Along with its purchase approval, MRA recommends that the City Council accept ownership of the property in November and permit the mayor to sign closing documents in December.
A vacant patch of ground near Southgate Mall could become the city's next investment in affordable housing if the property's public acquisition clears the necessary hurdles over the coming weeks.
Citing a range of possibilities and a unique opportunity, the Missoula Redevelopment Agency on Thursday approved a request to fund due diligence on a vacant 10-acre property in the Midtown district.
After years of waiting for the private market to redevelop 10 prime acres of real estate near Southgate Mall, the city may look at buying the property and redeveloping it on its own.
The city and its partners are working to introduce a rapid-transit system on Brooks Street and launch a new age of transit-oriented development within the corridor.
With the Midtown plan now in place, city officials expect private investment to follow. And as the fairgrounds continues to evolve, ensuring it blends seamlessly into the surrounding neighborhood has emerged as a key goal in both plans.
After three years of work, the Midtown Master Plan became an official piece of the city's growth policy on Monday night, laying the groundwork for future development, transportation improvements and grant applications.
Praised for its community vision and input, the plan looks to reinvent the Midtown district through better branding and place making. It also sets the stage for new commercial development, housing, greenways and connectivity.
Work on a mixed-use project in the Midtown district is set to begin this summer as the developer begins prepping the site for what's expected to include around 200 new housing units.
First Security Bank plans to consolidate its Missoula offices into a new building planned in the Southgate Triangle, marking one of the first commercial projects to invest in the Midtown area in accordance to the district's emerging master plan.