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Market Square on Russell Intermountain Development Company, Inc.

Market Square on Russell Intermountain Development Company, Inc. Russel l Street. Wyoming Street. Catlin Street. Property Boundaries. Project Area of Interest. Project Site 12.05 acres. Silvercrest Residence. South 3 rd Street. IDC Objectives with Market Square on Russell.

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Market Square on Russell Intermountain Development Company, Inc.

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  1. Market Square on Russell Intermountain Development Company, Inc.

  2. Russel l Street Wyoming Street Catlin Street Property Boundaries Project Area of Interest Project Site 12.05 acres Silvercrest Residence South 3rd Street

  3. IDC Objectives withMarket Square on Russell • Opportunity to provide housing for many income groups • Affordable Housing 70-75 Units • Market Rate Units +/- 175 Units • Create Long-term Income Stream to Support Housing • Sound Urban Redevelopment with true in-fill • Integrate into Neighborhood (park, trails, transit, etc.) • Guide Russell Street’s Future • Innovate: Live/work Opportunity, Multi-use, Multi-income • Protect IDC and Others’ Investment

  4. Planning History • 2003 Charrette • Connections with Neighborhood Council Leadership Team • MMW providing design and planning guidance

  5. Market Square on Russell Next Steps • Complete Site Planning Design • Refine Use Mix • Identify Parcels and Establish Phasing • Establish Design Standards • Submit Zoning Application • Begin Marketing • Locally • Regionally • Demolition/Deconstruction of Improvements • Recycle and Re-use materials • Contain Costs • Environmental sensitivity

  6. Market Square On Russell • Key Design Considerations • Taller Buildings on Russell Street • Create “downtown” flavor • Mixed Uses—retail with office and residential above • Setbacks to establish “street-wall” and architectural texture • Walkability • Build Over Parking • Uses land twice • Avoids surface lots • Costly • Park (over Parking) for Caras Park-type uses • Unique • Convenient • Community Center • Meeting rooms and offices • Post Office • Bus Transfer Center

  7. Market Square On Russell Residential Considerations • True Mix of Incomes, Housing and Ownership Types • Affordability • Condominiums as a Housing Option • Market Demands

  8. Market Square On Russell Infrastructure Needs Which are Eligible for Tax Increment Financing: • Streets, Sidewalks, Curbs, Gutters • Sewer, Water, Gas, Electric • Parking • Park

  9. Market Square On Russell • Proposal for Tax Increment Bonds • Series of up to four issuances • Based on Phases of Project • Tied to performance of previous Phases • Each issue a “stand alone” • Details and structure to be determined in coming months with an aim to issue first bonds before the end of the calendar year.

  10. Market Square On Russell Test Schematic Possible Phasing Schemes

  11. Market Square on Russell For further information contact: Geoff Badenoch, Project Manager Intermountain Development Company, Inc. 1235 34th St. Missoula, MT 59801 Tel. 406.549.4113 fax 406.549.6406 gbadenoch@missoulahousing.org

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