Efforts to redevelop the Riverfront Triangle in downtown Missoula continue to move forward, as do plans for a student housing project on Front Street, one of the developers said Friday.
Pat Corrick of Farran Realty Partners said plans for a 450-bed student housing project slated for Front and Clay streets are progressing. The site formerly housed the First Interstate Bank drive-thru.
“We’ve closed on the land and we’re in full design right now,” Corrick said. “If everything goes well, we’ll break ground later this year or early next year.”
Farran Realty Partners and Lambros Developments announced the roughly $30 million housing project in January. The complex represents the first privately owned and fully upgraded student-housing community in Missoula.
Other national firms, including Campus Crest, promote their own properties as “fully loaded” college living. Like those, the Front Street project will also include an outdoor pool, music rooms, a fitness center with a yoga studio, and study lounges, among other amenities.
“Our goal is to be open by the summer of 2017,” Corrick said. “We want to have the property available to students beginning the 2017 and 2018 school year.”
Also this year, developers behind the proposed $150 million redevelopment of the Riverfront Triangle unveiled their vision for the property.
As presented in June, the project would include a 175-room branded hotel on top of a 35,000 square foot conference center on Orange and Front streets. It would also include restaurants, a 60-room boutique hotel, and housing and private condominiums.
“We’re still doing our site due-diligence and preliminary planning,” Corrick said. “We’ve done a lot over the last couple months. There’s a lot of moving pieces on the site, but we’re making good progress.”
The project also includes 50,000 square feet of purpose-built office space fronting West Broadway, along with 35,000 square feet of retail space, including a retail anchor.
The project’s 800 parking spaces would mostly sit underground, with the exception of one parking structure. Once completed, it would represent the largest urban infill project in Montana history.
“We would like to break ground on the hotel and conference center in the first or second quarter of 2017,” Corrick said. “There’s still a lot of work to do.”
Across Orange Street from the planned hotel and conference center, Stockman Bank has begun demolition of the old Car Quest and Salvation Army buildings.
The bank will begin construction this year on a new six-story building and a two-level parking garage. It expects the project to be finished by 2017.
On the opposite end of the downtown district on East Broadway, construction of the new $32 million Missoula College building is also under way.