Colorado Real Estate Journal -
Development of two new apartment communities in Gunbarrel means central Boulder will be getting more affordable housing. “It fills a huge need in the city of Boulder for these types of affordable rental units. It’s just an area that has not been served as far as real estate development,” said Andy Allison of Allison Management in Boulder. Allison, in a joint venture with Denver-based Koelbel & Co., and in partnership with Thistle Community Housing, will develop 69 permanently affordable apartment units at 2685 28th St. and another 61 permanently affordable units at 2810 and 2850 29th St. The developers hope to start construction in April, delivering product a year later. The units will fill the affordable housing requirements of Trammell Crow Co.’s Alexan Gunbarrel Flats and The Wolff Co.’s Gunbarrel Center. The affordable apartments will be within a block of one another. Allison said the location is ideal because it’s close to the Goose Creek Greenway, which provides bike and pedestrian access throughout the city. Plus the sites also are close to dining, entertainment and shopping at Twenty Ninth Street, including a Whole Foods market; RallySport Health and Fitness Club; and public transportation. “That central area of Boulder is great for rentals,” Allison said. The approximately $13 million 28th Street apartment community, designed by Phoenix-based Worksbureau, will back up to the Goose Creek open space. It will consist of six three-story buildings. The 29th Street project will feature three two- and three-story buildings designed by Coburn Development. The development cost is approximately $12 million. Both sites were acquired at the end of last year. EWM Investments LLC sold the 28th Street site, which totals approximately 60,000 sf, for $2.84 million. The 29th Street site consists of two lots totaling approximately 43,000 sf. Rayback 29th Street LLC sold the property for $1.6 million in a deal handled by B. Scot Smith and Wade Arnold of The Colorado Group. The property includes a former bar and print shop that have been vacated and will be razed for the new development.