Condos eyed for project in downtown Meridian

Idaho Business Review
4/11/2005

A three-story, 55,000-square-foot mixed-use building, possibly containing residential condominiums, is planned for a downtown Meridian site now home to a Double D pet and ranching supply store.

Development firm Oaas Laney LLC, Boise, plans the new structure in conjunction with the owners of Double D, which is slated to move this summer to a larger building in south Meridian.

Developers plan a $5.5 million to $6.5 million building with retail space at grade, office space on the second floor and possibly condos on the third floor, said Oaas Laney partner Steve Laney.

However, "we have had strong interest in office space on the third floor" from "a reasonably sized office tenant," he said, and the configuration of office and residential space remains to be determined. The second and third floors could have office space and residential condos, depending on office leasing.

"It is our intent at this point to do residential, but we've got to … make sure it all works together," said Laney. The number and location of the condo units - and their configuration and price - will reflect results of market studies under way, he said.

The firm has commitments for "a good percentage" of the retail and office space, Laney said. The building has generated interest from an established Treasure Valley retailer, a financial services company and a company that would make its headquarters there.

Construction could start as early as this fall. A builder hasn't been chosen.

"We are still in the initial phase of ongoing discussions with the city to make sure we are approaching it from a direction that will meet their approval," Laney said. Meridian Development Corp., the city's urban renewal agency, is involved in the discussions.

Project Architect Stan Cole, Boise, said the building would have 16,000 square feet on each of the first two floors, 12,000 square feet on the third floor - set back to allow for outside decks - and a basement. Facades would be close to the street.

Double D plans to do business as Double D Home & Ranch after moving to a 15,000-square-foot building to be lease-purchased from Oaas Laney. Construction is under way at the northeast corner of Idaho 69 and Victory Road.

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