A downtown Boise housing development has a new lease on life.
David Southers defaulted on loan payments to Hopkins Financial for his five-story mixed-use project, the Metropolitan, and Hopkins scheduled a public auction for the site.
But Southers found a partner – Wilsonville, Ore.-based Costa Pacific Communities – to provide the equity he needed to pay off his loan, get the property back, and continue to move forward with construction plans.
Costa Pacific CEO Rudy Kadlub said he and Southers have applied for a building permit for the subterranean parking garage and first-floor retail component of the project.
They are redesigning the condominium floor plans to make them more efficient and create more living space, Kadlub said. Once the designs and plans have been reworked and the developers have acquired a construction loan, they hope to begin construction in late spring or early summer, he said.
“It’s harder than I thought to get it started,” Southers said. But he said he was always optimistic about the project and worked on it even when financing was in doubt so the project would not run into any delays except for the floor plan redesign. “We never missed a beat,” he said.
Kadlub said he has known Southers for years and thinks the Metropolitan is an appealing project. “It’s … a good response to urban development, urban planning,” he said.
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