The Sundance Company helping spur growth in Meridian, Idaho

This summer, a new interchange will plow off the freeway and down onto Ten Mile Road in Meridian, Idaho – one of the fastest-growing cities in the greater Boise metropolitan area.

The offramp, scheduled to be completed in late 2011, will lead to hundreds of acres of empty fields – not the usual sight for a Treasure Valley interchange.

But with a source of steady traffic flowing through the area, which previously sat in the middle of the longest stretch of Interstate 84 in the Treasure Valley without an interchange, the land will be ripe for new development.
With that in mind, the city of Meridian, along with 500 affected individuals, came up with a 300-page plan for the area in June 2007. It sets guidelines for land use and transportation.

One broad goal is to bring in mixed-use buildings – buildings that will host shoppers, diners and businesspeople on the bottom floors and residents on the upper floors. The core area will be anchored by a transit center in the north and a commercial district in the south; it’s intended to host the Treasure Valley’s “most fashionable” retail center, according to the plan.
The newly developed Ten Mile area will aim for urban and pedestrian appeal, with buildings instead of parking lots framing the sidewalks and glassy storefronts and design details.

The plan recommends a building height limit of four stories in most areas, except those for high-density employment and a lifestyle center, where five to six stories will be allowed. It also includes an emphasis on parks and open space.
For now, no one has submitted a development proposal, though Mayor Tammy de Weerd said the city has had discussions with potential developers.

“As the economy and the interchange start to pick up, so will the development,” she said. “…Investment is attracted to a well-planned and well-defined area.”

That’s been the theory behind growth in what Meridian calls its Health Sciences and Technology Corridor along Eagle Road, which has been the site for some big building projects lately. Anchoring the corridor are institutions like Idaho State University, a St. Luke’s campus, Blue Cross, Urology Institute, Complex Care Hospital and Bodybuilding.com.
Right now construction is ongoing in the corridor at the Silverstone Corporate Plaza, a 124,000-square-foot office condominium developed by The Sundance Company and built by Jordan-Wilcomb Construction, both of Boise. Work began in October and is slated to be completed in August. The 124,000-square-foot Silverstone Corporate Plaza at 3421 E. Overland Road in Meridian, is an upscale office-condo building, in the Sundance-developed Silverstone Business Campus in the southeast quadrant of Overland and Eagle roads.

Also in the corridor, construction continues at Meridian’s Joint School District No. 2 site, where Idaho State University is building a new facility to house its health sciences program.

Two four-story, 80,000-square-foot medical office buildings were completed this winter at Portico, a 24-acre development nearby. It also includes a 134,000-square-foot office tower slated to be finished in November. Engineered Structures Inc., of Boise, is the general contractor for Portico and plans to move in to the new office building when it’s completed.
Work on a four-diamond hotel project in the Portico development is expected to start in the fall, though a brand has not been announced.

The Health Sciences and Technology Corridor came about naturally, as a result of private development decisions.
“It grew because it had those foundational pieces that people want to be near,” said Phil Stiffler, economic excellence coordinator for Meridian.

The city hopes to capitalize on the synergy created by businesses in similar fields operating in a defined geographic area. Stiffler said potential employees know there are multiple career opportunities nearby, and incoming businesses know there will be a trained work force and a solid neighborhood.

© 2009 Idaho Business Review

About The Sundance Company
The Sundance Company has become a development powerhouse with more than 30 years of successful history in Idaho’s Treasure Valley and the Boise metropolitan area. The Sundance Company is one of the few local companies that self-manages and maintains its own properties—enjoying higher occupancy levels and superior quality control for its projects.

Savvy tenants and buyers look to The Sundance Company for development; office, warehouse, and retail leasing; property management; build-to-suit/construction; and land and building sales. With more than 1.5 million square feet of prime office and industrial space in the greater Treasure Valley, The Sundance Company has the size and diversity to avoid the need for a “one-size-fits-all” approach—thereby assuring customized solutions that are genuinely tailored to each client’s needs.

Every project by The Sundance Company is conceived and executed with integrity, innovation, accountability, and dedication by a team of seasoned experts who always remains mindful not only of tangible aspects of a property transaction but also the intangible. The in-house management team values its personal connections and the relationship of trust it has created with its tenants and property owners, which include national and regional companies, some of whom have been in Sundance buildings for more than 15 years.

