Developer selected for Bonneville Hotel renovation
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The following is a news release from the city of Idaho Falls.
IDAHO FALLS — The Idaho Falls Redevelopment Agency is pleased to announce that The Housing Company, Myers Anderson Architects and Bateman-Hall General Contractors were selected for the renovation of the historic Bonneville Hotel.
In February, the agency issued a Request for Proposal (RFP) to developers for renovation plans for the structure. Three proposals were received. After eliciting input on the proposals, a public meeting was held on August 18 where the applicants were able to make presentations regarding their approaches. The proposals and public comment were reviewed, and the agency selected the development team during a meeting on August 25, 2016 based on goals and criteria outlined in the RFP.
Agency Chair Lee Radford stated, “This was a very difficult decision, as we had to decide between excellent proposals. The proposals were submitted by experienced and creative groups. After extensive consideration, we chose to proceed with the proposal presented by The Housing Company. We appreciate the contributions of these developers and their commitment to improving downtown Idaho Falls, and we look forward to the successful completion of this important project.”
The project will be a mixed-use development with commercial, retail, restaurant and residential spaces. The residential spaces will include studio, one bedroom and two bedroom units.
The agency states that it is paramount that the exterior facades and features of the building be renewed or restored. Much of the historic interior detail has been removed throughout the years and will be modernized to fit the needs of the potential tenants moving in. The proposed plan also includes a roof deck at the second level that will be accessible to both commercial and residential occupants. The deck will include landscaping and exterior amenities for dining, events and relaxation.
“The Housing Company, Myers Anderson Architects and Bateman-Hall Contractors are proud to have been selected by the Idaho Falls Redevelopment Agency for the renovation of the iconic Bonneville Hotel. We look forward to working with the Agency in finalizing a plan that will benefit the community for many years to come,” stated Douglas Peterson, director of The Housing Company.
The estimated project cost is $10 million. Approximately $440K will be funded by the agency while the majority of the funding will be provided by housing and historic preservation tax credits.
The development team will meet individually with the current tenants in good standing to find reasonable and comparable housing in the area.
The next steps include finalizing agreements and plans. Construction is scheduled to begin in November of 2017.