Martin Kidston

(Missoula Current) Nearly six months after a new team of developers announced their plan to take over the Riverfront Triangle project in downtown Missoula, few updates have been given regarding plans to move the project forward.

Capital V Partners in April announced their intent to take over the project and, at the time, they said they were wrapping up due diligence. That's about where the updates ended.

But on Thursday, when asked by a board member, Missoula Redevelopment Agency Director Ellen Buchanan hinted that a long-anticipated update could be coming.

“There is a lot of interest and a lot of movement,” she said. “We'll know more next week about what's going on.”

The development, pushed by the late Mayor John Engen, has now been decades in the making. Developing the Riverfront Triangle was planned by a series of previous property owners and included a hotel and concert venue, housing, office, retail and parking.

The proposal was praised for its ability to grow the city's tax base, bring economic gain to area businesses, provide jobs and housing, and add vibrancy to city's core.

Upon taking the project over, Capital V Partners said their plans for the property hadn't changed.

“This will be an economic flywheel providing tons of opportunities and tax revenue to the city, as well as a culturally minded experience that also provides much needed housing opportunities for families at all levels,” Dean Bosacki said in April.

The project, which includes one parcel owned by the city and several surrounding private properties, has been proposed for redevelopment for more than 30 years. It was close to breaking ground in 2020 before a global pandemic stopped it in its tracks.

The City Council has already approved elements of the project including parking, zoning, street vacations and development guidelines. It also has provided EPA loans for cleanup on the site and surrounding properties, including asbestos removal.

The proposal has had broad support from city leaders and the public, and that enthusiasm returned when Capital V Partners announced its intent to pick up the pieces of the stalled project. It's unknown at this point where the project stands, though city officials have suggested that it's moving forward.

“There will probably be some different players,” Buchanan said on Thursday.