Boise, Idaho

River & Ridge

The Boise River and its iconic Greenbelt are more than just scenic landmarks—they are the city’s social and economic catalyst, shaping its rapid growth and defining its most desirable locations. WoNova has strategically identified a rare opportunity to develop along this thriving corridor, leveraging the site to introduce a modern, amenity-rich multifamily and hospitality offering that meets Boise’s evolving demand for high-quality urban living. Our 27th Street and Cole Road developments seamlessly integrate residential, hospitality, and commercial spaces within Boise’s most sought-after natural and recreational environment. As the city continues to expand, this project provides a best-in-class downtown real estate product that not only enhances the urban experience but also positions investors at the center of Boise’s future.

  • Urban Living, Naturally Connected

    Located in the heart of Boise, Idaho, WoNova’s 27th Street and Cole Road projects stand as exemplars of future urban living—meticulously designed to blend luxury, technology, sustainability, and community. These developments offer strategic growth and significant investment potential in one of Boise’s most promising areas, encompassing a total gross area of over 1.1 million square feet across both sites.

  • Designed for Life

    Aiming for LEED Silver certification, both sites utilize eco-friendly materials and energy-efficient systems, ensuring minimal ecological impact and optimal resident health and comfort.

    Luxury resort-style amenities, including pools, jacuzzis, a state-of-the-art fitness center, fire pits, and co-working lounges and expansive green spaces connected to the Boise Green Belt, foster a sense of community and well-being.

  • Residential and Commercial Excellence

    27th Street and Cole Road merge sophisticated living spaces with business facilities, encompassing 1.1 million square feet of space, 712 rental units, and 200 hospitality keys, all designed for modern urban lifestyles. The 27th Street development includes 545,000 SF of residential space, 20,000 SF of retail, 600 SF of office space, and 61,000 SF of residential amenities, with over 250,000 SF dedicated to parking. The Cole Road property will feature 152 residential units, including 40 studios, 54 one-bedrooms, 38 two-bedrooms, and 20 three-bedrooms.

Positive Financial Upside

  • A Thriving Hub for Growth

    Boise continues to demonstrate exceptional economic strength, making it a prime location for long-term real estate investment. The city’s rapid population growth, fueled by inbound migration and a pro-business climate, underscores its appeal as both a residential and commercial hub. With a thriving economy anchored by technology, healthcare, and professional services, Boise has consistently outperformed national employment trends, with job growth surpassing pre-pandemic levels by more than 13%. This dynamic environment creates a strong foundation for sustainable investment opportunities.

  • A Market Driven by Demand

    The multifamily sector in Boise is thriving, driven by increasing demand for high-quality rental housing. Strong occupancy rates and consistent absorption of new supply reflect the city’s ability to attract a diverse range of residents, from young professionals to relocating families. At the same time, Boise’s hospitality sector is experiencing renewed momentum, supported by a growing visitor economy, expanding business travel, and the city’s reputation as an outdoor and lifestyle destination. The Boise River Greenbelt, vibrant downtown, and emerging entertainment scene continue to fuel demand for both rental and hospitality assets.

  • A Future Built for Investors

    With a limited supply pipeline and a high rate of absorption, Boise presents a compelling opportunity for investors seeking long-term value. The combination of economic resilience, infrastructure investment, and a balanced quality of life positions the city for sustained growth in both multifamily and hospitality markets. As Boise continues to evolve, investors have the opportunity to be part of a market that blends innovation with natural beauty, offering not just strong financial returns but also a forward-thinking vision for urban living.

River & Ridge

Financial Summary

Investment Overview

  • Asset Class: Multifamily & Hospitality Mixed-Use Development

  • Location: Boise River Greenbelt

  • Project Scope: 712 rental units, 200 hospitality keys, retail & office space

  • Total Development Budget: TBD

  • Investment Structure: Equity & Debt Financing with Structured Returns

Investment Period & Development Schedule

  • Investment Horizon: 4 – 6 years

  • Phase 1 (2024 – 2025): Site acquisition, entitlements, and design approvals

  • Phase 2 (2025 – 2027): Infrastructure, vertical construction, and phased leasing

  • Phase 3 (2027 – 2029): Project completion, lease-up, and long-term stabilization

Target Returns & Incentives

  • Target IRR: 14% – 17%

  • Preferred Return: 8%

  • Equity Structure: Private & Institutional Investment

  • Strategic Growth Location: Positioned in Boise’s fastest-growing corridor along the Boise River Greenbelt

Fee Structure

  • Property Acquisition Fee: 1.5%

  • Property Disposition Fee: 1.0%

  • Fund Management Fee: 1.75%

  • Technology Management Fee: 1.0%

Key Financial Advantages

  • Prime Riverfront Location: As one of the only large-scale mixed-use developments directly on the Boise River Greenbelt, 27th Street & Cole Road offers a unique opportunity to integrate modern urban living with unmatched access to nature, recreation, and connectivity.

  • Boise’s Rental Demand: Multifamily vacancy rates remain low, with steady absorption of new units​.

  • Urbanization & Lifestyle Shift: Boise’s population growth and high-income migration trends continue to drive demand for high-quality rental and hospitality options​.

  • Supply & Demand Imbalance: With limited new luxury residential supply, 27th Street & Cole Road fill a critical gap in modern, amenity-rich urban living