Issue link: https://www.e-digitaleditions.com/i/1357477
Thanks to funding from the Tax Increment Financing (TIF) district and federal funds for environmental cleanup, the property is now developable. State and federal agencies had given the green light to start building. When determining how to develop the location, Talcott states, "One thing I did understand was the hotel business, and it was a 'room with a view.' That provided the anchor." They broke ground on the SpringHill Suites by Marriott. Peak Health and Wellness, was looking for a second location, saw the potential at West Bank and moved into the renovated landmark barrel building on 3rd St NW. A separate development team built the Portage Building, which offers premium office space. Then Talcott and Caricaburu built the Five on Black building to attract that restaurant to Great Falls. Citizens Alliance Bank bought a lot and is currently constructing a bank and office development. The second of three phases will begin soon, with the development of Lot 6. The future tenants of the location need to meet the vision for the area. There have been many interested parties, but the vision isn't about including just any business, it is about having the right businesses to move Great Falls forward. "People look at it two ways; they either want to be seen or to have the view themselves," explained Talcott. Retailers looking to be seen by the increasing traffic count on 3rd St NW will be the next phase. "There just needs to be momentum." The residential property will be the last phase. Talcott said, "Everything we do is more expensive because it is new. New construction just costs more." The coronavirus pandemic slowed the progress of the development over the last year, but that is no indication of lack of commitment to finishing the project. Talcott's projection for completion is three to five years. "If it happens sooner, that's great, but you never know what curve you are going to be thrown." When asked why Talcott and Caricaburu would take on such a significant project that may not see the rate of return of other types of development, Talcott said, "We wouldn't have done this is we didn't love [Great Falls]. This is our community. We've been here all our lives. We're looking to give back to our community…trying to do what's right." For future development information and to view other renderings, visit westbanklanding.com. 53 Great Falls Area Chamber of Commerce www.greatfallschamber.org G R O W I N G G R E AT FA L L S Photo by provided by Talcott Properties Photo by provided by Talcott Properties