Introducing Nickel Flats [Development Update]
by Osman Parvez Scheduled for completion in the 2nd quarter of 2015, Nickel flats consists of 16 units on 3 floors. The building will be modern with elevator access. The location is just north of Boulder Junction and adjacent to a pocket park. Here's what it will look like. Prices start at $229,000 for the 1 bedroom on the first floor with 533 SF. That unit is already under contract, as are several others. There are currently 8 units on the MLS. Click HERE for more detail. Additional Resources: Floor Plans for Nickel Flats [...]
Construction Begins on West Pearl
Last week, Boulder got a taste of what construction will feel like on the West End of Pearl Street. It looks like they're widening the sidewalk to get ready for the demolition of the Daily Camera Building. There was lots of noise, dust, and snarled traffic. The business owners on Pearl aren't thrilled. Stay tuned... --- Like this analysis? Subscribe to my research. Want to meet me in person? Attend a Boulder Real Estate Meetup. Ready to buy or sell? Call me at 303.746.6896.
Washington Village Update [Pics!]
by Osman Parvez To help prepare for the upcoming meetup on development, I've been visiting local projects underway. Washington Village I last posted about Washington Village when they broke ground three years ago but the project actually dates back at least six years. The developer ran into community opposition and a market downturn, gumming up the works. Let that be a lesson to would be developers. In Boulder, it's smart to have community buy-in. Read more of my coverage of Washington Village HERE. Here are my favorite pics: The developer describes the [...]
Burn, Baby Burn – 820 Lee Hill Road [Development]
by Osman Parvez The upcoming North Boulder development at 820 Lee Hill Road, which used to be a training site for the fire department, will consist of 32 single family houses, six of which will be permanently affordable. Here's what the property looks like today: Here's what the developer envisions it will look like when construction is completed: The project site is zoned RL-2, defined in Land Use Code as “medium density residential areas primarily used for small-lot residential development, including, without limitation, duplexes, triplexes or townhouses, where each unit generally has direct access at ground level.” The [...]
Unstoppable Demographics Drive Housing Demand in Colorado
by Osman Parvez Cranes dot the city and construction vehicles are everywhere in Boulder these days. What's going on? Colorado is experiencing a development boom. Here's why. The population of Colorado has been growing steadily, even during economic recessions. The chart above shows a combination of historic census estimates and the latest projections from the State Demography Office. During the next ten years, Colorado is expected to add nearly a million people - about 20% more than today. Here in Boulder County, population growth is more modest. The population is expected to grow a [...]
Development In Boulder [Meetup]
by Osman Parvez There is a ton of development going on in Boulder. Hundreds of new hotel rooms and thousands of new residential units are being planned or currently under construction. This month, we'll be talking about it at the Boulder Real Estate Meetup. Join us for a discussion about development in Boulder. We'll be talking about the impact of development on our neighborhoods, the real estate market, and more. The tentative date is Thursday, February 27th. Wednesday, February 26th. Stay tuned for details. Additional Resources Boulder Development Map New Boulder Hotels [...]
601 Canyon Blvd [Correction]
by Osman Parvez Oops. If you go out on a limb, sometimes you'll end up eating humble pie. It turns out that my back of the envelope guesswork was way off the mark on 601 Canyon. I received an email from the developer yesterday with corrections. Here's a rendering of the project: Details on each unit are HERE. These properties were marketed for sale to individual owners not rentals, as previously reported. They are also all under contract, not surprising given the high demand and extreme scarcity for mid range luxury condos in Boulder. p.s. Despite sharing an address [...]
Boulder Junction Update [Pics!]
by Osman Parvez Here's a quick update and new photos from Boulder Junction, formerly known as Boulder Transit Village. Depot Square is the mixed-use, transit-oriented private development that will include an underground RTD bus station, Hyatt hotel, affordable apartment complex, parking structure and restaurant within the restored Boulder Jaycees Depot. It's located at 3151 Pearl Parkway. When complete, Depot Square will anchor the 160 acre Transit Village Area and create a nexus for redevelopment in Boulder. See "Promises, Promises" below. The Historic Jaycees Depot will become a restaurant/pub The RTD below grade transit center and affordable housing [...]
