MISSOULA — This edition of Current Events with Missoula Current editor Martin Kidston takes an in-depth look at a housing development taking place in the Scott Street area and other locations in Missoula.
"The city purchased 19 acres of property a few years ago and they partnered with Rivera, a private company to develop nine of those acres into housing and the wheels are turning,” Kidston explained. “They expect construction to begin on a portion of this project as early as next spring.
The development could bring a number of affordable housing for workers in Missoula.
"Part of the goal... is that they would develop a portion into affordable or workforce housing. So, of those nine acres, three will be set aside as a community land trust. And within that land trust, there will be a blend of condominiums and townhomes,” Kidston explained. “And some of those will market as workforce housing which is lower than the median price of housing in Missoula lower than the median.”
An estimate of how much a workforce housing house would cost is still being determined, which is one reason why some of the details of the development are still being worked out.
"Well, it's based on area median income and those numbers are still being blended right now. That's why this project has taken so long, they're trying to pencil [it] down,” Kidston said. “They're trying to make the project pencil and try to make it as affordable as they possibly can and put as much housing on that property as they possibly can.
City officials are also looking at other potential development projects to try and make a dent in the lack of housing currently available in Missoula.
“Well, so part of the city's purchase of this property is what they call land, banking. So, the city bought this with the purpose of banking land,” Kidston explained.”They own other properties around town like the Sleepy Inn and the old [Misssoula] library block. [And] of course, the Johnson Street shelter, the River [Front] Triangle downtown.”
“The concept is that they have a little more control over what happens on that property when they go to sell that,” Kidston continued. “And whether that means affordable housing, or that means that the revenue of the sale goes [into the] affordable housing trust fund — either way, is directed toward housing in some way, shape or form.”
"Well, these things take some time they hope to start construction next spring on this property. They've already hired a developer to plan the library block. They've had offers on the Sleepy Inn — or at least interest on at the Sleep Inn,” Kidston said. “So, the wheels are turning but these things take a while.”
Given the cost of labor and construction, interest rates are high which makes this a tough market to build in right now.
Learn more about affordable housing and stay up to date on the latest by visiting https://missoulacurrent.com/.
