a Mixed-Use Retail Center In Bozeman, Montana
Table of Contents Site Location ....... page 3 Completed Projects ........ Page 4 Size Summary & Master Plan ....... Page 6 Project Renderings ....... Page 8 Available Lots & Retail Info ...... Page 12 Site analysis ...... Page 14 Area Demographics ...... Page 15 Regional OVerview & Tourism ...... Page 16 Area Transportation ...... Page 18 Economic Growth ...... Page 19 Project Contacts ...... Back Cover
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Project Location
The Bozeman Gateway project is a mixed use retail / office / entertain best parcels of land in the state of Montana. •
The Bozeman Gateway is a mixed-use retail/office/entertain-
and
ment/hotel/residential development set against a beautiful backdrop of the Rocky Mountains and 72 Acres of the most lucrative parcels of land in the state of Montana.
T Garf road State area by a
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• This project includes four sided perimeter access and two full-phase traffic signals. • Two new major roads, Fowler Avenue & Garfield Street provide access around the site. These roads also provide a direct route from the Montana State University area to high growth residential areas. MSU is the area’s highest density employer by a significant margin.
T Lane the B sign
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• Traffic counts fronting the site along Huffine Lane/West Main Street are some of the highest in the Bozeman market: 19,480 in 2008, 19,830 in 2009, 18,990 in 2010. •
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R Residential growth is exploding around the site. Higher density growth is High occurring to the west of the site and higher income growth is occurring to site the south. Our site is between numerous residential developments and the south. Our site is between the residential development and the offic office/university areas of Bozeman placing us on daily traffic route. route. •
• Significant office development has occurred in the immediate area between the University and the site. Office and commercial development has also been • of Significant office development has occurred in the immediate taking place west of the project placing the development in the middle substantial growth. •
area commercial development has also been taking place west of our site Water features, bridges, 2 miles of trails and exquisite landscaping will make the Bozeman Gateway one of the premier mixed use developments in the
The development will be divided into five major sections: convenie areas. Each of these sections are designed The Bozeman Gateway is a timeless development distinguishedrestaurant by quality pads, designand and hotel construction. people to the development and providing them a reason to stay is a breakdown of sizes for each section on the next page. north west. Pedestrian access are a prime consideration for the site. •
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Water features, bridges, and high quality landscaping will make the use developments in the north west. Pedestrian access and moveme
The project will be built and maintained to a very high standard of q 3
Completed Projects
Kohls Department Store 4
Completed Projects
Rosauer’s Grocery & Huckleberry Natural Market 5
Completed Projects
Bank of Bozeman
Morrison Maierle
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Site Bridges & Pathways
Project Renderings Retail/Residential Component
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Project Size summary Anticipated Development Size Summary of the Bozeman Gateway Project: Total Gross Floor Area: 764,692 SF +/Community/Convenience Retail Area: 136,721 SF +/• Rosauer’s Super Market - Huckleberry Natural Foods: 60,000 SF • Mid-sized and Smaller Convenience Retail: 60,721 SF • Bank Building: 16,000 SF Department Stores: • Kohl’s Department Store: 55,882 SF Pad Area: 26,000 SF
Retail Area: 259,371 SF • Restaurants: 28,000 SF • Mid-sized and Smaller Retail: 231,371 SF
Professional Office Area: • Class “A” Professional Office: 170,400 SF Residential/Hospitality Condominiums: 93,200 SF • Residential: 53,000 SF • Hotel: 40,200 SF
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Gateway Building “S”
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Gateway Building “T”
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Available Site Lots
OPEN SPACE 6 LOT 17
OPEN SPACE 2
LOT 19
OPEN SPACE 10
COMMON AREA 4 LOT 16
LOT 6 LOT 15
LOT 14
COMMON AREA 5
COMMON AREA 3
LOT 18
LOT 20
LOT 7
OPEN SPACE 1
LOT 1
COMMON AREA 8
COMMON AREA 7 LOT 5
LOT 4
LOT 2
COMMON AREA 6A OPEN SPACE 3 LOT 4
LOT 3 LOT 1
LOT 1
LOT 25A LOT 3
LOT 2 LOT 5 LOT 36 LOT 24A
LOT 22B
LOT 23A
LOT 37 LOT 6 OPEN SPACE 4 LOT 1
LOT 35 LOT 38
COMMON AREA 1
LOT 41 LOT 6
LOT 46 LOT 45
LOT 39
LOT 40 LOT 42
LOT 1A
LOT 2
COMMON AREA 9
LOT 5
COMMON AREA 12 LOT 7
LOT 3
COMMON AREA 10
COMMON AREA 2 LOT 4
COMMON AREA 11
LOT 3
OPEN SPACE 5 LOT 44
LOT 4
LOT 43
LOT 47
LOT 48
BOZEMAN GATEWAY SITE PLAN
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Shopping Center Name
Total GLA Stores
Center Type Year Opened Distance from Site
Bridger Peaks Town Center (Smith’s Grocery, The Gap, Famous Footwear, Pier 1)
159,369
24
Community
2000
1.9 Miles NE
Gallatin Valley Mall (see above)
333,109
70
Community
1979
0.3 Miles NE
Hastings Shopping Center (Hastings, Gold’s Gym, CVS Pharmacy)
37,962
7
Neighborhood
N/A
1.3 Miles NE
University Square (Albertson’s, Staples)
119,945
32
Community
1980
0.9 Miles NE
Gallatin Center (Costco, Target, Ross, Petco) Stoneridge Square (Office Depot, Wholesale Sports, Buffalo Wildwings, IHop, World Market)
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Site Area Analysis To Belgrade and I-90
To Big Sky and Yellowstone
Map Legend: 14
Gallatin Valley Mall
Commercial Dev.
