Helena, MT (2021)

Independent Record

Investment

  • NMTC Amount: $6,400,000
  • Total Project Cost: $6,514,798

IMPACT

  • 43 FTE jobs
  • 36 construction jobs
  • Rehabilitation of a vacant or under-utilized historic structure.
  • 22,238 sq. ft. of real estate

CDEs

The project is the remediation and rehabilitation of a 22,000 sq. ft. blighted and vacant downtown building into commercial office and retail space that will include co-working space, an archtecture firm, a brewery, restaurant and coffee shop.

Project Description

The project is the $6.5 million rehabilitation and redevelopment of the 22,238 sq. ft. Independent Record building in Helena, MT. The building was once home to Helena’s local newspaper, the Independent Record, who vacated the building several years ago in need of a larger space. Once an iconic structure of downtown Helena, the building has sat vacant for years in need of updates and remediation. Asbestos contamination, dated mechanical systems, and back‐logged interior and exterior maintenance have all discouraged renovation of the property. It was listed for several years without selling despite a high level of interest from many developers. The building is located on an important corridor to downtown in an area that has been designated for redevelopment by the City of Helena. The project is expected to have a catalytic effect to the area bringing a vibrant mix of restaurant, brewery, retail and office space. The building is being developed by a collaborative ownership group made of principals from Mosaic Architecture, Julius Lehrkind Brewing and Cadius Partners. Cadius functions as the developer and general contractor for the project. The newly renovated building will include two floors and a roof top deck. The building includes:
  • 1st Floor: The anchor and majority tenant is Ascension Brewery, operated by Julius Lehrkind Brewing, which will have a taproom on the first floor and use the rooftop deck when seasonally appropriate. There will also be a restaurant (lease not complete), a small retail tenant (lease not complete), and a community commercial kitchen that can be leased by food trucks and other users.
  • 2nd Floor: Commercial office space for Mosaic Architecture and co-working/community space operated by The SideCar, a key tenant but not part of the ownership group.

MAP

317 North Cruse Avenue, Helena, MT 59601

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