We find ourselves in the middle of one of the greatest wealth transfer periods of all time. Those with wealth must decide whether they want to make transfers, and if they do, they must decide how much, to whom, when and in what structure?
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The city’s planning department has approved the site plan submitted by the owners of 901 Pearl St., that calls for a restaurant and four condominiums at the northeast corner of Pearl and Ninth streets in place of the former Tesla Motors showroom.
Plans also have been submitted for design and site review by the owners of 909 Walnut St., one of the few remaining infill sites downtown.
The 901 Pearl property is owned by a development group that is led by Daneuve Construction Services president Phil Shull and also includes Boulder city councilman George Karakehian and Communication Arts founding partners Richard Foy and Henry Beer.
The next step for the Pearl property is the submission for building permits, which city planner Sam Assefa said could take a couple of months. The ownership group had similar plans approved in 2008, but those plans stalled with the economy, Shull said.
The 901 Pearl plans include a 21,604-square-foot, three-story building, with two condos on each level. Shull said he hopes for demolition of the current building to occur in December and for the core and shell to be built by late summer of 2014. Daneuve will serve as general contractor, said Shull, a former co-owner of the Bookend Café and a partner in the Riffs Urban Fare restaurant that is in that location now.
A sales agreement for both the restaurant and condos at 901 Pearl has been reached with a restaurant operator who will complete the buildout, although Shull declined to say who the deal was with.
The property at 909 Walnut is owned by 1833-37 Partners LLC, according to Boulder County property records. James Trewitt of the Arch 11 architecture firm in Boulder, who filed plans for the project, could not be reached.
Plans for the 909 Walnut property call for a 3,505-square-foot basement, a 4,352-square-foot ground floor for a restaurant and close to 8,700 square feet of commercial office space on the second and third floors.
NAROPA EXPANDING: Naropa University plans to begin construction the week of Sept. 16 on an all-season pavilion on its main campus at 2130 Arapahoe Ave.
The pavilion will provide a 1,350-square-foot student gathering space, and will connect Sycamore Hall to the Performing Arts Center. At the same time, Naropa will install an Americans with Disabilities Act-compliant wheelchair ramp onto the back of the historic Lincoln building.
The pavilion allows for more gathering space at the Performing Arts Center, as well as more student lounge space and upgrades and expansion to the Naropa Café. Construction is slated for completion by the end of the year.
The project follows the university’s recently completed 1,850-square-foot addition to its Paramita campus at 3285 30th St. that will accommodate an increased number of students in the graduate psychology program there. Plans also are being formulated for improvements to Naropa’s Nalanda campus at 6287 Arapahoe Ave., which houses the university’s visual and performing arts programs.
PEARL SPACE SELLS: FH Properties LLC has paid $1 million to purchase commercial condominium unit C-1 at 1949 Pearl St.
The 2,671-square-foot unit previously was occupied by residential real estate brokerage Pedal to Properties, which moved to 2014 Pearl St. about six months ago.
Geoff Keys and Ashley Overton of Keys Commercial Real Estate represented FH Properties in the deal. Chris Boston and Dan Ferrick of Gibbons-White represented the seller, Raja Investments LLC.
Keys said FH Properties is a new company but could not disclose what it is at this time. He said the purchased property at 1949 Pearl will be partially occupied by FH Properties, with about 1,000 square feet leased for retail.
MOUNTAIN SUN EXPANDING: The Roosevelt Park Apartments mixed-use development in Longmont has its first two retail tenants, with Boulder-based brewery Mountain Sun planning to open a new restaurant there and Inspire Salon & Spa opening as well.
Mountain Sun will occupy 4,500 to 5,000 square feet at the corner of Longs Peak Avenue and Main Street, said developer Keith Burden of Burden Inc.
Mountain Sun proprietor Kevin Daly said he’s leaning toward naming his new space the Longs Peak Pub and Taphouse, although it’s not official yet. He is aiming for a March or April opening day.
The new pub will not brew beer onsite. Mountain Sun has three locations in Boulder – Mountain Sun, Southern Sun and Under the Sun – in addition to its flagship brewery at 1700 Vine St. in Denver. The Denver brewery has the capacity to brew beer for two or three locations, Daly said.
Inspire Salon & Spa will occupy nearly 2,000 square feet along Main Street, with a December opening targeted.
Burden said two artists’ studios also will open along Main Street and be leased by the Longmont Downtown Development Authority as incubator space. The only other retail space to lease is a 2,700-square-foot spot at the corner of Longs Peak Avenue and Coffman Street, where Burden said he’s trying to land a breakfast/lunch café or bistro.
In addition to the ground-level retail space, the $20 million development is slated for a parking garage and a 115-unit apartment complex, complete with a central courtyard.
BUSINESS CENTER SALE: Denver-based real estate investment and management company Etkin-Johnson Group LLC recently sold the 1500 Kansas Avenue Business Center in Longmont for $3.55 million.
The buyer was 1500 Kansas Ave. Industrial Property LLC, which is owned by real estate investor Mark Stonehocker of Brighton.
Jeremy Ballenger and Tyler Carner of CBRE Inc. represented the seller in the deal, while Alec Rhodes, Tyler Smith and Aaron Valdez of Cassidy Turley represented the buyer.
Ballenger said the property at 1500 Kansas Ave. – which includes four buildings and a total of 57,600 square feet of office and light industrial space on 4.7 acres – is 100-percent leased by a total of 11 tenants. Two of the bigger tenants include Workforce Boulder County and Sage Electronic Engineering LLC.
Rhodes said the buyer plans to continue operating the property as is.
Joshua Lindenstein can be reached at 303-630-1943 or email@example.com.