UM Study Details Impact of Riverfront Triangle Development [YouTube]
A study by the University of Montana Bureau of Business and Economic Research details the economic impact of the proposed Riverfront Triangle Development project in downtown Missoula.
Bureau Director Patrick Barkey said the development encompasses both the commercial and residential markets in Missoula.
"They're talking about two hotels, one of which would be a convention center and a smaller one that would be described as a boutique hotel," Barkey said. "The convention center will be in the 30,000 square foot range, and they're talking about restaurants, some fairly good-sized commercial property which would be synergistic with the property across the street, that would be St. Patrick Hospital."
Barkey provided some of the impacts the development would have on the Missoula economy.
"If you combine our estimates, they were talking about a sustained increase of between 450 and 500 jobs for the Missoula economy," he said. "I think for income, you're talking about an order of magnitude of something like $20 million a year which would be income to households and businesses were likely to see quite a bit more of that in terms of sales. These numbers would be the permanent ones that would be sustained into the future. While the project was being built the impact would be temporary, but would still be very significant."
The UM study was supported by the Hotel Fox Partners.