32 BUSINESSES OPEN THEIR DOORS IN DOWNTOWN MISSOULA,
BUT OVERALL INVESTMENT TAPERS FROM 2021
In 2022, thirty-two new businesses opened their doors in Downtown Missoula, and more than $12.5 million dollars was invested in Downtown commercial projects.
Downtown Missoula’s 32 new businesses is the second-highest number of openings since the first Downtown Master Plan was created in 2008-09. The record was 36 openings in 2019, the year before the pandemic. In 2021, 19 new businesses opened their doors, and 2020 saw 22 businesses open. Since fall 2008, 291 businesses have made Downtown Missoula their home. During that same time, 132 businesses have closed. In 2022, only seven businesses shuttered.
Of those 32 new businesses opened last year, 12 are retail stores, 5 are food & beverage businesses, and 15 are categorized as services.
Highlights from the commercial investment report include major renovations at the Holiday Inn Downtown and Riverfront Square at 283 W. Front. Stockman Bank invested in tenant improvements on the 4th and 5th floors. St. Francis Catholic Church did some renovations to Reidy Hall, and NorthWestern Energy built a concrete wall around the power substation to accommodate public art. The Boone & Crockett Club invested a significant amount in roof, repairs, maintenance, windows and masonry. Providence St. Pat’s renovated the ambulatory surgery center on North Orange and did some renovations in the Broadway Building. Tagliare Deli is building out a new commercial space in the Old Sawmill District. In 2021, Downtown saw more than $38 million in commercial investment.
Downtown Missoula also saw $6.6 million in residential investments in 2022, down from $66 million in housing projects that started in 2021. The highlight for 2022 are the 36 new units at 230 S. 6th St. West at Hogan Senior Living, currently under construction. Still in the planning and permitting process are 12 proposed residential units on East Front Street near Kiwanis Park. There are also seven townhomes under construction in the Old Sawmill District. Of the 16 different housing projects in 2022, four are new builds and 12 are renovations. In 2021, two extraordinarily large housing projects – Villagio at 200 units and Trinity at 202 units – started construction and should be ready for occupancy in 2023.
“Despite the pandemic and changing economic conditions, Downtown Missoula continues to be a major attraction for investment, commercial endeavors, and residential development,” said Charlie Beaton, owner of Big Dipper Ice Cream and Chair of the Downtown Business Improvement District Board of Trustees. “It’s great to see some of the larger and longer projects – such as The Wren and the Beartracks Bridge – come to completion. It’s amazing that we had more than 30 businesses open this year!”