New lofts on Pearl will sell for $1.2 million

BOULDER — The old Sky Chairs building at 828 Pearl St. will be redeveloped into some pretty sky-high priced lofts.

Sky Chairs, a 1974 Boulder-born business, recently moved from its west end Pearl Street location to its new home at 1537 Pearl St. on the east end. The hanging chair company owned the building at 828 Pearl St. and sold it to developer Mark Young, who said he plans to redevelop the building to feature six high-quality lofts and about 3,000 square feet of commercial space. The existing Delhi Darbar restaurant will remain downstairs.

Young said reconstruction should begin in June, and he will be adding 1,300 square feet to the existing 14,000 square feet of building space. He said he has a commitment from a real estate company for the first floor commercial space and that three of the six living units on the second and third floors have been sold.

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That’s quite an accomplishment for Young, considering his rates will be about $720 per square foot. The location is prime, Young said, but what he wants to emphasize is the high quality of the new construction and design. He said the official marketing of the units should begin in a few months.

“We are looking for people who appreciate a high-end interior as much as they appreciate the great location,” Young said.

The two bedroom lofts each will cover about 1,800 square feet and are priced at about $1.2 million, Young said. Each unit also will feature a two-car garage with a connected stairway directly to the units.

Shara Eastern, of the Eastern Team with RE/MAX Horizons Group in Interlocken, helped broker the deal after the building sat on the market for a little more than a year. When the building first went on sale, it was advertised at $2.9 million.

It is unclear how much the building sold for, partly due to Sky Chair co-owner Diane Washburn being part of each group selling and buying the building. Washburn co-owns Sky Chairs with Bob Anderson, but is also partners with Young as the leading members of Washburn Young LLC that bought the 828 Pearl St. building, according to Colorado secretary of state documents.

Washburn was unavailable for comment.

As for Sky Chairs’ new location at 1537 Pearl St., Manager Molly Wilcox said she sees the move as a benefit.

“There’s much better foot traffic on this end of Pearl Street,” Wilcox said. Sky Chairs is leasing about 2,000 square feet for its new location, she said.

MORE LOFTS ON PEARL: The number of mixed-use commercial and residential buildings on Pearl Street continues to grow as construction of Pearl Street Cove is expected to begin in March.

The commercial/residential development at 1637 Pearl St. will feature retail on the first floor, office space on the second floor and five living units on the third floor, said John Koval, vice president of Boulder-based Coburn Development, which is in charge of the project.

Koval said all five lofts, ranging from 800 to 1,600 square feet, are under contract to sell, but there is a possibility that some additional living units will be built on the second floor. The lofts are reasonably high-end, Koval said, with wood floors, granite countertops and high ceilings.

The building, which used to house the original Mike’s Camera, covers about 21,000 square feet and rates will range from $410 to $450 per square foot, Koval said. Half of the 3,000 square feet of office space on the second floor has been contracted. There is interest from a retail shop and a food related business for the first floor commercial space, Koval said.

The building will feature covered parking, an open-air courtyard on the second floor and an outdoor balcony on the third floor, Koval said. Coburn Development expects to complete construction of Pearl Street Cove by January 2005.

FOUR STORIES IN GUNBARREL: Boulder city council approved a Gunbarrel community development plan that would allow buildings to be as high as four stories tall, despite concerns from residents living in the area.

The measure passed 6-3 with support from council members Robin Bohannan, Shaun McGrath, Mark Ruzzin, Andy Schultheiss, Jack Stoakes and Mayor Will Toor. Council members Tom Eldridge, Crystal Gray and Gordon Riggle voted against the plan.

The redevelopment includes zoning changes that hope to foster more mixed-use residential, commercial and industrial zones.

INDUSTRIAL HOMES:Boulder city council also approved an ordinance to allow residential development in some of the city’s industrial zones. The measure passed 8-0 with McGrath being absent.

About 670 acres of the city’s industrial land could qualify for residential development based on its proximity to existing residential zones and parks. The ordinance drew concerns from local industry leaders who worried that housing built near industries could create problems.

AURORA

CU HOSPITAL OPEN: The first stage of expansions on The University of Colorado Hospital opened Feb. 2 on the Aurora campus at 12605 E. 16th Ave.

The construction project began in January 2002. The $144.8 million Anschutz Inpatient Pavilion, named after Qwest founder Phil Anschutz, is located just west of the pre-existing Outpatient Pavilion on East Ninth Avenue and Colorado Boulevard.

The first stage houses a 36-bed medical and surgical unit, as well as a 10-bed intensive-care unit. All patient rooms are private, feature wireless Web access, 20-inch flat-screen televisions, teleconferencing capabilities and contain accommodations for overnight guests.

In March, four 646-square-foot pavilion suites, a third operating room and a 34-bed surgical unit floor will open.

The August phase will introduce an emergency department, clinical unit, birthing rooms, post-partum beds and a nursery for newborns.

The finished space includes 296,000 square feet; but five floors of unfinished space, totaling 187,000 square feet, will allow the hospital to grow. Eventually, it will lodge 300 inpatient beds and all specialty and referral services now handled at the building on Ninth Avenue.

LAFAYETTE

COMMUNITY HOUSING: The city of Lafayette is turning its attention to affordable housing with the start of its Community Housing Program.

The program will offer market rate or permanently affordable homes in two new city residential developments at Anna’s Farm, located off Baseline Road, and Coal Creek Village east of Public Road.

Program administrator Charles Sauro said 10 percent of the new developments will include homes that are permanently affordable, meaning the price is restricted for the life of home, and 20 percent of the new developments will include homes that are market rate affordable, meaning the price is restricted only at the initial sale of the home.

Market rate units are priced for households that fall within 80 percent to 120 percent of area median income levels. The levels are determined by the U.S. Department of Housing and Urban Development. Permanently affordable homes are available to households whose income does not exceed 80 percent of the area median income. The area median income for the Boulder/Longmont area is between $39,000 and $65,000, depending on household size, according to the department. Sauro also said there is a preference benefit for current Lafayette citizens, meaning that they will get the first chance to buy the affordable homes.

Wonderland Homes is building Anna’s Farm, which will include about 192 homes. Construction is expected to be complete in about two years.

Newtown Homes is building Coal Creek Village, which will include about 432 homes. Construction is expected to be complete in about two to three years.

Regular sale prices for the homes will range from $157,000 to $325,000, Sauro said. The discounted prices are still being established, he said.

Like many communities in the area, Sauro said the goal with the affordable housing push is to get people living in the same area that they work in.

“Part of our market analysis was that many employees couldn’t find affordable housing in Lafayette,” Sauro said. “If you don’t have housing for your workforce, something is going to break down.”

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