TWIN FALLS — The owners of Elevation 486 will be opening a casual-style, fine dining restaurant in the Historic Ballroom next spring.
On Monday, the Urban Renewal Agency voted to spend up to $350,000 to help backfill a portion of the historic building’s basement and reconstruct the sidewalk. The agency will also purchase a lot next door, raze the building and fill it in before selling it to the Historic Ballroom’s developer, Summit Creek Capital.
The ballroom is planned to have a $3.5 million remodeling that, when finished, will include a pub-style restaurant and be the new home for Cycle Therapy, with professional office space upstairs.
“We’re hoping to start construction in the next month,” Summit Creek Capital Managing Director Tyler Davis-Jeffers told the URA. “And then we’re going to have the first businesses start operation in the spring of 2018.”
The Historic Ballroom at 205 Shoshone St. N. has a portion of its basement beneath the sidewalk, URA Executive Director Nathan Murray said. Part of the basement is failing.
The agreement states the URA will backfill that portion of the basement and reconstruct the sidewalk. That will allow for landscaping such as trees on that block.
“It’ll lend continuity to that street-scape,” Davis-Jeffers told the Times-News.
The ballroom's interior will look different, while retaining the lobby, staircase and high ceilings the 1922 building is known for.
Ketchum-based Summit Creek Capital specializes in historic preservation, he said, and had been considering various projects in south-central Idaho. It was attracted by the city’s investment in downtown Twin Falls, Davis-Jeffers said.
Elevation 486 partners Chris Erke, Malan Erke and Mario Regalado said the Historic Ballroom was one of several buildings they considered for their latest venture.
“I think this one fits our vision of what we want to do,” Malan Erke said.
The outside of the building will feature a patio for dining in the space at 219 Shoshone St. N., once the URA prepares that lot. Some ADA-accessible parking, and basement access, will also be added adjacent to the alley.
Cycle Therapy plans to relocate into the Historic Ballroom with its retail space on the ground floor, and a spin and fitness class area in the basement, Davis-Jeffers said.
“I think it’s a great use of the space,” URA board member Perri Gardner said before the unanimous vote to spend up to $350,000 passed.
Also at the meeting, the agency voted unanimously to begin the sale process on the building and lot containing C3/CustomerContactChannels.
The URA received an offer for $2 million from Eagle Financial. While this was less than the appraised value of $2.36 million, Murray said it appears to be a good time to sell the property. Maintenance expenses and property taxes are expected to go up.
The decision comes just days after C3/CustomerContactChannels announced the addition of 445 new jobs in the next four to six months.
Eagle Financial said in its offer that if it purchased the property, it would try to renegotiate a long-term lease with C3. Otherwise, Plant Therapy may move into the space.