Recent transactions by The Sundance Company

The Sundance Company is pleased to announce the following commercial real estate transactions in the greater Boise metropolitan area:

  • Bodybuilding.com expanded to 21,184 square feet of office space in the Cedar Point Building, at the  Silverstone Business Campus in the southeast quadrant of Eagle and Overland roads in Meridian, Idaho. The Sundance Company handled the transaction.
  • Shamrock Coffee reopened under new ownership in the Blackeagle Center, at the northwest corner of Overland and Maple Grove roads in Boise, Idaho. The retail space is 1,489 square feet. Joel Harper of Laska Co. represented the tenant. The Sundance Company represented the property owner.
  • CompUSA Retail Inc. leased 6,654 square feet of offic space at the Cedar Point Building, 2090 S. Silverstone Way, in the Silverstone Business Campus in Meridian, Idaho. The Sundance Company handled the transaction. The company is launching sales offices in the Boise area and in Sioux City, S.D.

Silverstone Business Campus story

Here is a story about the Silverstone Business Campus that appeared in the Idaho Business Review in 2008.

The Sundance Company recently started building the 124,000-square-foot Silverstone Corporate Plaza at 3421 E. Overland Road in Meridian, Idaho. The upscale office-condo building, in the Sundance-developed Silverstone Business Campus in the southeast quadrant of Overland and Eagle roads, will include sizable space for Home Federal Bank.

“By developing this project as an office condominium, we hope to provide our clients with the flexibility to either own or lease high-quality office space in a magnitude unprecedented in the Valley,” Sundance Chief Operating Officer Travis Anderson said in a release. “We believe this was a key factor in the selection of the Silverstone Corporate Plaza by Home Federal Bancorp for executive offices and a drive-through banking branch.”

Home Federal President and CEO Len Williams said in an interview that the bank plans to occupy about 12,000 square feet of office space. The bank will relocate some commercial loan officers, residential mortgage lenders and some executive offices to Silverstone Corporate Plaza.

“At this point our corporate headquarters remains in Nampa, but we will have some executive office space in the new Silverstone building,” he said. Home Federal will own its office space and the full-service bank branch.

The branch will be about 8,000 square feet, built on adjacent property and attached to Silverstone Corporate Plaza, Williams said. Drive-through banking facilities will be sited under the building.

Anderson said in the release that The Sundance Company likely will move its corporate office to Silverstone Corporate Plaza, which “stands to become Sundance’s flagship property.” Sundance now is based in the Blackeagle Business Center, at Overland and Maple Grove roads in southwest Boise.

Silverstone Corporate Plaza is slated for completion by mid-summer 2009.

The Sundance Company, one of the largest commercial real estate developers in the Boise area, said the availability of on-site concierge services, shared-use conference, board and training rooms, and projected on-site executive suites “will provide the flexibility and efficiency expected from today’s sophisticated consumer.”

“The service infrastructure that will be incorporated into this project will not only be a benefit to the tenants of the Silverstone Corporate Plaza, it will also allow Sundance to continue to exceed the service needs of our entire client base,” Sundance President Chris Anderson said.

Interior finishes will include mosaic glass and tile, artisan wall coverings, and domed ceilings. Among other planned features are a slab granite façade, covered executive parking, a “generous parking ratio” an “ample tenant improvement allowance” and the availability of owner financing, Sundance said.

© 2009 Idaho Business Review

Silverstone Business Campus welcomes new tenant

Software company Neoreef is taking advantage of economic downtimes to move its offices from a location near downtown Boise to The Sundance Company’s Silverstone Business Campus in Meridian, Idaho.

The SilverStone Business Campus is a 90-acre master planned employment center centrally located in Meridian – one of the most rapidly growing cities in the Boise metropolitan area. The campus is ideally located 1/4 mile from Interstate 84 at the Eagle Interchange, and there are more than 1 million square feet of tenant amenities within minutes of the SilverStone Business Campus.

“Right now it’s an ideal time in the commercial real estate market – prices are down. You have the opportunity to renegotiate your lease for a lower rate, or move to something nicer at the same rate you were paying,” said company president and CEO Brian Ernesto. “We moved to a much nicer office in a lot better location – it’s been a very positive move for us.”

The new 1,300-square-foot location, at 1880 S. Cobalt Point Way, Suite 210, is larger than the company’s previous 1,200 square feet, but Ernesto said the real advantage is better access to clients and shortened drive times for employees.

He said while the company has experienced a lull over past year, the new space also offers more flexibility for expansion.

“We’re still growing. Things are definitely slowed down from the rapid, break-neck growth we were seeing last year … (but) we’re still finding that we’re getting some really nice clients this year,” Ernesto said.

