Apartments proposed at Transit Village ~ Via Boulder County Business Report
BOULDER - A local developer is proposing to build 300 apartment units in the Boulder Transit Village Area - the first project in an industrial area that city leaders hope to convert to mixed-use.
Scott Pedersen with Boulder-based Pedersen Development Co. will present his concept plan for 3100 Pearl Parkway to the city's planning board on Thursday, March 4.
The estimated $50 million to $60 million, two-building, five-story development is slated to include 300 apartment units for rent, 11,000 square feet of commercial space, a first-floor parking structure for 300 vehicles, and a goal to power all the project's electric needs through solar panels on the roof.
Pedersen is under contract to buy the three properties for the development, which encompass about 5.2 acres on the southwest side of Pearl Parkway and the train tracks, from DRJ Inc., headed by the Dawe family in Longmont. The purchase is contingent to the project being approved.
Denver-based Shaw Construction is the general contractor for the proposed project; Boulder-based JVA Inc. is in charge of the structural and civil engineering, Califormia-based RNM Design is the architect, and Boulder-based Studio Terra is handling the landscape architecture.
Pedersen expects to make some changes to his concept plan based on feedback from the city's planning board and then submit a site review plan by mid-to-late April. In the meantime, the city is expected to rezone the industrial area to mixed-use zoning as it previously laid out in its Transit Village Area Plan.
Boulder's Transit Village Area Plan encompasses about 160 acres around 30th Street, Pearl Parkway, Valmont Road and the Foothills Highway. The city is rezoning the mostly industrial and commercial area to promote more residential and mixed-use redevelopments to coincide with a public bus and rail transit hub.
Pedersen is working on a deal with the city to allow less parking than required for the project because of its proximity to public transportation - the new RTD bus station soon to be built across the street and the proposed FasTracks commuter rail stop, still contingent on funding. The first-floor parking garage will be available separately to residents unbundled from their living unit rent, Pedersen said.
Pedersen said he believes FasTracks eventually will come to Boulder, but in the meantime the bus service will attract those who need nearby access to public transportation.
Rental rates haven't been established yet, but will be at comparable market rates in the area, Pedersen said. He'll keep a close eye on the new Residences at Twenty Ninth Street - 238 apartment units being built about a block west.
That project, being headed by local developer Lou Della Cava, is expected to break ground by the end of March.
|