Bringing the Economy Home

Building In Boise’s Famed “Hole” Could Assist City’s Economic Recovery

Jessica Murri / Boise State Public Radio

Business and community leaders posed at this morning's groundbreaking in downtown Boise.

Zions Bank broke ground today on the 18-story building that will take the place of the massive hole in the ground that has long been a feature of downtown Boise.

The corner at 8th and Main has been vacant since the late 1980s, when a fire destroyed the Eastman building.  That made the groundbreaking a special kind of celebration for the city leaders, real estate developers and others who turned out.  The groundbreaking even included a Native American drummer, brought in to break The Hole’s supposed curse.

The new $76 million building will serve as Idaho headquarters for Zions Bank.  It will also include a great deal of office and retail space.  Lew Manglos, with the Boise office of Colliers International, says that’s needed.  The vacancy rate for office space downtown is very low – around 6 percent.  A 9 to 11 percent rate is considered healthy, Manglos says.

He believes the new building will help draw businesses to Boise as the economy continues its slow turnaround.  “You can run into a situation where you don’t have enough space in your downtown core to provide enough alternatives for a firm that might be considering relocating its offices to Boise,” he says.

“I know it will add to the vibrancy of the downtown.  It will have an effect, I believe of attracting additional businesses to the downtown and the downtown periphery.”

Two restaurants and the law firm Holland & Hart are among the tenants who have signed on so far.


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