Existing Housing
Bozeman Gateway Site
Fitness Center
New Housing Dev.
MSU Land
Area Demographics • • • • •
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Ranked 7th in American cities for Best Quality of Life – Bizjournals Chosen as the #1 Ski Town in America - Powder Magazine Named an All-American City in 2001 Bridger Bowl was named the “Best Kept Secret in America” by Skiing Magazine Home to the Montana Ballet, Museum of the Rockies, Bozeman Symphony Orchestra, Symphonic Choir, and the Intermountain Opera Society Miles of Blue Ribbon Trout Fishing Streams Average commute time is 10 minutes Trade Area of over 159,000 people with 700,000 tourist visits per year Retail spending 40% higher than anywhere else in the state, Bozeman is the shopping hub for southwestern Montana 15.3% Population growth (past five years) $1.599 Billion in bank deposits - 2008 Per capita income: $30,560 and 32.1% Income growth (past five years). Mean Household Income: $58,266 (2010) Median Home Price: $285,127 – 3BD/3BA 2,186 SF Job Growth %: (2000-2007) 29.45% Median Age: 29.6 Completed at least some College: 81.3%
significant margin. MSU obtains over $100 million per year in research grants which is stimulating growth in technology related business and has made Bozeman the technology capital of the state. Gallatin County is also home to approximately 90 high-tech companies. The Bozeman area is a 4 season tourism mecca bringing an estimated 600,000 - 800,000 people through the market annually. (close to 3 ski areas, flyfishing, hiking, snowmobiling, hunting, biking) 7 Largest Communities In Montana (2010 Populations): 1. Billings, 104,170, Yellowstone County 2. Missoula, 66,788, Missoula County 3. Great Falls, 58,505, Cascade County 4. Bozeman, 37,280, Gallatin County 5. Butte, 34,200, Silver Bow County 6. Helena, 28,180, Lewis and Clark County 7. Kalispell, 19,927, Flathead County
Gallatin County & Bozeman Populations
Bozeman is located in south central Montana along Interstate 90 and Hwy 191. Highway 191 serves as the conduit to Yellowstone Park while Interstate 90 carries approximately 40% of Montana’s east/west traffic (approximately 8,000,000 cars/year). The Gallatin Valley is one of the fastest growing communities in the U.S. which includes Bozeman, Belgrade, Manhattan, and the Big Sky Recreational Area, growing at a significant rate for the past 10 years and showing no signs of slowing. In fact, census projections estimate that the Bozeman area alone will grow by over 10% in the next 5 years. Bozeman is also home to Montana State University (MSU) with a burgeoning enrollment of 13,000 students. It is the area’s largest employer by a
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Regional OVerview Located in a sweeping valley in the heart of the Rocky Mountains,
Gallatin County is the most populated and fastest growing county in scenic southwest Montana. The County Seat of Bozeman at large encompasses over 50,000 people, yet has a small town feel. Located in a breathtaking Rocky Mountain setting, it is close to world-class downhill skiing, blue ribbon trout streams, Yellowstone National Park and a multitude of other outdoor activities in the pristine nearby wilderness areas. Gallatin County covers over 2,500 square miles of mountain lands varying in topography and climate from temperate river valleys to snow-capped peaks and open ranch lands. Nearly half of all the land in Gallatin County is under public ownership by the Gallatin National Forest, State of Montana, Bureau of Land Management or the National Park Service. Gallatin County is large and diverse, featuring everything from the spectacular scenery of Yellowstone National Park to lush farmland, and a growing economy of high-tech industries. Skiers, outdoor enthusiasts, wildlife watchers, mothers and fathers, business owners, vacationers, ranchers, retirees, students and many others have grown to love Gallatin County’s boundless opportunities.
