The ceremony will take place Nov. 10 from 12:30 to 2 p.m. at the Main Avenue Lofts, 160 Main Ave. S. The media is invited to attend.
By KMVT News Staff
Published: Nov. 6, 2022 at 8:18 PM MST
TWIN FALLS, Idaho (KMVT/KSVT) —Developers will officially open the new Main Avenue Lofts on Thursday, Nov. 10, holding a ribbon-cutting ceremony for the first large-scale, mixed-use building in downtown Twin Falls. The six-story, 53,068-square-foot building provides commercial office space, retail and restaurant space, and 44 residential apartments.
The $15 million project was several years in the making and is expected to accelerate a major revitalization effort to return people to the heart of the downtown area. The ceremony will take place from 12:30 to 2 p.m. at the Main Avenue Lofts, 160 Main Ave. S. The media is invited to attend.
At Thursday’s unveiling, guests will include representatives of U.S. Senator Mike Crapo and U.S. Congressman Mike Simpson, longtime supporters of the New Markets Tax Credit program, as well as representatives of the City of Twin Falls, Galena Equity Partners, anchor tenant KickBack Points LLC, Mountain West Bank and MoFi.
“Projects like these demonstrate why the New Markets Tax Credit and public-private partnerships are so important, especially in rapidly growing areas like Twin Falls,” Senator Crapo said. “This building’s opening is good for business, good for residents and good for the local economy, and I congratulate everyone on its completion.”
“I’m thrilled to see the opening of the Main Avenue Lofts project and revitalization of downtown Twin Falls, made possible as a result of the New Markets Tax Credit program,” Congressman Simpson said. “The NMTC is an important tool for spurring economic development and job creation, and I’ll continue to support its use across Idaho.”
“The success stories from revitalization efforts in downtowns always rely on reimagining areas where people want to live every day. And this development brings the most important aspect of downtown revitalization to Twin Falls – people living downtown. The City of Twin Falls and its Urban Renewal Agency have led the way, and we are piggybacking on their vision and leadership,” said Bill Truax, President of Galena Opportunity Fund. “Without MoFi and the New Markets Tax Credit program, this project would not have happened and, more importantly, the NMTC has already leveraged the creation of our next investments in the downtown area. Local businesses will be more viable with more people making downtown their home.”
In recent years, Main Avenue has received heavy investment from the Twin Falls Urban Renewal Agency to help attract projects like the Main Avenue Lofts..
The Main Avenue Lofts building, which broke ground in fall 2020, is the first large-scale, mixed-use building in downtown Twin Falls and is conveniently located across the street from City Hall and Downtown Twin Falls Commons. The project has received strong support from the City of Twin Falls for providing much-needed commercial and residential space downtown.
KickBack Points LLC, a growing Idaho company that is expanding its operations by adding employees, occupies a portion of the first floor and the entire second floor of the building. The first floor also has retail space for startup women entrepreneurs who are working with the Idaho Women’s Business Center and a 2,800-square-foot restaurant space. The upper four floors contain 44 studio, one-bedroom and two-bedroom apartments, of which 20% are rent restricted at U.S. Department of Housing and Urban Development affordable rental rates and available for lease to households making 80% of the area median income or less.
The success of the Main Avenue Lofts has already created the opportunity for additional investment in 96 residential units and 325 parking spaces directly to the south of the building.
“Mountain West Bank is very pleased to be a part of this wonderful project and fortunate to work with the Main Avenue Lofts development team and MoFi in this endeavor. Both are excellent partners with great expertise in serving Idaho communities. Our partnership has allowed us to be actively involved in the revitalization of the Twin Falls downtown community and we value the opportunity to contribute. Mountain West Bank is proud to have been a participant and to further support growth in Twin Falls,” said Scott Anderson, President of Mountain West Bank.
“It’s exciting to see the Main Avenue Lofts project come to completion as it’s another example of the New Markets Tax Credit having a positive impact promoting economic vitality in an Idaho community,” said Dave Glaser, President of MoFi. “The new office, retail and residential space it offers will breathe new life into the revitalization of downtown Twin Falls, and it wouldn’t have been possible without the support of Senator Crapo and Congressman Simpson.”
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