By james art 
The family behind high-profile Boise projects such as downtown condos The Aspen Lofts, condos near the Greenbelt, the River Walk and Hackberry Ranch in the foothills has set its sights on a long-vacant infill project in SE Boise.
Scott Kimball and his daughters Beth Gregg and Jenny Storti plan to develop a three-story mixed-use project with 30 apartments, retail and parking at 787 E. ParkCenter Blvd. in Boise. BoiseDev first reported on the project this summer.
Kimball said the project would target residents 55 and older and add some residential and retail to the corner of ParkCenter and Apple St., which is currently anchored by Axiom, Walgreens and two credit union branches.
I’m looking for the right place
He said he had been looking for a site to develop the project for the past several years.
“It’s something that I’ve personally wanted to do for a while,” Kimball said. “Currently the valley is built up with many apartments. A lot of guys put them on the backburner. No one wants rebuilding.”
But he says he plans to develop and own the project instead of quickly turning it over to new owners. In fact, he says he’ll live on site after it’s done.
“I will keep this for a long time and it will be a personal asset,” he said. “I can weather the storm — in five years the valley will be short again (of apartments).”
“We believe in this part of town,” Greg said. “We’ve been looking for the right piece of land for years.”
The building will include a cafe front along ParkCenter, as well as additional retail space, and the two spaces will form a courtyard that opens to the street.
“This will increase the walkability of ParkCenter, which is part of the city’s plan … to make this area more pedestrian-friendly,” Gregg said.
Units will go up to 960 square feet for a one-bedroom apartment with a separate office, nearly 50 percent larger than the average one-bedroom apartment in Boise, according to data from Apartments.com.
“In a world where micro-units are getting stronger, we’re going in the opposite direction,” Beth said.
A gap in the market
Kurt Gregg, Scott’s son-in-law, who is working on the project and is separately vice president of capital markets for the commercial real estate firm CBRE, said they hope the project will attract older people looking for a lower gear than a single-family home.
“There’s such a difference in the cost of housing and the cost of renting,” Curt Gregg said. “Especially in Southeast Boise — you’re not going to buy a home for less than half a million dollars … at least.”
They said developing the retention project is helping to change the math.
“It’s not a big piece of dirt. It’s not quite an acre, and we’re getting 30 units out there,” Curt Gregg said. “I think a lot of developers are looking to get significantly bigger. Our rates of return may not be as stable and immediate as what a typical investment intermediary building a complex would require.”
“Because it’s not just a project, I’m going to build and sell — which 90 percent of the guys out there do — I’m going to hold this one for the long term,” Kimball said. “I can build through the storm if we have one. I’m ready to build through it and do it and run it myself and fill it up.’
A family project
Kimball said the family element helps balance the project.
“I can push it and do it and work with the contractors, but it’s nice to have Jenny and Beth work with the colors and the schemes and the layout of the building. We are currently working on building the interiors and working on the common area.”
Just as a family would worry, think about how it looks when you walk into their home; Scott says that’s a big focus for this project.
“How does it feel when you walk in there, does it feel like home?”