Boulder Real Estate Goes “Big City” with The Peloton Boulder

img_1373.JPGThe Peloton Boulder is an interesting ‘big city’ sort of Boulder real estate project for a town our size.

Bancroft Capital, a private real estate investment firm based in Manhattan Beach, CA, is planning a $142-million, mixed-use development that is an easy walk from Westcor’s redevelopment of the former Crossroads Mall now called Twenty Ninth Street.

img_1372.JPGThe development, called the Peloton, is being developed at the northeast corner of 33rd Street and Arapahoe Avenue on the former Exabyte location.

The development will include 390 condominiums, most of them in four, four-story buildings. They will range in size from 500 sf to 2,000 sf and will be priced from the $300,000s to the $800,000s. Units will sell for about $400 per sf, says Joe Lamkin, a principal of Bancroft. That is a far cry from some new units near the Pearl Street Mall in Boulder, which are selling for north of $700 per sf, believed to be the highest priced in the Denver-Boulder MSA.

img_1379.JPGLamkin says he believes the units are priced at the “sweet spot” of the market, above the entry level, but not at the super luxury level. He says he expects demand to come from empty nesters and move-up buyers who want a more urban setting. In addition, Peloton will include 17,000 sf of retail and office space on the 10-acre site, which used to be the R&D facility for Exabyte, a computer storage device manufacturer that moved out several years ago.

img_1383.JPGFor years, Boulder has been challenged by an exodus of middle-income home buyers seeking attractive housing values in areas such as Erie, Lafayette, Louisville, Longmont and Superior. The impact of this flight to the suburbs has been heavy traffic into and out of Boulder, as well as a significant loss of retail sales taxes and property taxes, he says. While for decades Boulder was known as being anti-growth, city officials are now focused on promoting residential development in underutilized, former industrial areas.

img_1386.JPGWhile Boulder planners might find that projects like the Peloton are attractive to new buyers, this type of property development will not replace or alleviate the exodus of people looking for single family homes with a yard and trees outside their back door but, it will provide a product that I believe has a niche market that the Boulder market has been missing.

Buyers looking for homes in Boulder have a great amount to choose from and the Peloton has many amenities that can’t be found from other projects in the area.

The three most important considerations for your next home…
Location. Value. And finding a place in Boulder.

Nestled at the base of the foothills and minutes from a plethora of outdoor amenities, Boulder has one of the best standards of living in the country! It’s a mountain town. Has one of the finest universities in the country. It’s urban. And it’s the choice of some of the most active, health-conscious and progressive people around.

And as a resident of The Peloton, you can take advantage of everything this wonderful town has to offer, like hiking, biking, shopping and culture—within walking distance of your front door. The Boulder Creek Path, with miles and miles of paved trails, is adjacent to the community so you can make a quick escape into the great outdoors. And just a short walk away, you’ll find the vibrant new 29th Street Entertainment District, as well as the coming Transit Village that will take you to all the other places you want to enjoy and explore.

Designer finishes, maple cabinets, stainless-steel appliances and slab granite countertops. 60 different floor plans up to 1900 square feet with private balconies including gas lines ready for your grill and most with mountain views.

Another amazing feature is the already completed private fitness center with a rooftop year-round swimming pool with two hot tubs.

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