A new Mixed-Use Property is slated to be built to the North of Bozeman’s Main Street. The building will have both commercial and residential spaces and will span nearly a full city block. The building should help with Bozeman’s low home and rental inventory that has lead to high rental rates and home values.
In order to build the new development, 8 older rental units will need to be demolished. Of the 8, three are uninhabitable during the winter while others have repair costs too high to make renting feasible.
The building itself will be 5 stories with a ground floor reserved for new businesses. The other stories will house the 41 residential units. The building will be located on N Lamme between Grand and Third.
This project, ideally, will help lower both apartment values and rental rates by adding additional home inventory to the Bozeman Montana housing market. 9 units will be made affordable even to residents only making 80% of Bozeman’s median income. While rental rates remain lower outside of Bozeman, this project will offer additional units to help lower rates within the city itself.
The City of Bozeman has focused on finding methods to lower housing costs. They have already given a no to a proposal to lower park requirements but have considered allowing smaller lots for denser neighborhoods. The City has also worked hard at alleviating the affordable housing issue by increasing inventory, whether through apartment buildings or new subdivisions. This project falls in line with the latter strategy.
Hart Real Estate Solutions