Redevelopment of old Missoulian property ready to go

Martin Kidston

(Missoula Current) A vacant and dated property off Higgins Avenue and the downtown district may finally see redevelopment after years of planning, breathing new life into the Hip Strip and propelling the Downtown Master Plan.

The Missoulian vacated the property years ago after massive cuts in staff. It was soon acquired by a team of local developers, including Missoula-based developer Cole Berquist, who released the latest update on Wednesday afternoon.

The project is now dubbed the Higgins Waterfront.

“The updated plan represents a major step forward,” Berquist said in a statement. “We’ve refined the design to be more efficient, fit the site better, and follow the Downtown Master Plan exactly as intended.”

The project, now in its second iteration, will include 80 residences in a mix of condos, penthouses and two-story townhomes. The project will also include a 155 hotel rooms, and the residences will have access to the amenities.

Berquist said the project will also include a year-round rooftop bar and restaurant – the first in Missoula. It also includes a river-facing restaurant at ground level, and local shops and dining.

After the project's former partner was indicted on charges unrelated to the Missoula project, Berquist moved forward with a new team. The project now includes Hawkins, a development group based in Boise that has been in business for half a century.

“They’re the perfect fit for this next chapter,” Berquist said. “It took coordination with multiple jurisdictions and a lot of time and resources to make the transition happen, but the project is now in the best position it has ever been.”

Berquist also played a role in the Reed Condo project next door. The project sold out before construction completed and the new Higgins Waterfront has raised interest across a broad spectrum.

“We’ve already received strong interest from investors and formal offers from several hotel brands,” Berquist said. “The first capital raise is complete, and we’re now preparing for the second, which will fund construction.

Berquist added that the project's goal is to stay as local as possible.

“Our goal is to keep this round as local as possible so Missoulians and Montanans can take part in what will be a landmark project for the city,” he said.

The Higgins Waterfront project gains new life just months after another team of Montana investors took over the Riverfront Triangle project, which is expected to break ground late next year or in early 2027 after years of failed starts by other development groups.

That project, located across the river, includes a hotel and conference center.