The site of the seven story apartment building set for Myrtle Street in downtown Boise.

BOISE — Another parking lot in the Central Addition will become a multi-story building.

On Tuesday, Boise City Council approved a rezone of a 1.8 acre parking lot next to WinCo, at 270 E. Myrtle Street, to become a seven story mixed-use building with residences for young professionals, an integrated parking deck and retail space on the first floor. It will include 243 apartments ranging from studios up through four bedroom units, 366 vehicle parking spaces and room for 313 bicycles. There will be 8,000 square feet of retail space.

The project will be owned by WinCo and developed by CDG Acquisitions, based in St. Louis. CDG has completed high-end student housing nationwide, with projects near the University of Michigan, Arizona State University, University of Missouri and Clemson University.

“Our goal here is to provide housing at an affordable price point for young professionals and urban dwellers,” said Brandt Stiles, principal with CDG Acquisitions.

When Councilor Lisa Sanchez asked him to clarify what he meant by “affordable,” Stiles said the goal was to make the units “attainable” for young professionals and make them a lower price than surrounding high-end developments. He said the prices for rents are still up in the air, and the smallest units would rent for $1,000 a month.

This is not the first development proposed for the area. Several other projects, including LocalConstruct’s The Cartee on Broad Street, Clay Carley’s 5th and Broad Apartments and another apartment project at 600 W. Front Street, are in the development process currently. In total, these projects will add nearly 1,000 new living units to the southeastern edge of downtown Boise, and transform multiple surface parking lots and low buildings into multi-story buildings.

Margaret Carmel covers the city of Boise. Follow her on Twitter @mlcarmel or reach her by phone at 757-705-8066.

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