Oaas Laney Co. plans to develop Meridian 5 sites

Idaho Business Review
5/01/2006

Now that Double D Home & Ranch has settled into its new location and construction crews have razed its old building, developer Oaas Laney Co. is making plans for both Meridian sites.

Oaas Laney developed the new Double D site last year on the east side of Idaho 69 (Kuna-Meridian Road) at Victory Road. The Boise company cleared Double D's old store and feed mill from a downtown Meridian site on the east side of Main Street north of Bower Street in late March.

Steve Laney, who co-owns the Boise development company with Erik Oaas, said construction of the Meridian 5 retail, office and residential building could start as soon as this fall on the downtown site depending on city approvals.

The building, which will have three stories and a basement, will take about nine months to build and will cost $5 million to $6 million, he said.

Meridian 5 will have about 12,000 square feet per floor, and 10 to 12 condos on the third floor. Cole Poe Architects, Boise, is the project architect.

Condo sizes and prices may change, but Oaas Laney aims to sell the units for $300,000 to $350,000 - a mid-range price in the Boise-area market, Laney said.

The firm's market research indicates strong demand for the condos.

"We have been surprised at the level of interest," Laney said. "A lot of people have suggested that it may be too early (in Meridian), but from what we are finding, that is probably not the case. There is enough demand to justify going ahead."

A retail store, restaurants and coffee shops have shown interest in Meridian 5's commercial space, Laney said.

Near Double D's new store on Idaho 69, Oaas Laney may develop a business park eventually, Laney said.

The developer leases land to the Victory Greens nursery and a building to 2M Pump Supply. The property, at the northeast corner of Idaho 69 and Victory, encompasses about 20 acres including Double D.

A traffic signal to be placed at the intersection this fall will help existing businesses and will make the property viable for more development, depending on the needs of businesses already on the site, Laney said.

Oaas Laney also owns 16.2 acres at the southwest corner of Idaho 69 and Victory, where it targets big-box retail uses, he said.

"We've been talking to several grocery stores of various sizes" about occupying the southwest corner, Laney said.

Development schedules aren't set for the Idaho 69-Victory properties.

Also in Meridian, Oaas Laney recently submitted plans for a mix of office, retail and townhome buildings on more than 15 acres at the southwest corner of Black Cat Road and Cherry Lane. Construction could start as early as this fall, depending on approvals.

Earlier, the company submitted plans for Casa Meridiana, a 7.5-acre gated community of 35 townhomes at the southeast corner of Victory and Locust Grove roads.

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