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Everyone knows Montana to be one of the most beautiful areas in the world, with a reputation as a first-class vacation destination. However, Montana is also a state that’s full of economic possibilities, as many companies are fast discovering there is an outstanding workforce, infrastructure and policies to make ventures successful. Plus, Montana is simply a great place to live. Tourism is the states second largest industry. As a $1.9 billion dollar industry people flock to Montana from all over the world to take advantage of the state’s beautiful scenery, excellent fishing, superb hiking, and endless backpacking trails and legendary hunting. Montana’s economy is diversified with high-tech resources, value-added agricultural products, electronic commerce, aerospace, research and development. Traditional mineral and natural resources contribute to the state’s economy as well.
Regional Tourism The Big Sky Resort is located 30 miles south of Bozeman and is a major
international draw for year-round recreation. This world class ski resort is the largest in Montana and hosted over 340,000 skier days in 2011- officially the busiest season since the resort’s inception in 1974. That’s up from the previous record of 323,000 skier visits during the 2005-06 season that boasted 500-plus inches of snow. Not that this season didn’t get its fair share of the white stuff. Throughout the winter over 400 inches of snow fell - that’s 150 percent more than last year and 20 percent above average. Over on the south side of Lone Mountain, Moonlight Basin had 100,000 skier days. Bridger Bowl, a locals favorite and hidden gem, is just 20 minutes north of Bozeman. It also has over 180,000 skier days per year. The Yellowstone Club, adjacent to Big Sky, is the world’s only private ski and golf resort. This exclusive development includes 860+ lots being sold at prices starting at $1.45 million each. Over 30% of the available lots have already been sold. Bozeman is also a gateway to Yellowstone National Park. Two of the entrances into the park, West Yellowstone and Gardiner are within 90 miles of Bozeman Beartooth National Highway, one of the most spectacular drives in America, is also only a daytrip, starting and ending in Bozeman.
Surrounding Bozeman is the Gallatin National Forest. With its snow-covered mountain peaks and internationally known “blue ribbon” trout streams, the Gallatin National Forest is a popular recreation area in Montana’s Northern Rockies. Established in 1899, the Gallatin is part of the Greater Yellowstone Area, the largest intact ecosystem in the continental United States. This 1.8-million acre forest spans six mountain ranges and includes two Congressionally-designated Wilderness areas, the Absaroka-Beartooth and Lee Metcalf Wildernesses. The Gallatin National Forest provides habitat for a full complement of native fauna, including the grizzly bear, gray wolf, bald eagle, and the Canada lynx. There are many tourists, secondary home owners, university students, guests, and visitors to the market which has a significant impact on the local economy. All of these factors, in addition to being a regional trade center with a strong financial undercurrent, combine to make Bozeman a much larger market than it would otherwise appear. In 2010 Outside Magazine named Bozeman “America’s Best Ski Town”.
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Transportation Bozeman has good air and highway access.
It is the largest city and county seat of Gallatin County. Sitting 82 miles east of Butte, 142 miles west of Billings, and 91 miles north of West Yellowstone (the northwest entrance to Yellowstone National Park). It lies at the intersection of Interstate 90 and Highway 191. Highway 191 serves as the conduit to Yellowstone National Park while Interstate 90 carries approximately 40% of Montana’s east/west traffic (approximately 8,000,000 cars/year). The Gallatin Field Airport is just northwest of Bozeman is currently the second busiest airport in Montana (next to Billings) based on passenger boarding’s, Gallatin Field Airport serves more than 700,000 passengers each year, and the airport expects that number to increase substantially over the next few years. “At the end of two years, southwest Montana will have a world-class air transportation facility that will be capable of efficiently handling more than 1.5 million passengers each year,” according to Gallatin Field. The airport boasts six airlines with service through United (Denver, Chicago), Delta (Salt Lake City), Northwest (Minneapolis/St. Paul), Big Sky (Boise), and Horizon (Seattle/Tacoma, Portland, Boise, Idaho Falls and Butte). Northwest provides service to Detroit on weekends, United Express recently began a limited summer service (Saturdays only) to San Francisco in 2007, and Delta offers limited flights to/from Atlanta.
