Stockman Bank buys downtown Missoula Salvation Army property
NBC Montana has confirmed that Stockman Bank, headquartered in Miles City, has bought the Salvation Army property at the intersection of Broadway and Orange in Missoula. The bank has locations around eastern Montana, and a new Missoula location is a possibility, though there are no plans at this time.
“When we see what we would consider a prime location in a wonderful community, you know, we try to seize those opportunities when they come up,” said Stockman CEO Bill Coffee.
The site spans half a city block at one of the busiest intersections in downtown Missoula. The deal closed on February 19.
“[I] think it's one of the premier corners in downtown Missoula, and by us aquiring that it gives us the flexibility to maybe add a Stockman Bank location down the road there,” said Coffee.
Missoula Mayor John Engen is happy about the sale. He points out that the site is part of what’s called the Riverfront Triangle Renewal District. That means if Stockman builds a property more valuable than the current property, more tax dollars would be funneled into the renewal district and boost development in the overall area.
“The news that Stockman is doing what it will do at that site just goes to support the continuing efforts in the larger site at the Riverfront Triangle,” said Engen.
For now Stockman will continue leasing to Salvation Army, at least until October. At that point, it goes month-to-month and either Stockman or Salavation can end it. Stockman officials say there are no current plans regarding construction at the site.
“What we know of Stockman Bank is that they are a great operator in the communities they serve and we fully expect them to build a building that makes a bunch of sense in downtown Missoula,” said Engen.
Meanwhile Salvation Army is planning on building an expanded site at 2nd and Russell in Missoula. Some clients have expressed frustration that they have to cross the river to get to a new location, but Salvation Army officials tell NBC Montana the new location will be worth it and will offer expanded services.