HomeMy WebLinkAbout2021-04-16 Mark Bottles MARK BOTTLES
REAL ESTATE SERVICES
839 S. Bridgeway Place
Eagle, Idaho 83616
April 16, 2021
Joseph Dodson
33 E. Broadway Ave.,
Meridian, Idaho 83642
RE: Movado Mixed Use (H-2020-0123) (the "Application")
Please accept this letter expressing my support for the Development Agreement
Modification requested in Application H-2020-0123. As a real estate professional in the City of
Meridian for over 25 years, I am extremely familiar with the City's market conditions, growth,
and development, leasing, and sale trends. I have represented the current owner of the Subject
Property since 2017 and am familiar with the Subject Property and surrounding area.
The Development Agreement Modification, which proposes to reduce the total square
footage of office space in the conceptual plan for the Subject Property, is appropriate here. The
previously approved concept plan for this project,which shows approximately 56,000 SF of office
space, is not supported by market conditions. The Subject Property has been on the market since
2017 and has had almost no interest for the second layer of office development over those 4 years.
I do not see interest in the Subject Property for second-tier office use improving.
This high quantity of second-tier office space was unsupported by the market back in 2017
when this concept was approved and is even less supported in the post COVID-19 market. While
the COVID-19 Pandemic acted as a catalyst for residential growth and demand, it had an equal
chilling effect on demand for office space. The second layer of office space as shown on the
conceptual plan has been and will continue to be nearly impossible to sell.
There has been significant first-tier, large scale office development in the Eagle Road,
Overland Road and Highway 84 corridor by BVA and other developers. These new developments
further frustrate the ability to develop the project's second layer of office use. It will be difficult
to lease or sell this second-layer of office space when there exists ample available space in
established business centers, more proximately situated next to Eagle Road and Highway 84. It is
my experience that properties which lie outside the main Eagle Road Business core, like the
Subject Property, have struggled to sell or lease for office use.
For these reasons, it is my opinion that a Development Agreement Modification reducing
the office space is appropriate and needed here.
Sincerely,
/s/Mark Bottles