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Three Cities Development
- 1. Highway 55 Highway44 Offering Memorandum Eagle, Idaho Three Cities Crossing Development Opportunity For Sale Highway 55 and Highway 44 Eagle, Idaho Doug Kowallis, CCIM Principal 208.385.9876 Craig Wagstaff Investment Specialist 208.830.3587 wag@naiboise.com Michael Merritt Investment Specialist 208.866.4497 mike@naiboise.comdoug@naiboise.com 1501 Federal Way, Suite 400 • Boise ID 83705 phone 208.385.9876 • fax 208.385.9883 www.naiboise.com
- 2. Four (4) parcels totaling + 75.7 acres The subject property represents an exciting opportunity to acquire a premier, mixed use development opportunity at the gateway of one of the most affluent communities in the Treasure Valley Underlying zoning in place for a variety of commercial and residential development Site being sold “as is” without further zoning entitlements targeting a close of escrow by December 2006 HIGHLIGHTS STATUS Currently zoned for mixed use (MU) in the City of Eagle, Idaho Zoning designation includes limited office, limited commercial, and residential – up to 10 dwelling units per acre Development required to proceed through the PUD/Development Agreement process LOCATION South side of Highway 44 near the intersection of Highway 55 Eastern Gateway to the City of Eagle and entry to the Payette River Scenic Byway Bordered on the East by the proposed Three Cities Crossing project Within 1 mile of Downtown Eagle and 13 miles of Downtown Boise Doug Kowallis, CCIM Principal 208.385.9876 Craig Wagstaff Investment Specialist 208.830.3587 wag@naiboise.com Michael Merritt Investment Specialist 208.866.4497 mike@naiboise.comdoug@naiboise.com 1501 Federal Way, Suite 400 • Boise ID 83705 phone 208.385.9876 • fax 208.385.9883 www.naiboise.com Three Cities Development
- 3. All offers will be based on the following criteria: • Purchase price • Terms and conditions (Timing and limited contingencies) • Evidence of Buyer’s ability to close escrow This property is being sold with appropriate zoning for development but without further entitlements. Population (2005) 14,000 Average HH Income $90,000 Average Home Price $431,235 Average Daily Traffic Counts (CPD) 50,000 EAGLE MARKET STATISTICS Preliminary Title Commitment Sample Land Plan Sample Development Agreement DUE DILIGENCE AVAILABLE TO CHOSEN BUYER(S) Eagle Promenade Retail Eagle River Mixed Use Retail/Commercial/Office Avimor 651 Acre Planned Community NEW EAGLE AREA DEVELOPMENTS Eagle, Idaho Doug Kowallis, CCIM Principal 208.385.9876 Craig Wagstaff Investment Specialist 208.830.3587 wag@naiboise.com Michael Merritt Investment Specialist 208.866.4497 mike@naiboise.comdoug@naiboise.com 1501 Federal Way, Suite 400 • Boise ID 83705 phone 208.385.9876 • fax 208.385.9883 www.naiboise.com
- 4. About The Area Located in Western Ada County, approximately 13 miles west of downtown Boise and on the Boise River, Eagle is one of the fastest growing communities in the Treasure Valley boasting high income demographics and a population approaching 18,000. The city is forecasting a build-out population of 35,000 in the next 25 years. Eagle is known for its progressive stance on growth, development, and long term sustainability. Located approximately one mile from the subject property, the mixed use Eagle River Development is one of the major examples it has taken as a community. Their sustainable approach reflects the ideas of its residents and businesses. According to Eagle’s Comprehensive Plan of 2000, the population grew by 17% from 2000 to 2002. This resulted in the development of over 900 acres of land in just 3 years. The City of Eagle has taken great care in preserving the downtown core and central business district as the economic hub of the City. More than 1,930 acres have been designated as commercial, mixed use, business, or as industrial in nature. Employment is projected to grow at a higher rate than the population over the next twenty years – approximately 65%. By 2025, the distribution of land uses within the western impact area will shift to non-residential uses from 11% to 25% and will provide additional land to promote employment options within the City. Boise, the capital and largest city in the State of Idaho, is the hub of commerce, banking, and government for the state. Boise serves as corporate headquarters to Albertsons, Boise Cascade, Idaho Power, Micron Technology, Simplot, Washington Group International, and WinCo Foods. Hewlett-Packard has a large complex in Boise specializing in scanners and printers and is one of the largest private employers in the area, second only to Micron. Other high-tech employers include Sybase and Microsoft Corporation, which recently purchased locally-owned ProClarity. Boise also has a thriving in-bound technical call center base including Teleperformance USA, Qwest, and Direct TV all being major players in the call-center industry in Boise. Boise consistently ranks among the best places to live and work based on its diverse economy and quality of life. Recreational activities abound bringing in many visitors from across the country each year. From skiing at Bogus Basin Resort to biking on the Boise River Greenbelt and the Boise Foothills, Boise offers many outdoor activities for local residents. The Boise area has it all – desert, rivers, mountains, and lakes - for hiking camping, kayaking, river rafting, hunting, and fishing. DISCLAIMER All information regarding this property is from sources deemed reliable. The property information is subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or withdrawal from market without notice. NAI Kowallis & Mackey further has not made and shall not make any warranty or representation as to the condition of any property referred to herein, or the laws, regulations, or ordinances that affect such property, nor the presence of any hazardous substances or any environmental or other conditions that may affect such property, including the value of such property and its suitability for any use. While every effort will be made to ensure that the information contained in this file is accurate and up to date, NAI Kowallis & Mackey, its agents and employees are not liable for any loss or damage arising directly or indirectly from the possession, publication or use of or reliance on that information. It is provided “as is” without express or implied warranty. 1501 Federal Way, Suite 400 • Boise ID 83705 phone 208.385.9876 • fax 208.385.9883 www.naiboise.com