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?
Patience Holdings LLC recently closed on the sale of the five-acre site of the former Army Reserve Training Center to 4640 Table Mesa LLC for $3.25 million. Patience, a local entity led by Four Star Realty co-founder Peter Stainton, remains a partner in the new ownership along with Denver-based MorningStar Senior Living LLC and Haselden Construction LLC.
MorningStar will operate the new facility, dubbed MorningStar of Boulder. MorningStar chief financial and development officer Matt Turner said that completion of the $25 million project should take about 12 months, with opening anticipated for May 2015.
The 76,000-square-foot facility will include 46 assisted-living suites and 44 memory-care suites dedicated to those who suffer from Alzheimer’s disease. Onsite services will include a full-time chef, bistro, massage therapy room, exercise and therapy area, theater, libraries and walking paths.
Denver-based Haselden will build MorningStar of Boulder.
The project has been a few years in the making.
After initially showing interest in 4640 Table Mesa in the early 2000s, Patience Holdings acquired the property from the Army in 2009 in a swap that included Patience constructing a new building for the Army at Fort Carson.
Stainton and Patience submitted three different concept plans to the city for the site and even had site review approval for a residential development that included a mix of single-family homes, duplexes and town homes. But that approval also came during the lows of the recession.
Stainton began discussing a new direction for the site with MorningStar about three years ago and eventually oversaw another successful site review to accommodate the new plans.
CIVIC USE PAD: New recommendations from a city-formed task force regarding the development of the civic-use pad next to the St Julien Hotel & Spa in downtown Boulder include partnering with the hotel’s owners on a project that would alter city leaders’ original visions for the site.
City staff and members of Civic Use Task Force IV were slated to present the proposal to city council at a study session Jan. 28 after the Business Report went to press. To determine if council members believed the new plan was worth pursuing.
The proposal calls for a 65,400-square-foot building to be constructed on the concrete pad. Included would be 8,500 square feet of event space on the 14,660-square-foot first floor for shared hotel and civic uses. The second, third and fourth floors would be for hotel use, which Bruce Porcelli, managing member of St Julien Partners LLC, said right now is envisioned by the hotel as extended stay suites. A multiuse rooftop terrace would be shared for hotel and civic use.
The building likely would be developed by St Julien ownership. The hotel owns the land at the civic-use pad through a condominium association with the Central Area General Improvement District, which operates the parking garage underneath the pad.
The proposal is a diversion from the development restriction put in place when the St Julien was built in the early 2000s. As part of approval of the hotel development, the city stipulated that 20 percent of the site must be devoted to civic uses spelled out in the 9th and Canyon Urban Renewal Plan. Time is of the essence from the city’s standpoint. The development restriction on the use pad expires in 2020, meaning the St Julien would have more leeway in doing what it wanted with the property.
RIVERSIDE CONDOS: The Riverside Group Ltd., closed recently on the purchase of The Riverside building at 1724 Broadway in Boulder, continuing the redevelopment momentum at the site that began when Richard Moser leased the building two years ago.
The Riverside Group, of which Moser is the major partner, paid Tim Majors’ Majors Investments LLC $2 million for the property, with Majors crediting back $500,000 to the buyers to help offset major renovations the group had done in recent years, according to Gibbons-White Inc. broker Dan Ferrick.
Ferrick represented both sides in the sale, while Gibbons-White’s Chris Boston also represented the seller.
With a restaurant, co-working space and events center already in place in the nearly 9,000-square-foot, two-story building, the next phase is to add two residential condominiums to the second floor, Moser said. That construction could begin as early as June and cost nearly $1 million. Plans for the condos still have to go through the design review process with the city.
LUXURY UPTICK: Luxury home sales in the Denver metro area ticked upward in December, both versus the month of November and year over year, according to a report released by Coldwell Banker Residential Brokerage.
