What’s up with Butte and Billings development in Montana? Check out what’s new!
As 2021 comes to a close, we’re taking a look back at Montana’s big development news. Here are some of the major commercial projects from across the state this year.
While Missoula and Bozeman have long been hubs for commercial investment, we’re focusing on other markets in this update. (Get Missoula and Bozeman development news here, here, and here).
First up, Billings has felt the pressure of the housing crunch and is responding with large-scale multifamily projects. Stock Land Properties announced a 720 unit complex with rents ranging from $900 – $1900 a month. Investment interest in Billings has been steadily increasing for some time. We predict some even bigger projects to kick off in 2022.
Absolutely. And though population growth has been a bit more measured in Great Falls, the city is actively expanding housing development. In mid-2021, the city commissioned a housing study. It had the dual purposes of understanding demand in the market and providing bridge loans to spur new housing projects.
Where Else is Development Moving and Shaking?
The development keeps chugging away in Kalispell. There’s a $34 million dollar hotel downtown and more than 500 new multifamily units. We’re working with clients on a few opportunities in the Flathead Valley. Stay tuned for more info on some exciting projects coming in the upcoming year.
On the other end of Western Montana, Hamilton is working on a comprehensive plan to guide the future of the rapidly growing city. The plan looks to address a substantial lack of housing and ways to maintain Hamilton’s unique character.
Finally, we can’t skip over one of our personal favorites: Butte, Montana. In Butte, a distribution hub is working on a new rail facility. The project brings in about 20,000 feet of new track. What’s more, there is transloading and gas, electricity, potable water, industrial water, sewer service, and fiber optic systems. All of this adds up to an expanded distribution network for Montana. Ultimately, that means getting goods in and out of the state faster to better serve residents and local businesses.
Thanks for tuning in with Sterling CRE through 2021. Subscribe, like, and follow Sterling CRE Advisors for weekly updates on Montana’s CRE deals. Happy New Year from Sterling CRE!
Butte and Billings development