A Step Forward in Affordable Housing

The northeast neighborhood of Bozeman is set to welcome a new development, the Wallace Works project. This mixed-use project, located on the southwest corner of Wallace Avenue and Tamarack Street, has received a significant boost with the approval of an urban renewal project deal.

Tax Incentives for Affordable Housing

The city of Bozeman has agreed to reimburse the developers of Wallace Works $2 million in taxes in exchange for building below-market rate living units. This tax increment financing (TIF) deal is a common tool used to incentivize development, particularly in areas with economic revitalization needs.

A Mix of Housing Options

The Wallace Works project will offer a variety of housing options, including rowhomes, live-work units, and a four-story apartment building. Seven units in the apartment building will be deed-restricted for below-market-rate housing, targeting individuals and families earning 80% of the area's median income.

A Community-Focused Development

In addition to the traditional housing options, the project will also feature a "co-housing cluster." This unique concept involves four apartment units that share a kitchen but have separate living spaces and bathrooms, fostering a sense of community and shared living.

Economic Development and Urban Renewal

The Wallace Works project is not only about housing. The development also includes plans for approximately 6,000 square feet of commercial space, including a potential market or bodega. This will contribute to the economic vitality of the neighborhood and provide essential amenities for residents.

A Long-Awaited Development

The Wallace Works project marks a significant milestone for the northeast neighborhood, which has been awaiting development on this vacant lot for over a decade. The project's focus on affordable housing and community-oriented design aligns with the city's goals for sustainable and inclusive growth.

As construction is expected to begin in 2025, the Wallace Works project promises to be a valuable addition to Bozeman's vibrant community.