8 Aspen | Entitled Mixed-Use Development Site
Approved for 194,000 SqFt | Ground Floor Retail + 289 Units MF
Marketing description
We are pleased to present the exclusive opportunity to acquire 8 Aspen, a 1.447-acre, fully assembled development site located in Bozeman's rapidly expanding Midtown Urban Renewal District. Positioned at 802-910 N. 8th Avenue, the site is approved for a single 194,000-square-foot, six-story mixed-use building comprising 289 residential units and 37,000 square feet of ground-floor commercial and amenity space. The development project can be expanded even beyond the current plan, as zoning permits greater height and density.
The site's Midtown location qualifies the project for Tax Increment Financing, with the property lined up to receive substantial public financial support for infrastructure improvements, including the extension of Aspen and Juniper Streets to North 8th Avenue. Zoned B-2M – Community Business District Mixed – the project aligns with the City of Bozeman's Midtown Growth Policy and is designed to deliver a walkable, pedestrian-friendly addition to one of the city's most dynamic growth corridors.
Bozeman continues to post exceptional demographic and economic growth, with population up 66% since 2010 and a median single-family home price that has surged 88% over the past five years to $930,000 – making Bozeman the 10th-most expensive housing market in the country. Housing supply has not kept pace with demand: since 2010, the city has added an estimated 10,952 households against only 10,369 issued housing permits, a deficit of roughly 583 units that continues to push renter demand toward well-located, attainable multifamily product like 8 Aspen.
This is a rare opportunity to acquire an entitled, infrastructure-supported infill site in one of Bozeman's most supply-constrained submarkets – backed by a highly educated, high-income workforce, immediate proximity to Montana State University, and outsized long-term demand fundamentals.
Investment highlights
- Entitled Midtown Development Site – 1.447-Acre, Fully Assembled Site Approved for a 289-Unit, 194,000 SF Mixed-Use Project with 37,000 SF of Ground-Floor Commercial Space with Zoning that allows even More Height & Density
- TIF-Eligible Location – Site Sits Within Bozeman's Midtown Urban Renewal District, Qualifying for Substantial Tax Increment Financing for Public Infrastructure Improvements - Inquire for Details
- Severe Housing Shortage – Bozeman Has Added an Estimated 10,952 Households Since 2010 Against Only 10,369 Housing Permits Issued – A Deficit of 583 Units and Growing
- Explosive Home Price Growth – Median Single-Family Home Price Has Surged 88% in Five Years to $930,000, Making Bozeman the 10th-Most Expensive Housing Market in the U.S. and Driving Structural Rental Demand
- Rapid Population Growth – City of Bozeman Population Up 66% Since 2010, with the Bozeman MSA Ranked the 4th-Fastest Growing Metro in the Country
- Highly-Educated, High-Income Workforce – Bozeman Ranks as the 6th-Most Educated City in the U.S., with 63% of Residents Holding a Bachelor's Degree or Higher – Nearly Double the 36% National Average
- Proximity to Montana State University – 17,000+ Students; MSU Enrollment Has Grown 25% Since 2010, Fueling Long-Term Rental Demand
- Strong Multifamily Fundamentals – Bozeman Apartment Market Posted 94.9% Stabilized Occupancy in Q3 2024, with Occupancy Projected to Remain Above 95% Through 2029
- Gateway to Big Sky & Yellowstone – Approximately 1 Hour to Big Sky Resort, Yellowstone Club, and Montage Big Sky; Minutes from Bozeman Yellowstone International Airport (BZN), Montana's Busiest Airport with a Record 2.6M Passengers in 2024
- Emerging Tech & Innovation Hub – Growing Base of Tech and Bio-Tech Employers Supported by MSU Research, Reinforcing Long-Term Employment and Housing Demand
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