Commercial Real Estate Transactions | 7 June 2021

Wolf Holdings, LLC purchased 1.71 acres of land located at 1055 Jones Street in Idaho Falls. Dustin Mortimer of TOK Commercial represented the buyer. Paul Fife of SVN represented the seller.
K&R Commercial Properties, LLC purchased 1.43 acres of land located at 2458 Iona Rd. in Idaho Falls. Dustin Mortimer of TOK Commercial facilitated the transaction.
Eden Home Health of Idaho Falls leased 5,000 square feet of office space located at 2540 Channing Way in Idaho Falls. Dustin Mortimer of TOK Commercial facilitated the transaction.
B&E Ventures, LLC purchased approximately 6,800 square feet of industrial space located at 353 E. 1st Street in Idaho Falls. Dustin Mortimer of TOK Commercial represented the seller. Cody Mitchell of TYGRE represented the buyer.
Blue Pines Management leased 220 square feet of office space located at 610-640 S. Woodruff Avenue in Idaho Falls. Dustin Mortimer of TOK Commercial facilitated the transaction.
The Nova leased 1,400 square feet of industrial space located at 2295 N. Yellowstone Hwy. Dustin Mortimer of TOK Commercial represented the tenant. Randy Waters of SVN represented the landlord.

Source: TOK Commercial

Public review of MARVEL microreactor document starts

The U.S. Department of Energy (DOE) today announced the start of a 31-day public review period on a Final Environmental Assessment for a proposal to construct the Microreactor Applications Research Validation & Evaluation (MARVEL) project microreactor inside Idaho National Laboratory’s (INL’s) Transient Reactor Test Facility.
 
MARVEL, a sodium-potassium cooled, thermal microreactor with a power level of less than 100 kilowatts of electricity using High-Assay, Low-Enriched Uranium (HALEU), will be capable of testing power applications such as load-following electricity demand to complement intermittent renewable energy sources such as wind and solar – to help ensure reliable energy around the clock. It will also test the use of nuclear energy for water purification, hydrogen production, and heat for chemical processing.  
 
From Jan. 11 to Feb. 9, 2021, DOE conducted a public review and comment period on the project’s Draft Environmental Assessment. Comments received during that public review period, along with the agency’s corresponding responses, are published in the Response to Public Comments section of the Final Environmental Assessment issued today. DOE invites the public to comment on a proposed Finding of No Significant Impact for the project.

 
“Nuclear energy has always been a reliable power source that doesn’t emit carbon dioxide into the atmosphere,” said INL Director John Wagner when the Draft Environmental Assessment was issued for public review on Jan. 11. “MARVEL is the next step that will allow for prompt, small-scale demonstrations of several environmentally-friendly technologies associated with advanced microreactors as well as larger reactors, which will benefit the nuclear energy industry and energy consumers.” 
 
Ever since the first useable amount of electricity generated by nuclear energy was demonstrated in 1951 at the Experimental Breeder Reactor-I in Idaho, nuclear power has played an essential role in U.S. electricity generation. Nuclear energy today generates nearly 20% of the nation’s electricity and about 55% of U.S. carbon-free electricity. That electricity is generated by large light-water reactors that each generate hundreds and sometimes thousands of megawatts of electricity, with each megawatt being enough to power about 1,000 homes.
 
International interest is now growing in microreactors: very small, factory fabricated, transportable reactors. Microreactors can be used in remote communities, industrial sites and defense bases, as well as for applications such as backup generation for power plants, humanitarian assistance, water purification, hydrogen production and disaster relief missions. Just like large traditional reactors, microreactors use fission to produce energy with no carbon emissions.
 
The DOE Microreactor Program supports research and development (R&D) of microreactor technologies. Led by INL, the program conducts both fundamental and applied R&D to reduce the risks associated with new technology performance and manufacturing readiness of microreactors. The intent is to ensure that microreactor concepts can be commercially licensed and deployed, and to reinvigorate U.S. leadership in nuclear energy.  
 
MARVEL will be an important step forward to provide industry partners with the ability to test new microreactor-related technologies and provide real-world, viewable examples of how commercial end-users could incorporate microreactors into their clean energy portfolios. The Final Environmental Assessment and proposed Finding of No Significant Impact, prepared in accordance with the National Environmental Policy Act, are posted for public review at:
https://www.id.energy.gov/insideNEID/PDF/DOE%20EA-2146%20Final%20Environmental%20Assessment%20for%20the%20MARVEL%20Project%20at%20INL.pdf
https://www.id.energy.gov/insideNEID/PDF/CLN211013%20signed%20final.pdf
 
The 31-day public review period on the Final Environmental Assessment and proposed Finding of No Significant Impact will conclude on July 8, 2021. Comments on the proposed Finding of No Significant Impact can be submitted by mail to Garrett Kropp, 1955 Fremont Ave., 83415-1222 or by email to marvel@id.doe.gov. Paper copies of the document are available on request.

