Looks like the housing market isn’t the only place with sub prime loans.
–They guy who brought us the “green” bank building seems to be “in the red” on a condo project at 10th and Main. There was a foreclosure notice to the tune of $2.5 million posted in the Daily Paper legal ads a few days ago.
–It could be just a perception, but the new “skinny pit” on Front Street where the four lane street jog is located next to BoDo seems to be going as slow as the traffic. The idea of 17 floors of condos on that tiny space still seems doubtful despite another hole in the ground downtown.
–Land at 16th and Idaho once slated for another downtown condo development also went bust earlier this year.
–The infamous “Pit”, hole in the ground at 8th and Main remains an eyesore following years of litigation and bankruptcy. Truly pie in the sky, that project was to be condos, retail, parking etc.
–We haven’t seen any movement on the project at 6th and Front where the old Mission was located. That was supposed to have luxury condos and “affordable housing” in the same building. Sounds very egalitarian, but we haven’t seen many doublewides on Harrison or Warm Springs.
Despite claims to the contrary, it appears downtown Boise is simply not a viable place to build residential space. We see speculators and high costs preventing it from becoming a reality.
The so-called “Mercantile” at Hidden Springs is on the market and that one has a real “bailout” aroma about it. The developer wants to sell it to what appears on the surface to be the homeowners association, but the homeowners have only an advisory vote at present. The developer is head of the association and also on the County P&Z commission. It boils down to the buyer and seller being the same party as far as we can decipher it.
It gets worse. He wants to use money in a county-mandated “conservation fund” to pay more than $300,000 for the building which has never made it as a retail space. The GUARDIAN checked with a county official about who holds the conservation fund
money–said to be well over $600,000 at present.
Even though the County “planned community” ordinance mandated a transaction fee go to the conservation fund, Ada County does nothing to monitor the finances and performs no audit function. They don’t even know if there really is a fund or who controls it! They also don’t seem to have any enforcement or penalty authority. The ordinance is not only without teeth, it doesn’t have any gums!
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