Boulder Condos: The Peloton

peloton-rendering.jpgAs a number of projects around here are producing more Boulder condos for sale, one of the higher profile projects, The Peloton Boulder, is taking shape and getting ready for it’s first occupants.

The $150 million dollar redevelopment project of the former Exabyte location at 33rd and Arapahoe Avenue is scheduled to close the sale on the first set of Boulder condos in the complex in just a few months.

I’ve visited the Peloton project several times both to preview and with my buyer clients, and only a select few of my clients have shown serious interest in buying at The Peloton. I’ve shown several buyers over to the sales office and and spoken with various sales staff who have been very helpful and knowledgeable. The showroom and gallery give some great insight and I think that buyer interest may change as people begin occupying their new homes and people actually see that thepeloton-movies-1.jpg project is completing new units.

The developer claims that they sold 60 percent of the first phase of 191 condos at three different sales promotion events which were the only purchase opportunities offers so far. Jon Simisky, senior vice president of development for Bancroft, says that the purchase rate has exceed his expectations according to the Boulder Daily Camera. Bancroft Capital is owner of the project although the Peloton is partially financed by a real estate investment firm started by Henry Cisneros, forer secretary of HUD under President Bill Clinton. Cisneros is a large contributor to the City of Boulder’s affordable housing fund (with a recent contribution to the fun of $4 million) and worth noting that 38 of the 385 units will be part of Boulder’s affordable-housing program.

peloton-fitness.JPGThe developer did one thing in particular a little differently: he built the community center first!

This is very uncommon. Many developments build homes first, wait until the profits are in and then as a last step, put in common amenities like a promised recreation center or community pool. The Peloton project was fully funded and doesn’t need to get profits from sold homes to afford the construction costs of the community center so they built it first.

peloton-cardio.jpgIt’s a 22,000 square foot building and it’s already finished months ahead of the first residents moving into their new Boulder condos at the Peloton. The center includes a 22 seat theater with leather reclining seats, a 6,000 square foot fitness area and a year round heated roof-top pool that includes hot tubs and since it’s a heated deck, residents can utilize the rooftop amenities year-round. Pool, shuffleboard and cards are part of the gameroom, also several large, flat-screen TVs and an adjacent outdoor viewing deck and indoor/outdoor fireplace provide a cozy enclave for residents and guests.

peloton-site-map.jpgThose first few residents are going to be living large with so much room and so few people competing for space. When the word gets out and sales continue to ramp up, I’m sure the massive facility will accommodate everyone’s needs. You can be sure I’ll be checking in with my clients that have already signed up for a home at the Peloton to find out how they like it!

Comments

8 Responses to “Boulder Condos: The Peloton”

  1. Jack Miller on December 29th, 2007 5:10 pm

    Interesting the way you keep a variety of information from all over the Boulder area on your blog. Not many blogs manage to post so frequently. I’m impressed!

  2. Mark Holland on December 30th, 2007 3:31 pm

    You give an honest and accurate review of the Peloton. As one of the first purchasers at this new development, my wife and I have been incredibly happy with the level of personal service given to us by the sales and development staff. We will be in Building C, the first building to close, and we are very much looking forward to our new home and Community Center. The staff even allowed us to hold our holiday party at the Center, and it was a huge hit. We left a lovely home in Devil’s Thumb to join the Peloton community, and we don’t have a single regret thus far. Please feel free to contact us at any time if you need any first-hand information – Mark and Anna Holland, info@dorjedesigns.com

  3. Sarah on January 19th, 2008 5:05 am

    I heard that there was a work stoppage at the Peloton for a few weeks near the holidays due to a lack of funds. Have you heard anything about this?

  4. Zachary Epps on January 27th, 2008 1:09 pm

    No I haven’t and that would surprise me considering that the project is reported as being completely funded prior to construction unlike most condo projects and new home developments. I drive by the peloton almost every day and see work progressing. If I hear anything different, I’ll be sure to write about it.

  5. Travis on January 31st, 2008 9:22 pm

    Good information here, I just stumbled upon this blog. I too bought a unit at The Peloton. I don’t make those types of decisions lightly and I really did my homework prior to purchase. I am 100% sure there has not been a work stoppage and they are funded to complete the project in it’s entirety. If you haven’t seen the Community Center I highly recommend taking a looking, I haven’t seen anything quite like it before in a development like this. They are definitely not cutting any corners!

  6. Zachary@Boulder Real Estate on February 16th, 2008 4:27 pm

    Thanks for that confirmation Travis. I’m glad to hear that you are so positive about the Peloton project.

  7. Freddy on January 15th, 2010 10:35 am

    For what it is worth we were closed from Dec 22nd thru the 2nd of January. This was simply to allow the employees a break for the Holidays. I work there and am happy to answer any questions or put to bed any rumors. We are selling well despite the current market conditions.

  8. ken hiatt on July 12th, 2010 5:43 am

    I did some work for them a month ago and they have not payed the bill. I get the run around everytime I call them. They act as a company that is having major money problems I would think twice about any dealings with a company like that.

Got something to say?