Pearl Street commercial project complete; more planned

BOULDER — D. Kevin Rieder, owner of Rieder Real Estate, Donald L. Rieder and J Nold Midyette, all operating as Pearl Street Mall Holdings, have completed a building at 1468 Pearl St. that is available for lease.

The building has 6,680 square feet of class A office space on the second floor of the two-story building. It will be leased to a single tenant or divided into two or three spaces, Kevin Rieder said.

The building is in core-and-shell condition, and the landlord will finish the lobby and bathrooms, he said. Lease rates will be between $25.50 per square foot with a $20 tenant improvement (TI) allowance and $27 per square foot with a $25 TI allowance, Rieder said. The building was completed last year, and Rieder Real Estate is talking to several prospective tenants, he said.

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The first story of the building is occupied by Artesanias, an import store that moved late last year from 1420 Pearl St., Rieder said. The space at 1420 Pearl is being leased by Dearborn Rieder Gallery, an art gallery.

In the next couple of months, Pearl Street Mall Holdings will start on projects at 1601 and 1617 Pearl St., Rieder said. The lot at 1601 Pearl St. is 7,000 square feet and has 10,500 square feet of buildable office and retail area space. The other lot is 5,880 square feet with 8,820 square feet of buildable office and retail space, he said. Both buildings will consist of retail space on the first floor and class A office space on the second floor, he said.

Construction on these buildings is scheduled to begin in the first quarter or second quarter this year and to be completed by the end of 2001 or early 2002, Rieder said. STUDENT HOUSING: To accommodate projected growth of the University of Colorado’s student body in years to come, the university is in the planning process of adding more student housing on campus.

CU has 26,035 students, and this number is expected to grow by 0.7 percent per year until 2008. The campus has 5,900 single beds and 850 family housing apartments, which is adequate to serve the current freshman class, but demand for student housing among the entire student body exceeds the supply, said Paul Tabolt, vice chancellor for administration. CU-Boulder houses 27 percent of the student population and plans to maintain or improve that percentage in the future, he said.

The amended campus master plan includes plans to add 500 new beds in a village-style environment to the Williams Village area, located south of Baseline Road near U.S. Highway 36. This housing would be organized around common green and meeting/recreation spaces. The site, located near other student housing, has the capacity to eventually accommodate twice the 500 original beds, should city and campus needs dictate. The CU master plan, which was amended to include policies on Grandview Terrace and CU Boulder South, was approved by CU in January and now is before the Colorado Commission on Higher Education, Tabolt said.

If CCHE approves the plan, the campus can seek requests for proposals from third-party developers, he said. It is expected that a private developer would build the housing units on university property, pay a lease fee for the site and retain ownership of the structures and operating authority during the term of the lease, Tabolt said.

Funds to build additional housing are not appropriated by the taxpayers, although the state does grant the authority to use university-generated funds to build new residence halls.

COX CORNER: Rockrimmon Real Estate Corp. in Boulder has broken ground on an office/retail building on Pearl Street.

The development, called Cox Corner, will be at 2575 Pearl St. and will be three stories high with street-level retail spaces and two floors of office space.

An approximately $3.5 million project, including land, the 17,500-square-foot building will feature large windows to take advantage of the views, high ceilings and 54 parking spaces. Materials used include stone, stucco and concrete siding. Prices are expected to be in the high $300s per square foot.APARTMENT SALE: Income Property Specialist, a full-service commercial real estate firm in Boulder, has announced the sale of Westcott Apartments in Aurora to Trinh Properties LLC.

Westcott Apartments is a 30-unit apartment complex with a total of 30,492 square feet. The complex was built in 1962 and has six one-bedroom and 24 two-bedroom apartments.

by Amy Stogner

PRINTRAK OPENING: Printrak, a worldwide supplier of enterprise software and related services for information management and decision support, recently celebrated the grand opening of a new Boulder office.

Printrak, which recently was acquired by Motorola, moved two blocks from its previous site to 6000 Spine Road. The new site allows for on-site conference and training rooms and more office space. WESTMINSTER MALL RENOVATION: Westminster Mall, originally built in 1977, recently unveiled a $10 million renovation funded by a public-private partnership.

The mall was given a new, contemporary look after the Westminster Mall Co., provided $2.5 million and the city of Westminster contributed $7.5 million to the project.

Renovations include new facades, doors and illuminated entry signs, new skylights throughout the mall’s interior to provide more natural light, a renovated center court area with new windows, new lighting, new carpet and a glass railing. The hot-air balloons still are in place over the water area. The renovations also include interior landscaping in the planters with elaborate tile work and new seating areas.

Westminster Mall has sustained itself longer than the average 20-year life span of many malls in the Denver area, illustrated by the demise of Lakeside Mall, Cinderella City Mall, Northglenn Mall and the economic trouble at Villa Italia and Crossroads malls.

Even after the opening of FlatIron Crossing in Broomfield, which many predicted would hurt Westminster Mall, the mall is thriving, said Westminster Mall General Manager Kenton Anderson. “Despite a mall corridor that was disrupted by construction workers for much of the summer and fall, and the opening of FlatIron, sales at Westminster Mall remained strong,” he said.BROOMFIELD ANIMAL HOSPITAL: Lee Woods, owner of Broadway Animal Medical Hospital & Pet Center in Boulder, recently purchased 4.58 acres of land at 7453 W. 105th Ave. in Broomfield. Ken Vest and Ed Hanson, both of RAM Realty in Broomfield, acted as transaction brokers on the deal. Woods plans to construct an animal hospital at the site and to begin construction this summer.LONGMONT NEW REC CENTER: City officials broke ground last month on a campus that will include a new museum and a recreation center.

The 24,000-square-foot museum and cultural center and 60,000-square-foot recreation center is funded by a $22.9 million bond that passed in 1999.

Approximately 200 people attended the groundbreaking, said Erik Mason, the museum’s curator of research and information. Groundbreaking for the museum is scheduled for mid-February, he said.

Exhibits at the new museum will include “History Under Construction,” which will show the history of the Front Range and house larger objects, such as a railroad baggage cart and a sleigh that the old building did not have room for, Mason said. Another exhibit that will be housed in the new museum is, “Longmont, Past, Present & Future,” he said. This will be an exhibit of historic photographs as well as recent photographs to see a progression of Longmont over time, Mason said.

The new museum also will feature an outdoor space for plays and concerts, Mason said. “It will be a major boost to Longmont’s cultural activities,” he said. “Longmont doesn’t have an outdoor performance facility.” The museum will sponsor concerts at the outdoor area and is considering have a local theater company perform plays there, Mason said.

Opening of the new museum is planned for spring 2002, he added. COLORADO GRILL: Following the closure of Longmont’s Colorado Grill in December, the owner sold the restaurant back to landowner Macy Development Co. in Denver. Macy Development Co. plans to rent the building either to another restaurant or for another commercial use. “We don’t have any specific tenants in mind,´ said Don Macy of Macy Development Co. “It doesn’t necessarily have to be another restaurant. Contact Amy Stogner at (303) 440-4950 or e-mail at astogner@bcbr.com.