Missoula riverfront land sale moves hotel and public plaza forward

MISSOULA, Mont. — The City of Missoula has closed the sale of about two acres of city-owned land at Orange and Front streets to Averill Hospitality, marking a major step in a long-running plan to redevelop the riverfront site, the city announced.

Averill Hospitality bought the Riverfront Triangle property for $4 million. The city said the sale and a voluntary contribution from the company are expected to bring $7 million over time to the city’s Affordable Housing Trust Fund.

The first contribution to the trust fund is expected by September and would total more than $350,000, according to the announcement.

The riverfront property had been under city ownership for more than 30 years. Mayor Andrea Davis pointed to the length of that effort as the sale closed.

“More than three decades have passed since the City became the owners of this site. After years of effort, we are thrilled to see the private sector create a new destination in the heart of Missoula and to add an important new element to our riverside parks and trails system,” Davis said.

With the deal now closed, the Whitefish-based Averill group plans to build a riverfront hotel with 180 rooms and 15,000 square feet of conference and event space. The project will also include a public plaza along the riverfront.