to provide housing for many income groupsgroups Affordable Housing 70-75 UnitsAffordable Housing 70-75 Units Market Rate Units +/- 175 UnitsMarket Rate Units +/- 175 Units
Create Long-term Income Stream to Support HousingCreate Long-term Income Stream to Support Housing Sound Urban Redevelopment with true in-fillSound Urban Redevelopment with true in-fill
Integrate into Neighborhood (park, trails, transit, etc.)Integrate into Neighborhood (park, trails, transit, etc.) Guide Russell Street’s FutureGuide Russell Street’s Future Innovate: Live/work Opportunity, Multi-use, Multi-incomeInnovate: Live/work Opportunity, Multi-use, Multi-income Protect IDC and Others’ InvestmentProtect IDC and Others’ Investment
Planning HistoryPlanning History2003 Charrette2003 CharretteConnections with Neighborhood Council Connections with Neighborhood Council Leadership TeamLeadership TeamMMW providing design and planning guidanceMMW providing design and planning guidance
Market Square on RussellMarket Square on Russell
Next Steps Complete Site Planning Design
Refine Use Mix Identify Parcels and Establish Phasing Establish Design Standards Submit Zoning Application
Begin Marketing Locally Regionally
Demolition/Deconstruction of Improvements Recycle and Re-use materials
Contain Costs Environmental sensitivity
Market Square On RussellMarket Square On Russell Key Design Considerations
Taller Buildings on Russell Street Create “downtown” flavor
Mixed Uses—retail with office and residential above Setbacks to establish “street-wall” and architectural texture Walkability
Build Over Parking Uses land twice Avoids surface lots Costly
Park (over Parking) for Caras Park-type uses Unique Convenient
Community Center Meeting rooms and offices Post Office Bus Transfer Center
Market Square On RussellMarket Square On Russell
Residential ConsiderationsResidential Considerations True Mix of Incomes, Housing and True Mix of Incomes, Housing and
Ownership TypesOwnership Types AffordabilityAffordability Condominiums as a Housing OptionCondominiums as a Housing Option Market DemandsMarket Demands
Market Square On RussellMarket Square On Russell
Infrastructure Needs Which are Eligible forInfrastructure Needs Which are Eligible for
Tax Increment Financing:Tax Increment Financing: Streets, Sidewalks, Curbs, GuttersStreets, Sidewalks, Curbs, Gutters Sewer, Water, Gas, ElectricSewer, Water, Gas, Electric ParkingParking ParkPark
Market Square On RussellMarket Square On Russell
Proposal for Tax Increment BondsProposal for Tax Increment Bonds Series of up to four issuancesSeries of up to four issuances Based on Phases of ProjectBased on Phases of Project Tied to performance of previous PhasesTied to performance of previous Phases Each issue a “stand alone”Each issue a “stand alone”
Details and structure to be determined in Details and structure to be determined in coming months with an aim to issue first coming months with an aim to issue first bonds before the end of the calendar year.bonds before the end of the calendar year.
Market Square On RussellMarket Square On Russell
Possible Phasing Schemes
Test Schematic
Market Square on RussellMarket Square on Russell
For further information contact:
Geoff Badenoch, Project ManagerGeoff Badenoch, Project ManagerIntermountain Development Company, Inc.Intermountain Development Company, Inc.1235 341235 34thth St. St.Missoula, MT 59801Missoula, MT 59801Tel. 406.549.4113Tel. 406.549.4113 fax 406.549.6406fax [email protected]@missoulahousing.org
