Riverfront Triangle developers alter property listing in hopes of finding a partner


A team of developers behind a planned infill project in downtown Missoula has moved its listing of three properties to a new broker in hopes of maintaining momentum and perhaps finding a new partner.

Farran Realty Partners originally listed its three downtown parcels in the Riverfront Triangle last June. The company transferred its listing this week to Sterling CRE, which specializes in commercial properties.

“It was always our intention not to do the whole project ourselves and to have someone else do it,” said Jim McLeod, director of Farran. “We have three different routes and we’re putting them out there to see what kind of interest we have there. We would sell it or partner with someone, or we would do one part and let someone else do the other part.

Over the past several years, Farran and Hotel Fox Partners have purchased several parcels in the Riverfront Triangle as part of a major infill project planned for the downtown district. As proposed, the project would include a hotel and event center, offices, housing, retail space and a parking structure.

Last October, Farran relinquished its development rights to the land reserved for the hotel and events center. This part of the project was taken over by Clark Fork Riverfront Properties, allowing Hotel Fox Partners to focus on developing the remaining parcels.

The first phase of the project was to start this fall with the construction of an underground parking lot, atop which the hotel, events center and other structures would sit. But the pandemic has chilled the economy and the project has struggled to move forward.

“We were in the planning stages to open a mixed-use development this fall with the parking structure, and go vertical next year,” McLeod said. “With Covid-19, that has created challenges.”

The first phase of the project was to start this fall with the construction of an underground parking lot, atop which the hotel, events center and other structures would sit.

The first phase of the project was to start this fall with the construction of an underground parking lot, atop which the hotel, events center and other structures would sit.

McLeod said Farran is making progress on four more projects elsewhere in Montana and testing the water by placing his downtown Missoula properties under a new broker.

“We are exploring all options to move the project forward,” McLeod said. “Those options include partnering on part or selling part and we’re keeping part of it. There’s so much interest in Montana right now, we just don’t want to sit and wait a few years, but continue our momentum.

The listing under Sterling identifies the three plots and a price ranging from $2.1 million to $7.8 million. The site features river frontage in downtown Missoula with access to trails, the University of Montana, and other surrounding amenities.

He also notes an agreement with the city that was developed over several years, culminating in the Riverside Triangle Master Plan.

“It’s ready to go right now,” McLeod said. “We have a land use agreement and spent so many years on the planning side that someone might come in and go.”

The listing describes the property as a high-profile development site that serves as a gateway to downtown Missoula’s business district and its “bustling restaurant and retail scene, acclaimed arts district national, Missoula office job core and several new hotels.

He also notes the growth of Providence St. Patrick’s Hospital across the street.

“The intention here is to maintain as much momentum as possible,” said Sarah Knobel, outreach coordinator for Sterling. “It’s just an option to keep moving forward. It has been on the market since June 2019 but the difference now is that we have a network to amplify it to the maximum.

Previous Pets and real estate sales
Next Property management in Abu Dhabi - NuWire Investor