Colorado Real Estate Journal -
A long-vacant Safeway store in Louisville is being razed to make way for an Alfalfa’s store and a 111-unit apartment community. A group led by Boulder-based Loftus Developments recently received final approval for the approximately $31 million development at 707 E. South Boulder Road and plans to go vertical in October. “We’re excited about getting going, and we’re excited about this being open next spring. I think it’s a good deal for Louisville and it’s a good deal for us,” said Loftus Developments owner Jim Loftus. The development is known as Center Court. Loftus, who is redeveloping the property with investors Tim Brasel and George Lee, put the 5.1-acre site under contract more than two years ago. The original proposal was for 195 apartment units, which neighbors flat-out opposed . Subsequent proposals for 180 and then 160 units met the same fate. The day after the last denial, Alfalfa’s co-founder Mark Retzloff called Loftus to say he thought the property might be a good location for a second Boulder County store. The approximately 28,190- square-foot store will include a restaurant with outdoor dining next to a pedestrian plaza. It will be located at the southeast corner of the property, at East South Boulder Road and Centennial Drive. Across the plaza, also along South Boulder Road, there will be an 8,350-sf retail building, which is under letter of intent to four tenants. The Class A Center Court Apartments will be contained in three three-story apartment buildings with a common courtyard and plaza. They will fit the modern, urban trend of smaller units with high-end finishes and amenities, including a swimming pool, fitness facility and underground parking. “Unit sizes are getting smaller and the common areas are getting nicer. That’s what we’re trying to do here,” Loftus said. One-bedroom units will be in the upper 600-sf to 700-sf range, two-bedrooms will average around 1,150 sf, and there will be three three-bedroom units with 1,270 sf. Some units will have balconies. Roche Constructors is the contactor for Center Court, which was designed by The Mulhern Group Ltd. Opening is projected for April. Loftus Developments is a niche developer of retail and mixed-use properties, primarily infill sites. Its Boulder developments include the WaterStreet office/retail development, and Loftus partnered with developer Randy Nichols to develop the 1899 Wynkoop office building in Lower Downtown Denver.