The $6.2 million project, called 17Walnut, is being developed by a group of investors led by Boulder-based Element Properties, and includes 26 modern lofts ranging in size from 600 to 1,400 square feet.
17Walnut will encompass 41,943 square feet spanning three stories. The complex will include underground parking and one-, two- and three-bedroom units.
The site is the former location of a 7-Eleven and Buffalo Exchange thrift store.
Element Properties will handle the leasing and property management of the building and Boulder-based Studio Morgan Creek is the architect for the project.
“17Walnut will provide residents a highly walkable location and the first rental apartments built in downtown Boulder in over two decades,” Kevin Knapp, Element’s director of development, said in the release. “Downtown apartments are pretty hard to come by right now, and it is an extremely tight market.”
17Walnut is scheduled for completion in the first quarter of 2015.