MISSOULA — The City of Missoula closed the sale of its Riverfront Triangle property Monday, paving the way for a new hotel and public plaza.
The Riverfront Triangle property, originally known as the Fox Theater, is located off Orange Street and Front Street and was purchased by Averill Hospitality for $4 million.
Averill Hospitality, based in Whitefish, plans to build a 180-room hotel alongside a 15,000-square-foot conference and event space.
The hotel will also provide increased access to the riverfront trail, leading to a public riverfront plaza.
The sale, combined with a voluntary contribution from Averill, is projected to generate $7 million for the city’s Affordable Housing Trust Fund over several years.
Some of the proceeds from the sale, as well as tax increment financing from the Missoula Redevelopment Agency, will help pay for utilities, street improvements, sidewalks, curbs and street trees.
