Does anyone have any investing experience in Garden City, Idaho? My partner and I are considering a residential development play and we are looking for any insights the BP community might have. I have done quite a bit of armchair research but I would really love to hear from those on the ground who have experienced it first-hand.
1. How user-friendly is Garden City in regards to permits, building, and out of state investors looking to develop condos or multi-unit properties?
2. What sort of demographics (i.e. millennials, retirees, families, etc.) are others targeting in Garden City in reference to residential development?
3. Average cost per SQFT for new builds in 15-35 residental unit developments?
4. Pros and cons to investing in Garden City?
Hi @Jonathan Pflueger - fantastic questions! I am pulling in the words Boise and Ada County to this thread.....as it might alert some Boisean's via their keyword alerts. We already discussed my view of Garden City.....and I am a believer in it's future!
Further west the better. I believe Garden City is experiencing gentrification and has lots of promise. More so then I can ever remember really. Their permitting is fairly straightforward but if you are changing zoning, you may face unpredictable outcomes during public hearings. I know of a few developments that got derailed in Garden City because of this. Nothing to do with the planners though. Just NIMBYism.
Cost per square foot depends on your level of finishes, density, and construction timeline. Builder grade multi family is around $140/sf right now and it only goes up from there. PM me, I would be interested to hear about your plans.
Thanks Jonna, greatly appreciated. And thanks again for sharing your time with me, our conversation was very helpful and insightful.
Great point regarding zoning - the difference between a "by right" and "entitlement" project is not to be taken lightly. Are you seeing a high demand for new, in production, or existing residential developments in Garden City? Do you have clients that are specifically interested in Garden City and for what reasons?
I forgot to tag you into this, great points.
@Jonathan Pflueger my partners and I have looked at GC quite and bit. It has some great opportunities and other areas are still rough - very hit and miss on almost a block-by-block basis. As mentioned above, getting a zone change can be challenging but on the plus side, they aren't afraid of density. They even have several off-the-shelf designs that fit the narrower & deeper lots you often find in the area. If you can show that your overall site plan is similar to these pre-approved plans you can shorten some of the process.
The area is rapidly evolving and you will find everything from a demographic standpoint. But it is certainly starting to have its own unique vibe - distinct and different from Boise.
Feel free to reach out if I can help with anything. One of my partners has sold several of the industrial properties down there and another is a builder.
I had never thought of off-the-shelf designs before, but that makes a lot of sense. Working with he city vs. against is sounds like the best way to go. I plan on coming up to the Boise/Garden City in the next month or so sit down with some of the city planners and get a feel first hand for what they are looking for.
Maybe when I am in the area we can connect! Thanks for the great information.
@Jonathan Pflueger I'd love to meet up. I'll ping you directly with my contact info.
@Jonathan Pflueger I'm currently looking into some land/development plays in Garden City - would you be able to share your findings and potential challenges?
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you