MISSOULA — The Missoula Economic Partnership expects to present a short list of partners interested in and capable of redeveloping 13 acres near Southgate Mall later this month.
Julie Lacey, the economic development director with MEP, said more than two dozen potential partners have been briefed on the redevelopment opportunities hidden within the vacant parcel.
MEP is now working to find a development team fit for the project.
“We've created a brief that's an outline of what incentives are available and a description of what the opportunities look like,” she said. “We know the goals are a public park and housing. We're working with development teams to hone in on their vision and look at what they're interested in putting forth to the city in terms of a redevelopment project.”
After negotiating with the property's former owners — the Beech family and Southgate Mall Associates — the city purchased the property late last year. MEP negotiated a $5.8 million purchase price, which officials said was below the property's true market value.
Now, Lacey said MEP is working to vet potential redevelopment partners in a process similar to what the organization did at the old library block. In that case, the city selected Edlen & Co/deChase Miksis to move forward with vetting redevelopment proposals and eventual construction.
Lacey said MEP will wrap up solicitation on the Southgate Triangle parcel by the end of January.
“Over the next several months, MEP will conduct due diligence on those teams and bring a short-list to the city to interview,” she said. “The city will make a selection and move through that process, much like it did with the old library block.”
The Southgate Triangle parcel has sat vacant for decades and lacks any form of infrastructure. But the property's prime location near Brooks Street presents what city officials have described as a unique opportunity to catalyze housing, business and public spaces in the Midtown district.
The parcel was first identified as a prime location for redevelopment in an urban renewal plan completed in 2000. More recently, the Midtown Master Plan highlighted the property's potential and the need for strategic redevelopment.
“What we've heard from developers is that they're really excited about the site,” Lacey said. “We've also been able to talk to adjacent landowners. That area of Midtown, there's so much happening and so much potential.”
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