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Traffic at this facility has increased at an average annual rate of 3% since 2002. In 2010, the airport served 728,038 airline passengers, a 6.6% increase from 2009. Private jet traffic has also significantly increased over the years due to the increase of luxury homes in and around Bozeman including Big Sky & Moonlight Ski areas and the exclusive and private Yellowstone Club. The Gallatin Airport Authority Board has recently completed a major airline terminal expansion. The $45 million project has more than doubled the size of the terminal. The project has expanded the number of gates from five to seven, provide a greatly expanded passenger screening checkpoint, added a third baggage claim carousel and increased food & beverage and retail concessions, particularly inside the concourse. The project will also accommodate the increase in passengers is expected over the next ten to fifteen years. Information from www.bozemanairport.com
Economic Growth Overall economic growth has been much stronger in Bozeman and Gallatin
County than statewide; it’s 13% higher than the second-fastest Flathead County. In 2015, the population is estimated to reach 105,370. By 2030, Prospera Business Network, a nonprofit economic development organization based in Bozeman, predicts the county could have 136,970 residents. Bozeman has a strong university and a strong diversified economy leading into the recession. Local industries like technology, manufacturing, tourism and health care all help drive its economy. Montana Department of Labor and Industry’s Research and Analysis Bureau, the top five private employers in Gallatin County are: Bozeman Deaconess Hospital, Albertsons, RightNow Technologies, Wal-Mart and Zoot Enterprises. Montana State University and state and local government account for nearly 40 percent of the economic base in Gallatin County, according to the report. MSU is the region’s largest employer with 3,004 permanent positions Sectors in Gallatin County and Bozeman showing the most substantial growth include agricultural services, construction, manufacturing, finance, insurance, real estate and hotels and lodging. As of the census of 2010, the median income for a household in the city was $58,266. Gallatin County’s population increased by 33.2 percent in the decade since the 2000 census, from 67,832 to 90,343 residents, making it Montana’s third-largest county, according to Prospera Business Network’s 2010 Economic Profile. In April 2007 (the latest month for which data is available), Montana’s non-agricultural
Approved SqFt of Commercial Real Estate Year Square Feet 2001
412,000
2002
490,000
2003
586,200
2004
362,500
2005
649,700
2006
630,000
employment increased by 0.7 % to approximately 445,500 employees. The largest gains were in the leisure & hospitality sector, where employment increased by 1,500 jobs, or 2.6 % in April. The largest sectors are trade, transportation & utilities (approx. 91,200 employees in April), government (87,600 employees), leisure & hospitality (58,800 employees) and education & health services (58,400 employees). Gallatin County’s labor force is currently estimated at approximately 55,000 employees. Gallatin County has the third largest labor force in Montana’s 57 counties. As of the Spring of 2011, Gallatin County’s unemployment rate was at 7.3%, versus the nation’s at 9 %. The City of Bozeman has seen strong growth in commercial real estate development. The table below suggests an 8.9% compound annual growth rate since 2001. Recently, a number of major commercial developments were approved and permitted for construction, including: Kohl’s (54,280 sf), Rosauer’s Supermarket (60,045 sf), Safeway Grocery $12M (57,870 sf), Bozeman Deaconess Hospital Addition $15M (17,300 sf) and 22,500 more patients per year, MSU $52M expansion of their stadium, Bio-Science building among others, 32 Acre Billion Auto Group expansion $3.8M (59,423 sf), Petra Academy $7M (46,123 sf), $36M High school reconstruction, 2nd Staples (20,389 sf), Office Depot (18,752 sf) Of the 630,000 sf of non-residential buildings approved in 2006, uses were classified as follows: 188,807 sf of office, 397,942 sf of general commercial (including retail) and hotel, and 5,302 sf of industrial/warehouse space. Also recently we, several infrastructure projects were completed in the city of Bozeman, including a new fire station ($3.5 million), police station ($400,000), water/wastewater treatment plants ($32.2 million) and city hall ($3.0 million).
Residential Real Estate Construction Year Number of Units
Construction Cost per Unit in $
courtesy of www.bozemanrealestatereport.com
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a Mixed-Use Retail Cente r In Boze m an, Mo n ta n a For Leasing or Real Estate Information, Contact Joe Cobb.
Ted Mitchell 1315 8th Avenue North • Great Falls, MT 59401
Mitchell Development Group, LLC PO Box 738 Great Falls, Montana 59043 Office: Fax: Email:
(406) 761-4400 (406) 761-4401 Ted@mdandi.com
Joe Cobb Cobb Realty Group 2880 Technology Blvd W, Suite 195 Bozeman, Montana 59718 Office: Fax: Cell: Email:
(406) 579-2999 (866) 848-4617 (406) 579-2999 JosephCobb@gmail.com
Mark Baziak Colliers International 3 Park Plaza, Suite 1200 Irvine, CA 92614 Office: (949) 724-5551 Cell: (714) 343-4362 Email: Mark.Baziak@colliers.com