BOISE, Idaho — Boise Mayor Lauren McLean announced the land swap proposal for the Murgoitio parcel is no longer being considered.
In a statement released Monday, McLean said the value of the 157-acre property is expected to be valued significantly above its $7.8 million valuation in 2020 due to "skyrocketing" land values. An updated estimate on the parcel's value is expected in the coming days, according to the announcement.
"In light of this, and with knowledge of recent bids on land adjacent to the Murgoitio parcel, the proposed trade agreement doesn’t make financial sense for Boise residents and is no longer under consideration," McLean said.
The property south of West Victory Road is currently used for farming, but the proposal would swap a parcel of land in the Foothills to use the land for housing. The City of Boise would have to annex the land, which was bought in 1997 to be developed into a park, to allow the trade to happen.
The proposal was met with significant pushback from residents in southwest Boise. The nonprofit Friends of Murgoitio Park was established to voice concerns about the land swap.
"We as a city are committed to using this land in a way that best serves Boise taxpayers," McLean said in the announcement. "I look forward to engaging members of our community to seek solutions that best meet the needs of the residents of Boise."