November 19, 1987
Mr. Rick Greenfield
Director
Janss Corporation
200 North Fourth Street. Suite 204. Boise. Idaho 83702
(208) 344-2425
Boise Redevelopment Agency
P.O. Box 987
Boise, Idaho 83701
Dear Rick,
Janss Corporation is pleased to present the enclosed Financial Projections
for the Block 44 Renovation Project to the Boise Redevelopment Agency.
We look forward to the opportunity to work with the BRA in achieving a
rapid start to this exciting and important Project. Janss Corporation has
instructed our attorneys to begin preparation of the DDA, and we commit
our full resources to working with the BRA in any way required.
Sincerely,
Stephen M. Evans
Janss Corporation
/tr
Reproduced from the Boise State University Library, Special Collections. MSS 250.
BLOCK44
AN URBAN REVITALIZATION PROJECT
BOISE • IDAHO
FINANCIAL FEASIBILITY ANALYSIS
11/19/87
JANSS CORPORATION • SANTA MONICA, CALIFORNIA
Reproduced from the Boise State University Library, Special Collections. MSS 250.
BLOCK44
RENOVATION PROJECT
Reproduced from the Boise State University Library, Special Collections. MSS 250.
1. OVERVIEW
The renovation of Block 44 in downtown Boise is a retail oriented,
multi-faceted project which will bring renewed vitality to an
important central section of the city's retail core. Retailing has been
the primary use for this area throughout Boise's history, and it will
continue to be its primary use into the foreseable future; therefore,
Janss Corporation's project includes retail uses predominately.
In addition to retail uses, the McCarty Building, located at the
intersection of 9th and Idaho Streets, will be returned to its orginally
designed use as a retail and office building.
Block 44 will provide a quality shopping environment for Boise's
Downtown workers, local shoppers, and visitors. In its renovated
condition, Block 44 will be a key thread in the fabric of Boise's
renewed economic vigor.
Janss Corporation's Project has been designed to be complimentary to
the other Downtown renewal projects that are either in progress or
planned for the near future. The Block 44 Project will provide a
variety of retail spaces to meet the needs of a highly diverse group
of retail merchants.
2. PROJECT COMPONENTS
The Block 44 Project includes seven major sub components. These
have been determined by virtue of the related nature of the
construction work to be done upon each of them. Each of these
mini-projects has it own planning and construction time line.
The seven mini-projects are:
a. The McCarty Building-
A complete renovation of all floors of this historic office/retail
building. The office space, which has been closed since 1966, will
be renovated and reopened. This will create a new level of
vitality at the key intersection of 9th and Idaho Streets.
b. The Lerner Building-
This building will be completely renovated to include a new store
front and the division of the building into a multi-tenant
configuration. This building will provide locations for retailers
who benefit from high foot traffic and who need substantial
secondary space.
Reproduced from the Boise State University Library, Special Collections. MSS 250.
c. The New Retail Building-
Designed to fill a void between the Lerner Building and the Mode
Department Store that will be created by the demolition of the
structurally unsound buildings that now occupy this location. The
New Building will be a 9000 square foot, single story retail
building of compatible contemporary design. It will provide space
for five retailers.
d. The Jordan Building-
The Jordan Building will be returned to an appearance quality
commensurate with its historic status and unique design qualities.
The existing group of specialty shop merchants will be
substantially retained, and their shops will be upgraded in order
to assist them in better serving the Downtown shopper.
e. The Standard Building-
The Standard Furniture Building has suffered substantially from
many years of vacancy, and it is not a salvageable structure. This
building will be demolished and replaced with a new single story
retail building. The Bannock Street frontage of this building will
be utilized as retail shop space. The interior of the building will
become a city center Day Care facility with an attached, secure,
outdoor playground on the rear of the site.
f. Courtyard Buildings-
The remainder of the buildings on Bannock and 8th Streets will be
repaired, and modernized. They will receive new storefronts and
storefront repairs where needed, and the tenants will be assisted
in upgrading their store interiors.
This group of buildings will provide locations for many long term
downtown retailers to continue to operate their business in an
economically affordable manner during the interim period while
Downtown Boise is returning to a high level of vitality.
g. Site Improvements-
This component of the Project includes work to be done to
improve the conditions in the mid-block alley, the Courtyard at
the rear of the 8th and Bannock Street Buildings, and the general
Project area. Included in this mini-project are any utility
improvements that may be required.
Reproduced from the Boise State University Library, Special Collections. MSS 250.
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BLOCK 44 SITE PLAN.
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Reproduced from the Boise State University Library, Special Collections. MSS 250.
BLOCK44
PROJECT TIMING
I
Reproduced from the Boise State University Library, Special Collections. MSS 250.
The Block 44 renovation Project was originally proposed to be completed
within one year. The schedules attached indicate a sixteen month
construction schedule.
The change in the timing is attributable to a four month mid-project
construction recess.
As originally scheduled, the McCarty Building renovation would begin in
September, 1988 and would be completed in March, 1989. This would
require the retail tenants in this building to relocate during the Christmas
season and would create a construction disturbance in the retail core during
the same period.
With these factors in mind, Janss Corporation is suggesting a Spring1989
start on the renovation of the McCarty Building.
Reproduced from the Boise State University Library, Special Collections. MSS 250.
12-20-87
01-15-88
02-29-88
03-30-88
04-01-88
04-01-88
04-01-88
04-01-88
05-01-88
{)6-01-88
06-15-88
07-01-88
07-01-88
07-05-88
08-01-88
09-01-88
10-01-88
11-01-88
11-01-88
02-01-89
'02-15-89
08-01-89
BLOCK44
PROJECT SCHEDULE - KEY EVENTS
Reuse Appraisal complete
DDA complete
Section 1 06 process complete on Standard Building
Close purchase of Block 44
Lerners moves off Block 44 site
~
Construction begins: Jordan Building
Lerner Building
Demolition begins on Standard Building
Site Improvements begin
Construction begins on Courtyard Buildings
Construction begins on new Standard Building
Construction completed on Jordan Building
Complete Lerner Building
Move tenants from New Building site
Demolition begins on New Building site
Start reconstruction on New Building
Complete construction on Standard Building
Begin Tenant Improvements on New Building
Complete New Building
Site improvements complete
Move tenants from McCarty Building to temporary
locations
Construction begins on McCarty Building
Complete McCarty Building
Reproduced from the Boise State University Library, Special Collections. MSS 250.
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Reproduced from the Boise State University Library, Special Collections. MSS 250.
BLOCK44
SCHEDULE OF RENTS
Reproduced from the Boise State University Library, Special Collections. MSS 250.
The following schedule of rents has been developed based upon the current
and projected market conditions.
A premium has been placed upon locations along the higher traffic Idaho
Street side of the Project.
There are several key factors which will influence the lease-up rate and the
achievable rental levels in this Project over the next several years. Among
these are the currently depressed condition of the Downtown marketplace,
the construction and start-up time for the Convention Center, the opening
of Boise's Towne Center regional mall in 1988, and a substantial level of
Downtown renovation activity, which will be competing for tenants.
A high degree of sensitivity to retention of existing Downtown retailers has
been factored into this proposed rental schedule.
Reproduced from the Boise State University Library, Special Collections. MSS 250.
Boise Development Collection
