Irrational Exuberance Returns
by Osman Parvez Years ago, I was working as an analyst for an investment bank. The bull market was coming to an end and the VIX was reaching astronomic levels. Economic news was all over the place and suddenly, our entire research universe was volatile. I remember my boss saying, "Osman, all of our companies are now rated Day Trade." He was joking, of course but it also marked the beginning of a financial market roller coaster ride. Fast forward to today. I'm not advising institutional investors on trading strategies. I advise buyers and sellers of residential real estate [...]
Rental Village [Development Update]
by Osman Parvez Heads up! As Boulder Junction nears completion, another adjacent development is seeking Planning Board approval. Late last month, the board conducted a second Concept Review of 3000 Pearl Street a.k.a. "Pearl Place" or "Reve Pearl." This is the large lot on the south west of the corner of 30th and Pearl Street, directly across from Barnes and Noble. The most recent proposal calls for ~103,000 square feet of office, 12,000 square feet of retail/office (flex) space, 12,000 square feet of retail/restaurant, and 242 residential rental properties comprised of studio, one, two and three bedroom units along with [...]
Boulder, Can We Talk?
by Osman Parvez Here's how last night's meeting went. Sam Weaver withdrew his ill considered proposal for a 9 month emergency moratorium and Council narrowly voted against a comprehensive development strategy. The vote was 5-4 against and interestingly, fell along gender lines with male council members against the measure. Construction Continues at the Wencel Building (9/17/14) As I mentioned in recent blog posts, Boulder needs an efficient public process that results in a shared vision for our future but enacting emergency powers to halt all new permits (of substantial size) wasn't the right approach. I'm glad City Council [...]
Avery Brewery Time Lapse
by Osman Parvez Did you know Avery's new $27MM brewery took nearly two years to go through the planning process? When complete, it will feature the area's largest craft brewing production, offices, tap room, and restaurant. From a real estate perspective, it will also create a magnet for the Gunbarrel neighborhood. Here's the time lapse (courtesy of Avery). In addition to supporting all those construction workers and solving the brewery's production challenges, when operational, Avery will also add at least 20 full time jobs to their payroll. By the way, this is the type of project that the proposed [...]
More on the Moratorium
by Osman Parvez A few additional thoughts to my post yesterday on Council Member Sam Weaver's proposal for a moratorium on building permits. 1. I'm not against additional study and public process. I'm for that. I'm against using emergency ordinances as a policy tool. 2. If you're against the emergency moratorium, consider signing this petition. You can also email Council directly at Council@BoulderColorado.gov and attend tonight's public meetings. 3. Erica Meltzer's Daily Camera article is informative. Here's an excerpt from my favorite comment: If we don't like how a few buildings turned out -- that, by the way, house [...]
Full Steam Ahead: 1707 Walnut Street
by Osman Parvez Framing is nearing completion at 1707 Walnut Street. This new 3 story building will feature 26 units and underground parking. The permit pulled on 12/16/13 was for $3.7MM. The developer has begun pre-leasing with move in dates beginning in 1Q15. These modern urban lofts will feature interior finishes that include hardwood flooring, hardwood cabinets, solid surface counter tops and stainless steel appliances. Parking and storage are available. Here's what rent looks like. Additional Resources: Boulder Development Map --- Like this analysis? Subscribe to my research. Ready to buy [...]
Avery Brewing, Watch it Happen
by Osman Parvez Yesterday - I was at Avery sipping on an Eremita (highly recommended), when I learned the new brewery has a construction cam. Here's what the project looks like. Check out the cam HERE. How cool is that? The new 96,000 SF facility will have an initial 100K barrel capacity (with potential of up to 500K barrels per year), corporate offices, tasting room, 249-seat restaurant, outdoor seating to accommodate 100 people, and a gift shop. Cost? About $27MM. It should be complete in 1Q15. Frankly, this project coupled with Gunbarrel Town Center is a big deal. [...]
Violet Park – What’s the Vision?
by Osman Parvez What does the future of this park look like? Wait - where is Violet Park, again? If you don't know, you're not alone. It's located on Violet Avenue, just east of Broadway. It's directly adjacent to Violet Crossing. Here's a map of the area. For now, Violet park is city owned open space. It's slated for a future park, however. For nearby residents, the park has the potential to add serious value. It's also directly adjacent to the North Boulder Sub Community and Nobo Arts District. The 2014 approved budget shows $500,000 going into the [...]
