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Montana Development Update, Summer 2022

Montana Development Update, Summer 2022

Hey, What’s That Montana? Tourists are trying to pet the fluffy cows, road construction is in full swing, and the temps just keep on rising – it’s officially summer in Montana. Stay tuned for more with advisors Connor McMahon and Kara Hogan

Sure is, and there is plenty of new development around the state. First, it seems like everyone gets excited about a new restaurant and Great Falls is no exception. The Rib & Chop House announced a 2023 opening in the downtown area. They’ll occupy about 5,000 square feet of space in what used to be a Wells Fargo, ringing in at 225 seats total. 

We’ve fielded lots of increased interest in Great Falls for companies looking to expand in Montana. From housing to retail, the northern part of Montana is starting to catch up with Bozeman, Missoula, and Billings when it comes to development. Speaking of northern Montana, big projects keep popping up around the Kalispell area. The latest is The Farm District, a 40-acre development at Church Drive and Highway 93. Developers have plans for a gas station, restaurant, 102 housing units, a hotel, and other operations. The centerpiece of this development is a thirty-million-dollar, 140,000-square-foot youth center. The last we heard, the Farm District was scheduled to break ground in 2022. 

In Missoula, housing is the name of the game. Based on the permitting and planning pipeline, there could be over 500 units delivered this year. That nearly doubles the number of new apartments that have been built in prior years. One of those big projects is Missoula Lofts, which features about 150 apartments, as well as retail shops. It’s an innovative loft-style apartment, which means tenants don’t have any upstairs or downstairs neighbors. Missoula Lofts also have on-site storage units, which is perfect if you like to keep your kayak, mountain bike, or other outdoor toys close at hand. Finally, this wouldn’t be a true Montana development update without a little controversy. 

In Bozeman, a downtown development over four acres with nine buildings has stirred up lots of comments from neighbors who question whether the city officials overseeing development are getting too aggressive with density. Nearly 150 folks showed up at a recent public meeting to comment on this specific project near North Tracey. But, overall, Bozeman’s development scene is still hot. While rents are up about 13% year over year, we’re also tracking over 1,000 new apartments in the pipeline. That should spell some relief ahead for Bozeman renters. 

That’s all for this update, but stay tuned for another Montana development video soon. Like and follow us for more like this.