“Our old location was nice on the inside, but the location wasn’t necessarily representative of the company we are,” Ernesto said. “The companies that we’re near now are similar to the types of clients we represent.”

© 2009 Idaho Business Review

The Sundance Company’s Build-to-Suit Capabilities

The Sundance Company prides itself on its ability to provide options and tailor solutions to its client’s needs.  The Sundance Company offers a multitude of possibilities with its build-to-suit options throughout the Treasure Valley, including in Boise, Meridian, and Nampa.

If the current market does not offer what your business is looking for, you can now consider designing and building a facility to suit your needs, rather than renewing your current lease or settling for an “as is” building. Build-to-suit opportunities represent just one of the alternatives available to companies in today’s complex commercial real estate environment. Many executives procuring space for their companies find a build-to-suit option most advantageous, and The Sundance Company can effectively and efficiently assist you with your needs.

Meeting customer-specific demand and delivering customized solutions is the foundation of The Sundance Company’s build-to-suit program. We collaborate and work with customers to manage the entire build-to-suit process, including site selection, land acquisition, facility specifications, permitting, construction and ownership.
The development and proven structure of The Sundance Company’s build-to-suit project team benefits our customers through its articulation of a clear mission and direction.

    For more than 30 years, The Sundance Company has developed millions of  square feet of build-to-suit space in the Treasure Valley and greater Boise metropolitan area in response to customer-specific demand and specifications driving the design and development of each project.

    For more information about your commercial real estate options, including build-to-suit opportunities, simply give us a call at our Boise office at (208) 322-7300.

    The Sundance Company prides itself on its ability to provide options. Whether you are looking to purchase land or prefer a build-to-suit, The Sundance Company offers a multitude of possibilities with its land development and build-to-suit options throughout the Treasure Valley, including in Boise, Meridian, and Nampa.

    If the current Boise Treasure Valley market does not offer what your business is looking for, you can now consider designing and building a facility to suit your needs, rather than renewing your current lease or settling for an “as is” building. Build-to-suit opportunities represent just one of the alternatives available to companies in today’s complex commercial real estate environment. Many executives procuring space for their companies find a build-to-suit option most advantageous, and The Sundance Company can effectively and efficiently assist you with your needs.

    For more information about your commercial real estate options, including build-to-suit opportunities, simply give us a call at our Boise office at (208) 322-7300.

    The Sundance Company’s recent transactions

    The Sundance Company is pleased to announce the following commercial real estate transactions in the greater Boise metropolitan area:

    • The College of Western Idaho leased the 52,260-square-foot Pintail Center, 1360 S. Eagle Flight Way in Boise’s Blackeagle Center. Move-in is expected this fall. Colliers International represented the tenant. The Sundance Company represented the property owner.
    • Brown Mackie College expanded to 27,784 square feet in Blackeagle Plaza, in Blackeagle Center at Overland and Maple Grove roads, Boise. The Sundance Company represented the property owner.
    • Ace Industrial expanded to 2,451 square feet in Boise Office Center, 7211 Franklin Road, Boise. The Sundance Company handled the transaction.
    • Advance Counseling Center expanded to 904 square feet at the Stonegate complex, 2995 S. Cole Road, Suite 200-B, Boise. The Sundance Company represented the property owner.
    • Spencer Fluid Dynamics renewed a 3,630-square-foot lease in South Cole Business Center, 7415 W. Mossy Cup, Boise. Mohr Partners Inc. represented the tenant. The Sundance Company represented the property owner.
    • Mutual of Enumclaw, an insurance company, renewed a 4,450-square-foot lease at Red Hawk Court, in Blackeagle Business Center, Overland and Maple Grove roads, Boise. The Sundance Company represented the property owner.
    • Advanced Open Imaging renewed a 3,322-square-foot lease in Silverstone Park, Meridian. The space is at 3581 Overland Road, in the Silverstone Point Building. The Sundance Company represented the property owner.
    • JUB Engineers renewed a 3,120-square-foot lease in Boise Office Center, at Franklin and Cole roads. The Sundance Company represented the property owner.
    • Vision Point Optical renewed a 1,720-square-foot lease at 9460 Fairview Ave. in Boise’s West Valley Business Center. The Sundance Company represented the property owner.
    • The U.S. Army renewed a 630-square-foot lease in West Valley Business Center on West Fairview Avenue in Boise. The Sundance Company represented the property owner.