How Tight Can You Squeeze? [Development]
by Osman Parvez Earlier this week, Boulder City Council enacted a moratorium on building permits for multi-family housing on University Hill. Did you catch it? The (cough) emergency moratorium runs through March 18, 2015. Sound familiar? Long term blog readers may recall this was the very same tactic Council used in their opening salvo against view blocking large houses in Newlands. It eventually led to the Compatible Development Ordinance - rules limiting house sizes and certain architectural design elements such as so called "looming walls." In economic circles, this is called squeezing the balloon. CU plans to expand [...]
Boulder Council Approves Transportation Master Plan
by Osman Parvez source: Boulder Transportation Master Plan The chart above shows the percentage of trips taken by single occupant vehicles in Boulder. The blue line is the trajectory needed to meet our target of 25%. (My) Baby in Tow Want to know how Boulder intends to reach our goal? Check out the recently approved Transportation Master Plan (TMP). 25% SOV is just one of city's goals. As a cyclist, I'm proud that Boulder bicycles at 20x the national average. I'm also a heavy user of our bicycle infrastructure. Resident cyclists are now [...]
City Budget Swells to Supersize
by Osman Parvez So - just how big is the City of Boulder's budget? I don't know about you, but I find myself wondering every time I see our municipal fleet rolling around town. specialty vehicles for all! In case you don't have time to sift through hundreds of pages of budget-ese, I'll tell you. The total 2014 budget is $269.5 million, or about $2,700 for each and every Boulder resident. 84% is for operating purposes, the rest allocated to capital improvements. Here's something that should concern you. Boulder's budget has grown an average of 6.2% over the past [...]
It’s Time to Preserve Long’s Gardens [Speak Up!]
by Osman Parvez The Hawthorn Community Garden is located on Long's Farm Long’s Gardens is a third generation, family owned and operated iris farm in the middle of Boulder. This near 100 year old farm is situated on about 25 acres at 3480 Broadway, essentially the heart of Boulder. It's also home to Growing Gardens, a Boulder-based non-profit organization whose mission is to enrich the lives of our community through sustainable urban agriculture (Full disclosure: I serve on the Board for Growing Gardens) City Council has a public discussion scheduled for tomorrow at 6pm on preservation efforts at Long's Gardens. [...]
Tear the Roof Off the Sucker
by Osman Parvez Rubble, rubble everywhere. Boom! 1301 Walnut is no more. The old historic building is gone and construction is now underway for a new four-story office building in downtown Boulder. The future 63,000-square-foot commercial building will feature class A office space (upper levels), flexible space at the street level, and yet more offices below grade. It will also be LEED Gold certified. Here's what the future building will look like. Meh. The Planning Board somehow gave this project unanimous approval, but it looks soulless to me. We need more high quality office space in downtown [...]
Development Update – Gunbarrel Edition
by Osman Parvez --- Here are images of ongoing development in Boulder. The following projects are located in Gunbarrel. Pics were taken August 12, 2014. Apex 5510 nears completion Apex 5510 (details): Rent starts at about $1,100 for a studio. 100% rentals. Photo Album Boulder View Apartments (6653 Lookout Rd) nears completion Boulder View Apartments (details) Building A: 3 story multifamily building containing 20 units. To include 8 single car garages on main level totaling 1,873 square feet, 21,047 square feet for residential units on three levels, and 1,325 square feet in decks and porches Building B: 3 story [...]
Boulder Development Update [Pics]
by Osman Parvez I snapped a few quick pics of large development projects in Boulder this morning. Take a look (click for a larger photo). Talk about a looming wall, check out Boulder Junction's parking garage. After last year's floods, you have to wonder about all the below grade infrastructure. The units in this corner should have impressive views. Some of us actually pedal to properties. The Branding Iron, 69 Affordable Housing Units going in next to Chez Thuy Additional Resources: House Einstein's Boulder Development Map Boulder Junction Photo Set Branding Iron Details --- Like this analysis? Subscribe [...]
