Silvertip Housing Project Out To Bid
The former Missoula Athletic Club's real estate on the Clark Fork River facing Hellgate Canyon was vacant for years until Rocky Mountain Development Group saw an opportunity to build affordable housing. WGM Group provided site-civil engineering for architectural firm Gavin-Hanks-Encompass, who designed the 115 unit building. Demolition is now near completion and the project was put out to bid for contractors last week. Click here for the Legal Advertisement.
The developers partnered with the City to receive a $5 million Neighborhood Stabilization Grant. The funds, which were from the American Recovery and Reinvestment Act (ARRA), were allocated through the Montana Department of Commerce. The nature of the grant makes Silvertip Apartments unique because it will not have restrictions against students and other demographics that, although in need, are typically ineligible for housing assistance.
Missoula leaders working with the Office of Planning and Grants, the Missoula Housing Authority, and the Missoula Organization of Realtors have been searching for answers to the housing dilemma. Home prices are already inflated, making them just out of reach for middle-income families. This, coupled with an expected drastic rise in growth over the next few decades, creates an unprecedented situation. Innovative private-public partnerships like Silvertip Apartments may be one solution.
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