bozeman gateway packet
DESCRIPTION
A detailed brochure on this exciting new development in Bozeman, Montana.TRANSCRIPT
a M i x e d - U s e R e t a i l C e n t e R i n B o z e M a n , M o n t a n a
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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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The bozeman Gateway is a mixed-use retail/office/entertain-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.
• 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.
• 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.
• Residential growth is exploding around the site. Higher density growth is occurring to the west of the site and higher income growth is occurring to the south. Our site is between numerous residential developments and the office/university areas of Bozeman placing us on daily traffic route.
• Significant office development has occurred in the immediate area between the University and the site. Office and commercial development has also been taking place west of the project placing the development in the middle of substantial growth.
• Water features, bridges, 2 miles of trails and exquisite landscaping will make the Bozeman Gateway one of the premier mixed use developments in the north west. Pedestrian access are a prime consideration for the site.
• The Bozeman Gateway is a timeless development distinguished by quality design and construction.
Project Overview
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The Bozeman Gateway project is a mixed use retail / office / entertainment / hotel development located on one of the best parcels of land in the state of Montana.
• The 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. • Traffic counts in front of the site on Huffine Lane/West Main Street are some of the highest in the Bozeman market . They have increased significantly since the project develop began. • Residential growth is exploding around the site. Higher density growth is occurring to the west of the site and higher income growth is occurring to the
south. Our site is between the residential development and the office/university area placing us on their daily traffic route.
• Significant office development has occurred in the immediate area between the University and our site. Office and commercial development has also been taking place west of our site placing us in the middle of substantial growth.
• The development will be divided into five major sections: convenience retail, lifestyle/entertainment retail, office, restaurant pads, and hotel areas. Each of these sections are designed to enhance the value of the other. Attracting people to the development and providing them a reason to stay is a prime factor in our design concepts. See the breakdown of sizes for each section on the next page.
• Water features, bridges, and high quality landscaping will make the Bozeman Gateway one of the premier mixed use developments in the north west. Pedestrian access and movement are a prime consideration for the site.
• The project will be built and maintained to a very high standard of quality.
ProjeCT loCaTion
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ComPleTed ProjeCTs
Kohls department store
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ComPleTed ProjeCTs
rosauer’s Grocery & Huckleberry natural market
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ComPleTed ProjeCTs
site bridges & Pathways
bank of bozemanmorrison maierle
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ProjeCT renderinGsretail/residential Component
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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
ProjeCT size summary
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GaTeway buildinG “s”
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GaTeway buildinG “T”
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OPEN SPACE 2
OPEN SPACE 3
OPEN SPACE 4
COMMON AREA 1LOT 1
LOT 2
LOT 3
LOT 1
LOT 2
LOT 3
LOT 4 LOT 5
LOT 6
LOT 7
LOT 5
OPEN SPACE 5COMMON AREA 2
LOT 4
OPEN SPACE 6
LOT 14 LOT 15 COMMON AREA 3LOT 16
COMMON AREA 4
LOT 17
LOT 18
COMMON AREA 5
LOT 19
LOT 20
LOT 25A
LOT 22B
LOT 48
LOT 46LOT 45
COMMON AREA 12
LOT 47
COMMON AREA 7
COMMON AREA 8
COMMON AREA 6A
LOT 24ALOT 23A
OPEN SPACE 10
LOT 1
LOT 2
LOT 3
LOT 4
LOT 1A
LOT 5
LOT 6
LOT 3 LOT 4
OPEN SPACE 1
LOT 1
LOT 35
LOT 36
LOT 37
LOT 38
LOT 39 LOT 40
LOT 41
LOT 42
COMMON AREA 9
COMMON AREA 10 COMMON AREA 11
LOT 44 LOT 43
LOT 6
LOT 7
BOZEMAN GATEWAYSITE PLAN
available siTe loTs
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shopping Center name Total Gla stores Center Type year opened distance from siteBridger Peaks Town Center 159,369 24 Community 2000 1.9 Miles NE(Smith’s Grocery, The Gap, Famous Footwear, Pier 1)
Gallatin Valley Mall 333,109 70 Community 1979 0.3 Miles NE(see above)
Hastings Shopping Center 37,962 7 Neighborhood N/A 1.3 Miles NE(Hastings, Gold’s Gym, CVS Pharmacy)
University Square 119,945 32 Community 1980 0.9 Miles NE(Albertson’s, Staples)
Gallatin Center (Costco, Target, Ross, Petco)
Stoneridge Square(Office Depot, Wholesale Sports, Buffalo Wildwings, IHop, World Market)
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siTe area analysis
Gallatin valley mall
To belgrade and i-90
To big sky and yellowstone
map legend: Commercial dev. existing Housing bozeman Gateway site
fitness Center new Housing dev. msu land
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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%
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
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, fly-fishing, hiking, snowmobiling, hunting, biking)
7 Largest Communities In Montana (2010 Populations):1. Billings, 104,170, Yellowstone County2. Missoula, 66,788, Missoula County3. Great Falls, 58,505, Cascade County4. Bozeman, 37,280, Gallatin County5. Butte, 34,200, Silver Bow County6. Helena, 28,180, Lewis and Clark County7. Kalispell, 19,927, Flathead County
area demoGraPHiCs
Gallatin County & bozeman Populations
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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.
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 overview
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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”.
reGional Tourism
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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.
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
TransPorTaTion
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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
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).
courtesy of www.bozemanrealestatereport.com
residential real estate Constructionapproved sqft of Commercial real estate
eConomiC GrowTH
year square feet2001 412,000
2002 490,000
2003 586,200
2004 362,500
2005 649,700
2006 630,000
year number of units Construction Cost per unit in $
a M i x e d - U s e R e ta i l C e n t e R i n B o z e M a n , M o n ta n a
Ted mitchellMitchell Development Group, LLCPO Box 738Great Falls, Montana 59043
Office: (406) 761-4400 Fax: (406) 761-4401Email: [email protected]
joe CobbCobb Realty Group2880 Technology Blvd W, Suite 195Bozeman, Montana 59718
Office: (406) 579-2999 Fax: (866) 848-4617Cell: (406) 579-2999 Email: [email protected]
mark baziakColliers International3 Park Plaza, Suite 1200Irvine, CA 92614
Office: (949) 724-5551Cell: (714) 343-4362Email: [email protected]
1315 8th Avenue North • Great Falls, MT 59401
for leasing or real estate information, Contact joe Cobb.