Seventy-four homes sold for $1 million or more in the region in December, a 15.6 percent increase compared with December of 2012. That number was a 12 percent hike from November when 66 luxury homes were sold.
Denver boasted 24 million-dollar sales, followed by Boulder with 10.
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AG DEPARTMENT MOVE: The Colorado Department of Agriculture is consolidating its three metro Denver locations into a newly acquired building in Broomfield.
The department closed in December on the $6.1 million purchase of 305 Interlocken Parkway, a roughly 48,000-square-foot office building that sits on 4.3 acres. The building was sold by a group of limited partnerships managed by Georgia-based Wells Real Estate Funds Inc.
Jeff Stalter, director of budget and business operations for the department of agriculture, said that the plan is to be moved in by late spring.
The department has its main offices along with its animal industry, conservation services, markets and plant industry divisions at 700 Kipling St. in Lakewood. The brand inspection division is located at 4701 Marion St. in Denver, while the inspection and consumer services division is at 2331 W. 31st Ave. in Denver.
Operations at all three of those locations will move to Broomfield, bringing about 150 employees. Only the department’s state fair offices in Pueblo will stay put.
Stream Realty Partners represented the sellers in the 305 Interlocken Parkway sale. Jones Lang LaSalle represented the department of agriculture.
COLLIERS HILL: In the planning stages for 14 years, the 968-acre Colliers Hill master-planned community that will bring 2,700 new homes to Erie during the next decade is finally under way.
Major dirt work and infrastructure are being done, with an official groundbreaking on the first homes and the opening of sales offices coming in March.
Originally known as Bridgewater and then Daybreak, Colliers Hill sits along the north side of Erie Parkway, running roughly from Weld County Road 3 to County Road 5 on the east side of town.
In addition to a wide mix of homes ranging from condominiums to 5,000-square-foot single-family homes, the neighborhood will feature 40 percent community open space, including more than 20 miles of trails, a 40-acre community park and multiple seven-acre neighborhood parks. There also will be three community amenity centers for residents that will have exercise rooms, meeting rooms, swimming pools and event spaces.
Boulder-based Community Development Group – which was behind developments that include the Broadlands in Broomfield and Coal Creek in Louisville – has owned the Colliers Hill land for more than a decade. Builders Richmond American Homes and Shea Homes are both involved in the project. CDG chief executive Chuck Bellock said a third builder, which he couldn’t yet name, will be building semi-custom homes in the development.
AZURA UNDER WAY: Development around Exempla Good Samaritan Medical Center in Lafayette continues to ramp up as an Indiana-based company broke ground recently on a 100-bed skilled-nursing and assisted-living facility.
Azura of Lafayette Rehabilitation and Wellness Suites, at 329 Exempla Circle, will be a 69,643-square-foot building that includes 70 beds in the skilled-nursing portion, with a focus on short-term rehabilitation. The other 30 beds will be dedicated to the assisted-living facility.
Mainstreet Property Group, a developer of senior living and care facilities that is based in Carmel, Indiana, is behind the $17 million Azura project. Meyer and Najem Construction LLC out of Fishers, Indiana is the builder, according to city of Lafayette planning documents.
Construction is slated for completion by the end of the year.
SUNSET DEAL: The development trio behind the Downtown East Louisville and Steel Ranch developments in Louisville has purchased a nearly 20-acre piece of land in the center of Longmont for future redevelopment.
Riverset LLC closed recently on the $1.47 million purchase of 21 Sunset St., which is in unincorporated Boulder County within Longmont just north of the intersection of Boston Ave. and Sunset.
Riverset is an entity formed by RMCS LLC, a Louisville-based development group led by partners David Waldner, Justin McClure and Rick Brew. The group bought the former Golden Concrete plant at 21 Sunset from Aggregate Industries.
Waldner said the property first must be annexed into the city. He said the project would likely include a combination of commercial uses as well as a residential aspect.
Joshua Lindenstein can be reached at 303-630-1943 or email@example.com.