Showbiz Cinemas pulls out of Jackson Hole Junction; Ron Sayer, apartments part of new plan

The updated plan for Jackson Hole Junction

Jackson Hole Junction announced Thursday that Showbiz Cinemas will not be building an entertainment center at the Sunnyside Road development, but Ron Sayer Dodge, Chrysler, Jeep, and Ram will be relocating their dealership there and Pioneer Crossing Apartments will be building 224 residential units.

“Jackson Hole Junction is thrilled to bring two fantastic amenities to Idaho Falls,” said Matt Morgan, one of Jackson Hole Junction’s developers, in a news release. “And this is just the beginning. We’ll be bringing more exciting projects to Jackson Hole Junction soon.” 

While ground had been broken at Jackson Hole Junction in February 2020, Texas-based Showbiz Cinemas suffered heavy financial losses due to the COVID-19 pandemic and has scaled back its business. Morgan and his partners “are re-imagining Jackson Hole Junction,” according to the company news release. The revised plans include dining, upscale living, retail spaces and additional healthcare providers.

Jackson Hole Junction’s first hotel, a Holiday Inn & Suites, opened last June and enjoyed a successful first season. The commercial center is looking to add a second hotel in 2022.

Allegiant to begin non-stop service from Idaho Falls to Portland on Friday

Idaho Falls Regional Airport will celebrate the inaugural flight of Allegiant Airlines from IDA to Portland (PDX) with a traditional “water salute” on Friday at 9:30 a.m.

A water salute is a traditional aviation ceremony to welcome a new flight, with fire fighting vehicles shooting arches of water over an aircraft as it taxis along the runway near the terminal. Passengers on the flight will also receive bags with celebratory “goodies.”

“This is a very exciting day for Idaho Falls as we celebrate a new flight that will open up a new segment of travel,” said Idaho Falls Mayor Rebecca Casper. “For the traveler, it means the start of a new era of travel options. And for all of us it indicates that eastern Idaho as a region and Idaho Falls in particular, are poised for some very promising growth in the coming months.”

The new route to the Pacific Northwest will be a direct flight twice a week from IDA to Portland. Originally planned as a summer service, the flights are now scheduled to run year-round.

“We are thrilled Allegiant has chosen to partner with IDA as they bring this new, year-round service to the region,” said Rick Cloutier Idaho Falls Regional Airport Director. “This new route is the beginning of three new flights this summer that will literally open up dozens and dozens of new options for travel with major connections all over the United States and internationally.”

The inaugural flight will depart from IDA at 9:30 a.m. The first flight from PDX to IDA will arrive later that day, at 1:30 p.m.  

Schwarze selected for U.S. Chamber of Commerce leadership program

Chip Schwarze

The U.S. Chamber of Commerce Foundation this week announced Chip Schwarze, President/CEO of the Greater Idaho Falls Chamber of Commerce, has been selected to participate in the fifth cohort of its premiere business leadership program. The Business Leads Fellowship Program trains and equips leaders from state and local chambers of commerce, economic development agencies, and trade associations with resources, access to experts, and a network of peers to build their capacity to address the most pressing education and workforce challenges.
 
Following a competitive application and selection process, Schwarze was selected along with 34 other state and local chamber executives and association leaders to participate in the fifth class of this program. The yearlong virtual program, which concludes with an in-person meeting in June 2022, will cover the entire talent pipeline, including early childhood education, K-12, higher education, and workforce development.

“Education and Workforce are at the top of most business owners’ priorities right now. I am excited to be a part of this prestigious program to bring greater resources to the businesses of eastern Idaho,” Schwarze said. The Greater Idaho Falls Chamber of Commerce works with businesses across eastern Idaho.
 
“We created the Business Leads Fellowship Program in response to the needs of our state and local chamber partners,” says Cheryl Oldham, senior vice president of the Center for Education and Workforce. “They, better than anyone, see the critical link between education and economic development, and we are glad to be able to support them as they take on this critical leadership role in their community.”
 
Upon completion, Business Leads Fellows will join the U.S. Chamber of Commerce Foundation’s dedicated network of 200 chambers of commerce and statewide associations from around the nation who regularly engage on education and workforce initiatives.
 
For more information on the Business Leads Fellowship Program, visit the program’s website.