601 Canyon Blvd and the Magic 7 Cap [Boulder Development Update]
by Osman Parvez 601 Canyon Blvd When completed, there will be four brand spanking new residential dwellings in this multifamily building in downtown Boulder. Here's the breakdown: three two bedroom units, one single bedroom unit, plus a carport. The permit places the value of construction at $522,295 plus $25,000 for the carport. The rundown multi-family property was acquired in 2012 for $675,000 and Firstbank stepped up with a loan for $1.9MM. See this old listing for photos and details. Note the potential view. The Luxury Rental Market It can be challenging to ballpark luxury rents, but let's [...]
Solana Nears Completion (Development Update)
by Osman Parvez Another for-rent only development is nearing completion in Boulder. Solana, located at 3100 Pearl features 319 apartments in four separate buildings and 8,112 square feet for seven retail spaces. The site will also include a recreation center, multi-use paths and a variety of interior courtyard spaces. Here's a pic I took over the weekend. Solana on January 24, 2014 There will be a two-story parking structure for just 363 vehicles. Given that many of those 319 units will be occupied by 2 adults with 2 cars, I wonder where everyone is going to park? Adjacent areas are [...]
Violet at Broadway [Development Update]
by Osman Parvez Just a quick photography update. Construction at Violet on Broadway (formerly Violet Crossing) continues at a breakneck pace. Slideshow and updated Boulder Development map below. Link to Slideshow View Development and Transportation in Boulder in a larger map More Reading --- Like this analysis? Subscribe to my research. Want to meet me in person? Attend a Boulder Real Estate Meetup. Ready to buy or sell? Call me at 303.746.6896.
28th Street Apartments, More Rentals Coming Soon
by Osman Parvez Rental apartment buildings must be the new black in Boulder. They're popping up everywhere. The 28th Street Apartments, located next to Chez Thuy, will consist of 69 units in four separate buildings. 35 one bedroom units, 32 two bedroom units, and only 2 three bedrooms units are being built on the site. I happened to be nearby having lunch with a client the other day and snapped a picture of the foundation of one of the buildings being built. Take a look. Have you noticed? Hundreds of new rentals are being constructed in Boulder. Here's [...]
The Impact of NEW House Size Limits
by Osman Parvez ---- An Economic Impact Report on the effect of house size limits was made public on February 24th. An important issue for many when considering massing and scale standards is whether they support or detract from property values. A short answer is that it depends on what characteristics confer value. There is an ingrained assumption that limiting size also limits potential profit. It is true that limiting size may limit unit sale value, but this is not the same as limiting profit. Depending on the neighborhood and the reason for purchasing a unit in a given neighborhood, building larger [...]
Grandview Brouhaha: City Council Sends a Message
by Osman Parvez ---- Here we go again. Despite a deepening budget shortfall and the strong threat of higher taxes and fees being imposed on Boulder residents, City Council seems determined to run up legal bills by jostling with CU over redevelopment of Grandview. The facts: 1) As a state entity, CU is not subject to the City's building rules. 2) CU identified Grandview as a logical area for expansion of campus a long time ago and began acquiring properties in the early 60s. In 1990, CU's Master Plan suggested that most of the acquired buildings in Grandview should be [...]
Compatible Development Update (Pops and Scrapes)
by Osman Parvez ---- First a quick review. This issue is about community reaction to large new or remodeled homes on small lots. When Boulder City Council met in January of 2008, they identified this as being a high priority and tried to implement an emergency change to the maximum allowable floor area ratio (FAR). Due to public outcry over the lack of process, City Council backed off and brought on a team of consultants (led by Winter and Co) to develop a community process to reach consensus. The issue is now once again at the forefront of City Council's [...]