    College of Western Idaho leases Boise office space at Blackeagle Center

    The College of Western Idaho is adding a Boise location.

    The Nampa-based community college leased a 52,260-square-foot building at 1360 Eagle Flight Way, in the 45-acre Blackeagle Center complex at Overland and Maple Grove roads. Known as the Pintail Center, it previously housed Micron Technology technical support operations and World Travel, a travel agency for Micron.

    CWI President Dennis Griffin said the location will be more convenient for students on the east side of the Treasure Valley.

    Business and Office Technology, and Information Technology, courses will be offered in the Boise location starting in August, he said. Those courses will be moved off the main Boise State University campus.

    Also at the Blackeagle Center location, CWI students will be able register for courses, take assessment tests and attend general lower-division academic classes.

    “It will be our major intake center for people on that end of the Valley,” Griffin said.

    “We knew from the very beginning that we needed a major presence in Boise and Ada County,” he said. He added: “Our plan would be to expand there later as we grow.”

    The college signed a 10-year lease with renewal options, said Travis Anderson, chief operating officer for Blackeagle Center owner The Sundance Company. CWI is a good fit at Blackeagle because the park likely will have space to accommodate future expansion, and because most parking impacts will be in the evening, he said.

    Brown-Mackie College has been expanding at Blackeagle. Griffin said he does not expect an impact on CWI’s operation there.

    CWI on July 1 will take over governance of the Selland College of Applied Technology from Boise State. Most of the Selland courses will remain at Boise State until CWI finds space for them, but CWI must find space for them within three years, he said.

    Also in July, CWI is slated to take over the former Boise State University Canyon County Center in west Nampa. CWI will offer nursing and allied health professions programs, he said.

    CWI (www.cwidaho.cc) is based in the former Boise State University West campus in northeast Nampa. It started offering classes in January 2008. Voters in Ada and Canyon counties approved the school in May 2007.

    © 2009 Idaho Business Review

    Boise Office Space – Stonegate Office Complex

    The Stonegate Office Complex is an attractive two-story building with an airy garden atrium filled with live plants. With its convenient central Bench location in Boise, Idaho, the Stonegate Office Complex is within walking distance of shopping, restaurants and the post office. The modified gross lease is full service less tenant janitorial.

    Stonegate Office Complex
    2995 North Cole Rd
    Boise, ID 83704

    Site Area: 1.35 acres; 158 feet fronting Cole Road; 374 feet deep
    Zoning: R-1, the office building is allowed through a Conditional Use Permit
    Year Built: 1983
    Project Size: 23,838 square feet
    Number of Floors: Two
    Parking: 85 paved, marked spaces; one space per 308 square feet
    Construction: Class D, wood frame
    Exterior: 1X6 T & G cedar siding over ½” plywood
    Roof: Built up roofing with aluminum cap sheathing
    Floor Construction: Ground Floor: 4”concrete
    2nd Floor: 1” gypcrete over ¾ plywood
    HVAC: 5-ton roof mounted, package units
    Ceiling: 2’x4’ T grid suspension ceiling with lay-in fluorescent lights
    Ceiling Height: 8 feet in Tenant Area
    Elevator: One elevator, handicap accessible
    Restrooms: Ground floor in Tenant suites
    Life Safety: Full fire sprinkler systems

    About The Sundance Company
    The Sundance Company has become a development powerhouse with more than 30 years of successful history in Idaho’s Treasure Valley and the Boise metropolitan area. The Sundance Company is one of the few local companies that self-manages and maintains its own properties—enjoying higher occupancy levels and superior quality control for its projects.

    Savvy tenants and buyers look to The Sundance Company for development; office, warehouse, and retail leasing; property management; build-to-suit/construction; and land and building sales. With more than 1.5 million square feet of prime office and industrial space in the greater Treasure Valley, The Sundance Company has the size and diversity to avoid the need for a “one-size-fits-all” approach—thereby assuring customized solutions that are genuinely tailored to each client’s needs.

    Every project by The Sundance Company is conceived and executed with integrity, innovation, accountability, and dedication by a team of seasoned experts who always remains mindful not only of tangible aspects of a property transaction but also the intangible. The in-house management team values its personal connections and the relationship of trust it has created with its tenants and property owners, which include national and regional companies, some of whom have been in Sundance buildings for more than 15 years.

    Convenient Central Bench location within walking distance of shopping, restaurants and the Post Office.

