The Boise Hole Gets Deeper
Boise’s infamous “hole” on the corner of 8th and Main St. downtown is in the news once again. No, it isn’t under construction yet - that would seem too easy. Besides it’s only been ten years since the development agreement was first signed to start the project. We couldn’t really expect construction to resume this quickly, could we?
No, it is in the news because the latest development company, Charterhouse Boise Downtown Properties LLC, is at risk of losing control of the hole property. It seems that shortly after acquiring the project, Charterhouse defaulted on a loan and filed for Chapter 11 bankruptcy to protect itself from foreclosure. Well, it seems that Charterhouse has not followed the rules of the reorganization and may be forced into Chapter 7 bankruptcy in which case the primary lien holder could foreclose on the project.
The story of this small piece of land could be turned into a mini-series at this point. I’m starting to wonder if anything will ever be built on the property. I think they ought to fill the hole, lay some sod, add a few benches and create more space for the Capital City Public Market. What do you think?
I think thats the best idea yet! My daughters and I enjoy going to the Sat. market in the summer and it would be nice to have a grassy patch to stretch out on.
Of course, thats some mighty pricey real estate, I’m not sure if the vendors of beads and honey could afford the rental space on the grass, but it’s worth a thought!
The city could always engage in a hostile takeover…..
Well, it looks like the developer got a second chance to file their financial reports, so the saga continues.
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