KURA buys Ketchum property for $2.9M housing

The Ketchum Urban Renewal Agency (KURA) board unanimously voted on Wednesday to purchase a property at 700 N. Washington Ave. The total approved purchase amount is $2,929,265, with closing scheduled for the following Monday. The agency plans to turn the site into a community housing development.

Ketchum City Administrator and KURA Executive Director Jade Riley outlined the due diligence process. The agency conducted a land reuse analysis to confirm the site's suitability for housing. An environmental review identified asbestos within the existing structure, necessitating its demolition. Finally, the city resurveyed the property to resolve any potential boundary disputes.

Development Plans and Community Housing

The property is expected to accommodate approximately 13 units of community housing. Specific details regarding unit types, sizes, or income targets were not provided in the source report. The purchase decision followed months of closed executive session meetings where the potential acquisition was discussed. The press release from Ketchum spokeswoman Amanda Anderson confirmed the anticipated scale of the project, focusing on the planned 13 units.

The Due Diligence Process

Riley emphasized the thorough vetting conducted before the board's vote. "The KURA conducted three separate 'due diligence items' ahead of asking the KURA to close on the purchase," he stated. This multi-step approach aimed to mitigate risks associated with the land's past use and its future development potential.

The discovery of asbestos is a significant factor. It confirms the building must be torn down before any new construction can begin, adding to the project's preliminary costs and timeline. The environmental review was part of the agency's standard process for property acquisition.

Financial Approval and Next Steps

The board's unanimous vote authorized the expenditure of just under $3 million. The source did not specify the funding source for this purchase. With the closing imminent, the next phases will involve finalizing demolition plans and advancing architectural and development proposals for the housing project.

The move represents a direct investment by the urban renewal agency into adding housing stock within Ketchum. The agency's action aligns with ongoing local efforts to address housing availability in the area.