    The Sundance Company Services

    At The Sundance Company, our team of specialist service teams strive to deliver levels of service and success beyond our clients’ expectations. We have developed numerous long-term relationships with our clients because of our goal to deliver beyond expectations. With The Sundance Company, you can be sure that you have a network of talented and committed people all working towards a common goal: the success of your business. The Sundance Company is one of the few local companies that self-manages and maintains its own properties—enjoying higher occupancy levels and superior quality control for its projects.

    With more than 30 years of successful history in Idaho’s Treasure Valley and the Boise metropolitan area, The Sundance Company uses our individual expertise in the Treasure Valley market, combined with access to local market intelligence that few companies can match, to help you achieve, and surpass, your business goals.

    With more than 1.5 million square feet of prime office and industrial space in the greater Treasure Valley, The Sundance Company has the size and diversity to avoid the need for a “one-size-fits-all” approach—thereby assuring customized solutions that are genuinely tailored to each client’s needs. For more information about The Sundance Company’s available office, industrial, or retail space in The Treasure Valley including Boise and Meridian please contacts us at 208.322.7300 or electronically.

    Communication is the key

    Communication may be one of the keys to helping retailers and developers cope with the current economic situation said speakers at the International Council of Shopping Centers’s RECon convention in Las Vegas that was held earlier this month. Read more about what some industry experts believe in the article below from GlobeSt.com.

    The dramatic change in industry fortunes from last year’s event was noted by James E. Maurin, chairman of Covington, LA-based Stirling Properties, moderating a session at the Las Vegas Convention Center on how the crisis evolved and what lies ahead.
    “A year ago, we knew we had some issues,” said Christopher Niehaus, a managing director of Morgan Stanley, New York City. “But in September, we experienced the collapse of the U.S. financial system.”
    The credit and housing bubbles burst, hitting retail hard, while consumers reversed a period of low and negative savings.
    “The consumer is going to be fairly muted for quite some time,” Niehaus said.
    Unlike previous industry downturns, this current situation has several unique components: its worldwide reach, the lack of debtor-in-possession financing, and capital constraints, noted Charles B. Lebovitz, chairman of Chattanooga, TN-based CBL & Associates Properties.
    “In the past, when CBL went to a lender, it wasn’t a question of getting the loan, but of the terms,” Lebovitz recalled.
    Meanwhile, the closure of big boxes has had a dramatic affect on leasing. At year-end 2007, CBL had one vacant big box; at year-end 2008, the company had 50 empty boxes. The good news is that what financing is available is reasonably priced.
    Companies today are looking at alternative uses for empty anchors, including educational facilities and home furnishings chains.
    “How many golfers would like to play in 30 mile-per-hour winds? That sums up what retailers are experiencing,” said Donald Wright, senior vice president of real estate and engineering of Safeway, Pleasonton, CA.
    The goal now is to survive.
    “Right now, we’re marching in place, keeping our heads above water, keeping our organization intact and maintaining our properties,” Lebovitz said.
    The company cut its RECon-related booth costs by 60% by eliminating private office space and reducing staff at the show. Corporately, it has reduced capital expenditures and some staffing. No new projects are being started this year, though four under construction are being completed.
    “It’s an ongoing process,” Lebovitz said. “We don’t think the worst is behind us.”
    Meanwhile, business must still be conducted.
    “We’re going back to the basics: cost control, leasing,” Maurin said. “There are plenty of deals to be made, they’re just harder to do.”
    The key is communication.
    “Absolutely overcommunicate,” Maurin advised.
    “The communication piece is a big deal,” Wright agreed. “If a retailer is struggling, it’s important to talk to the landlord.”
    But that doesn’t necessarily mean an automatic rent reduction or deferral, at least without a few strings attached.
    “We’re spending more time working with the retailers and exploring ways to [create] a win/win situation,” Lebovitz said. “We ask for a quid pro quo.”
    The consensus, Wright said, is that once retail hits bottom, the industry will stay there for a while, forcing all to re-examine their models. Meanwhile, financial system losses continue to rise, from $1.4 trillion in the IMF’s semi-annual survey in October to $2.7 trillion in its April 09 survey.
    “Government is a part of the solution, and the repairing of the balance sheet of the banks will be helpful,” Niehaus said.
    Still, there is no quick fix. Wright predicted that it might take three to five years to clear up oversupply.
    “The heard of the matter is that we’re still in a bad situation,” Niehaus said. “The economy is built on credit. If that dries up, everything stops. We have a massive pig working through the python. We’re only halfway there and we still have a long way to go.”