The ICCU Plaza, a 13-story building in Downtown Boise, initially put on hold, is poised to start construction.
The structure, which is located at 4th St. and Idaho St., received the City of Boise clearances; however, project developer Tommy Ahlquist stated this summer that the project had been put on hold because of increasing construction costs.The break is finished, and the project is prepared to resume.
Costs, according to Ahlquist, have decreased in several places. He claimed that although labour expenses were still high and remained the X factor, they might decrease during the course of the project.
The make up of the ICCU Plaza in Boise
The two-story Idaho Central Credit Union branch and surface parking lot were demolished and removed last year, and they were replaced with the ICCU Plaza. Ahlquist’s company BVA Development proposes to replace it with a $124 million, 13-story building that will expand the block’s usage options.
The project includes apartments, additional office and commercial space, a new ICCU branch site, and back office space. It also has a sizable parking facility with 406 car spots and 232 bike places. There will be 125 apartments in the complex, featuring a mix of studio, one, and two-bedroom units.
Seven of the project’s units will also be reserved for those who use low-income housing vouchers.
More on the ICCU Plaza in Boise, Idaho
We reopened the bidding process in December, and all of our offers were received on the 23rd. For instance, the price of steel decking has decreased by 22% since last year.
In the context of our project, that is a sizable sum. The majority of things haven’t gone up, but certain things haven’t fallen, said Ahlquist.
The developers want for construction to begin this spring and be finished by the spring of 2025.