The Capitol Terrace Apartments moved one step closer to fruition Monday, while the Capitol City Development Corporation sidestepped a lawsuit.
At it's monthly meeting, the CCDC board formally accepted the term sheet for the project which would bring roughly 100 affordable and market-price apartments to downtown Boise. The development would place a six-story addition on top of the existing two-story building on Eighth Street, between Main and Idaho streets. The term sheet sets guidelines for what will be required of the project developers, as well as CCDC's continuing role.
As part of that acceptance, CCDC agreed to pay Tower Plaza (in the nearby Washington Mutual building) $12,000 in exchange for withdrawing any lawsuits and claims against the project. Tenants of the luxury condominiums on the upper floors of the building had spoken out against the new Capitol Terrace project, fearing the development will obstruct views, devalue property, and place additional strain on the already busy Capitol Terrace Parking Garage.
Working with a mediator, Tower Plaza tenants and CCDC staff reached agreements on nearly all points of contention, with the exception of maintenance of Capitol Terrace Apartments.
Among other stipulations: Capitol Terrace would have between 98 and 102 apartments, two-thirds of which would be classified as affordable units; Construction will be staged to minimize impacts to street-level businesses; CCDC will consider putting $10,000 toward improving trash disposal in the parking garage; CCDC will give $13,000 in compensation to Tower Plaza for inconveniences during construction; CCDC will also add a garage employee ($25,000 a year), pressure wash the garage twice a year ($10,000), restripe twice a year ($1,500), paint the walls and columns of the garage every other year ($10,000), and paint the stair towers and elevator lobbies every other year, ($12,500).
Capitol Terrace project representatives asked that a stipulation requiring a second elevator specifically for the new apartments be removed from the term sheet for later consideration, but CCDC board members approved the term sheet with the requirement.