Colorado Real Estate Journal - July 15, 2015
Gunbarrel Center, a mixed-use apartment community with Main Street retail and restaurants, has opened its first units, drawing residents from within Gunbarrel and Boulder, as well as nearby Longmont. “People have been very excited about the convenience of our location, as well as our plans to make the retail and restaurant component a key feature of our community. People who live here will be able to stroll along a captivating Main Street lined with boutiques and restaurants that will enhance their overall lifestyle experience at Gunbarrel Center,” said Laura Fenton of Alliance Residential Co., which handles leasing and management for Gunbarrel Center. Developed by The Wolff Co., Gunbarrel Center will have 251 apartments in 14 buildings with 15,800 square feet of retail space. All of the buildings are scheduled to open by December. The property includes a resident lounge with flat-screen televisions and a fireplace, a fitness center, picnic area, coffee bar, community garden and playground, conference room and business center, and a golf simulator. The one- to three-bedroom units will feature gourmet kitchens with quartz countertops, pantries and under-counter-mounted kitchen sinks; chrome finishes; full-size washers and dryers; energy-efficient dual-paned windows; walk-in closets; attached garages; nine-foot ceilings; and balconies and patios. Fenton said Gunbarrel Center has received considerable interest from people living in Boulder. “I think overall, they still want the Boulder address, but without necessarily paying downtown Boulder rents. It’s still a great location in terms of being about five minutes from Boulder and about 10 minutes from Longmont,” she said, noting Longmont hasn’t seen a huge amount of Class A apartment construction. Gunbarrel Center has received some traffic from University of Colorado students, which Fenton expects to pick up closer to fall. “I think today’s renter is looking for a particular lifestyle. Certainly the ability to walk out and grab a coffee, or grab lunch or breakfast, is appealing to today’s renter,” she said, adding the 24-hour fitness facility and golf simulator also are draws. Rents, including current concessions, start at $1,240 for studios and range up to $2,540 per month for three bedrooms. “What’s kind of unique with Gunbarrel Center is they have added a half-bath option, which you don’t necessarily see in a lot of multifamily communities,” said Fenton, noting there are two-bedroom units with two baths, for instance, plus a half bath off the living area. Gunbarrel Center is located off Lookout Road and Gunpark Drive. The Gunbarrel area houses a number of notable employers, including IBM, Crispin Porter + Bugusky, Qualcomm, Lockheed Martin, Celestial Seasonings and others.
The Village at the Peaks in Longmont is 80 percent leased, with four additional restaurants coming. Tenants include Culver’s, Jersey Mike’s, Pie Five Pizza and Village Inn. “With the signing of these leases, we are now more than 80 percent leased, which is 10 percent greater than we projected for this point in time,” said Allen Ginsborg, managing director and principal of NewMark Merrill Mountain States, which is developing the shopping, dining and entertainment center in cooperation with the city of Longmont. The Village at the Peaks will begin opening in stages this fall. Whole Foods took possession of its space June 30 and is beginning its build-out. The Village will host a Back-to-School Block Party and property preview, which will include guided tours of construction progress, giveaways, music, restaurant samplings and more, Saturday, Aug. 22, from 10 a.m. to 2 p.m. The center is located at South Hover Road and Ken Pratt Boulevard.