The city of Bozeman has been dealing with a housing shortage, and a new development was recently approved that will help ease the stress for those looking for a place to live in the rapidly growing city. The project will add new housing and retail space and will be located on Main Street.

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A popular real estate development company has been approved for a new project that is slated for completion in October 2024. The name of the development is Freestone on Main, and the new six-story building will be located at 421 W. Main Street. The space was formerly home to Bamboo Garden Asian Grille. Multi-Housing News provided details about the project and what it means for those living in Bozeman.

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Details About New Housing/Retail Development in Bozeman

Reuter Walton has obtained $47 million in financing for the development of Freestone on Main, a 121-unit luxury community project in Bozeman, Mont. Old National Bank granted the developer a three-year, $32 million construction loan, according to public records, while a real estate investment manager provided $15 million in joint venture equity.

The team behind the project includes SMA Architecture & Design and IMEG Corp. as the general contractor.

Freestone on Main

The development will include one and two-bedroom floorplans that range from 599 to 1,820 square feet. The ground level will feature approximately 900 square feet of retail space. A fitness and yoga center, a rooftop deck, a pet spa, and a library are also included in the project.

Here's what JLL Capital Markets said about Bozeman.

Bozeman is widely considered to be one of the most livable places in the country, leading to a massive inflow of residents and marking it as the fastest-growing Micropolitan Statistical Area from 2018 to 2021. That trend has been fueled by an increase in well-paying jobs in companies, such as Oracle, and by a surge in remote workers who have chosen Bozeman for its nature, world-class outdoor activities and high quality of life.

The development has been referred to as a "luxury community project", and details about pricing for the 121 housing units included have not been released. However, it doesn't sound like it's going to add to affordable housing for Bozeman residents. To read more details about the project, click here.

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