The Opus Group announced today the start of construction on a new mixed-use project in downtown Boise, Idaho, for co-developers
River Caddis Development and
Standard Capital, a division of Standard Companies. The eight-story, 285,000-square-foot development will consist of 173 units and 3,000 square feet of retail space at street level.
“We look forward to working alongside River Caddis and Standard Capital on this project," said Jeff Smith, vice president of project management and construction at Opus. “With our integrated approach, this development will serve the fast-growing community and offer an attractive housing option in a bustling part of downtown."
The residential units will offer a mix of micro, one-bedroom and two-bedroom floor plans to appeal to a variety of tenant needs. The second, third and fourth floors will primarily serve as parking, with 400 parking stalls and bike storage that will be privately managed by Ada County. The fifth floor will consist of apartments, along with a fitness center and landscaped rooftop courtyard offering expansive mountain views. Floors six through eight will have additional residential units.
Situated on the corner of South Third Street and West Myrtle Street, tenants will be within walking distance from downtown retail and restaurants and have convenient access to the Julia Davis Park. This project is part of a growing movement to bring residential offerings to the downtown community.
“We are excited about this public-private partnership with Ada County, bringing a much needed public parking structure to the downtown, along with luxury apartments on the upper levels. It is truly an example of how such a partnership can be mutually beneficial," said Kevin McGraw, president of River Caddis Development. “It is also a pleasure to work again with The Opus Group and collaborate with Standard Companies."
This marks the second project between Opus and River Caddis Development, the first being The Union on Lincoln Way, a student housing development near Iowa State University in Ames, Iowa.
“This is an incredible opportunity to develop an in-demand mixed-use development on this downtown parcel, and the public-private partnership between Ada County, Standard, Opus and River Caddis will deliver a lasting, positive impact to the community. Standard regularly partners with municipalities across the country, and we look forward to this being the first of many collaborations between our project team and Ada County," said Robert Koerner, the head of Midwest operations for Standard Capital.
Opus is the design-builder, interior designer and architect and structural engineer of record. River Caddis and Standard Capital are the co-owners and co-developers, and GGLO is the design architect for the project. The project is scheduled for completion in summer 2021.
About The Opus Group
The Opus Group® is a family of commercial real estate development, construction and design companies headquartered in Minneapolis with offices and projects across the country. Opus operates as an integrated, multidisciplinary team with expertise in development, capital markets and finance; project management and construction; architecture, engineering and interior design. The Opus Group includes Opus Holding, L.L.C. and its operating subsidiaries: Opus Development Company, L.L.C., Opus Design Build, L.L.C. and Opus AE Group, L.L.C. Specializing in industrial, office, residential, retail and institutional projects, The Opus Group has broad capabilities, deep experience and a proven design-build model that delivers solutions for customers on time and on budget. For more information, visit www.opus-group.com and follow @TheOpusGroup on Twitter and @theopusgroup on Instagram.
About River Caddis Development
River Caddis Development has acquired, developed or redeveloped Multi-Family, Retail, Office, and mixed use commercial assets in multiple states including Michigan, Texas, Ohio, Florida, and Iowa with pending projects multiple states. River Caddis has the ability to evaluate complex ground-up real estate development opportunities through their reputation and ability to collaborate successfully at all levels of the planning process and bring a project to fruition. River Caddis Development has a proven track record of consistently demonstrating the ability to navigate from the site selection process to the approval process to completion mostly due to creativity and the willingness to collaborate.
About Standard Capital
Standard Capital is a division of Standard Companies (“Standard"), a full-service investment and asset management firm that operates opportunistically in sectors where it has developed expertise. Based in Los Angeles, with offices in New York, Chicago, Washington D.C., and Charleston, Standard's real estate investments are made through the firm's operating divisions focused on affordable housing (Standard Communities) and opportunistic investments (Standard Capital). Standard has completed more than $2 billion of real estate transactions since inception in 2008, and currently owns and operates a portfolio of approximately 12,000 apartment units, of which more than 8,600 provide dedicated affordable housing.