The Twin Falls of Ida The Report from State Broadcasters On November 10, there will be a ceremonial cutting of the ribbon to mark the official opening of the Main Avenue Lofts. These lofts are the first large mixed-use building to be constructed in the downtown area of Twin Falls.
The building encompasses a total area of 53,068 square feet and contains a total of 44 apartments. In addition, there is retail space, office space, and a restaurant there.
When is the event being held?
The project, which is expected to cost $15 million and has been in the planning stages for some time, is intended to serve as the catalyst for a significant revitalization effort that will bring people back to the central business district.
The event will take place in the Main Avenue Lofts, located at 160 Main Avenue South, from 12:30 p.m. to 2:00 p.m. on the day in question. It is possible for the media to cover the event.
In addition to Senator Mike Crapo and Congressman Mike Simpson, who have both been vocal proponents of the New Markets Tax Credit program, attendees at Thursday’s event will include representatives from the City of Twin Falls, Galena Equity Partners, anchor tenant KickBack Points LLC, Mountain West Bank, and MoFi. Additionally, Senator Mike Crapo and Congressman Mike Simpson will be in attendance.
Senator Mike Crapo has stated that initiatives such as these demonstrate the significance of the New Markets Tax Credit and public-private partnerships, particularly in locations such as Twin Falls that are experiencing rapid population growth.
I’d like to offer my sincere gratitude to everyone who contributed to the completion of this building. Not only will it improve the quality of life for the people who live in the area, but it will also contribute to the success of the businesses that are housed there.
What is a NMTC-eligible project?
Representative Mike Simpson expressed his excitement regarding the completion of the Main Avenue Lofts project and the revitalization of downtown Twin Falls as a result of the New Markets Tax Credit initiative. Because the New Markets Tax Credit (NMTC) could help the economy grow and create more jobs, I will keep pushing for it to be used in the state of Idaho.
The secret to the success of every downtown development story is to reimagine spaces as desirable places to live for residents on a daily basis. Additionally, in order for the revitalization efforts that have been put forth in the downtown area of Twin Falls to be successful, new people need to move in, which is precisely what this project does.
According to Bill Truax, president of the Galena Opportunity Fund, the city of Twin Falls and its urban renewal agency were responsible for laying the groundwork for the event. We would not have been able to successfully complete this undertaking without the assistance of MoFi and the New Markets Tax Credit program.
We were able to increase our investments in the central business district thanks to the assistance of the NMTC. When there are more people living downtown, there will be more people shopping at the local stores.
The significant sum of money that the Twin Falls Urban Renewal Agency has invested in the corridor over the course of the past few years has, among other things, led to the construction of the Main Avenue Lofts.
The construction of the Main Avenue Lofts is scheduled to begin in the fall of 2020. These apartments will be located directly across the street from City Hall as well as the Downtown Twin Falls Commons.
They will be the first large building in downtown Twin Falls to have a mix of commercial and residential tenants. Because it will add residential and retail space to an area of the city that is desperately in need of both, the project has garnered the enthusiastic support of the City of Twin Falls.
KickBack Points LLC, a prosperous Idaho company that is expanding and looking to hire new staff members, is currently occupying the entirety of the second floor in addition to a sizeable portion of the first floor.
New Housing Development in Idaho Provides Affordable Options for Families
There is a restaurant with a floor space of 2,800 square feet and retail space on the ground floor for the convenience of customers of the Idaho Women’s Business Center.
Affordable housing is provided by the United States Department of Housing and Urban Development (HUD) for families whose annual income is 80% or less of the median income in the area in 20% of the building’s studio, one-bedroom, and two-bedroom apartments located on the top four floors of the building. These apartments are available to families with children.
Due to the popularity of the Main Avenue Lofts, more units have been built to the south. There are now 96 apartments and 325 parking spots for sale in this area.
The team from Mountain West Bank is very excited to collaborate with the team responsible for developing Main Avenue Lofts as well as MoFi on a project that is both exciting and rewarding. They complement one another’s strengths and work together to make people’s lives in Idaho a little bit easier.
Both of their strengths complement each other. We are grateful that our partnership affords us the opportunity to contribute to the revitalization of the downtown area in Twin Falls. Scott Anderson, the president of Mountain West Bank, talked about how excited he was about the bank’s ability to help Twin Falls’ economy grow.
Dave Glaser, president of MoFi, expressed his satisfaction that the construction of the Main Avenue Lofts had been completed. According to what he had to say, this was “another example of the New Markets Tax Credit having a positive effect and making an Idaho community more economically vibrant.
It would not have been possible to finish this project without the help of Senator Crapo and Congressman Simpson. “Downtown Twin Falls will be able to get back on its feet with the help of the new office, retail, and living space that this project will add.