by Osman Parvez
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There’s another giant construction crane in Boulder, but this one’s not downtown. Development of the $150MM Peloton development at 33rd and Arapahoe is picking up steam. If you haven’t noticed the massive crane, you can’t miss the advertising carpet bombing. Our local NPR station is sponsored by the Peloton. City buses carry the slogan of a “new way to live in Boulder” and salespeople were chatting with potential buyers at the Boulder Creek Festival. Through a haze of hyperventilation and hallucinations, I’m pretty sure I even saw the Peloton’s advertising while running the Bolder Boulder.

The official ground breaking occurred in mid May, but construction has been underway for a few months prior. It’s now a very busy place.

Here are the apparently final details: The Peloton is a 390-unit, mixed-use condo project. The units will range in size from about 650 to 1,900 square feet, with prices starting in the low $300,000s. The 490,000-square-foot complex will feature a fitness center, a rooftop deck with a swimming pool and two hot tubs, and rooms for holding meetings and screening movies. Walking paths and courtyards will dot the landscape. There also will be 17,000 square feet of retail and office space.

Although Boulder has only slightly been impacted by the post housing bubble correction, I imagine it’s still not that easy for The Peloton to sell units on a pre-construction basis. The best ones with the nicest views may already be gone though. That’s fairly common in high profile developments. Since financing is often tied to presales, expect the marketing efforts to continue.

It’s exciting to see this part of Boulder take off. With Transit Village driving re-zoning, expect to see much more development in this part of the City over the next few years. And after spending some time with the Transit Village Area plan, I’m certain that there’s opportunity for investors as well.

A couple of our clients have looked at the Peloton and shared their feedback. They had mostly positive impressions, though they weren’t ready to write a deposit check. My sense is that the Peloton is going to be a landmark in the City, the first big move in a series of major improvements to an overlooked part of Boulder. We’ll be keeping a close watch on execution of the project.

If any readers have impressions to share, feel free to leave a comment.

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