Future of ‘The James’ redevelopment in Boulder rests with new owners following sale

BOULDER — Element Properties, a Boulder-based real estate development and property-management firm, has abandoned its plans for a mixed-use development at 1750 14th St., having recently sold the land on which the former James Travel building sits for $2 million. But officials for Element indicated that the project, which gained planning board approval last fall, might still move forward with the new owners.

Element principal Scott Holton didn’t give a specific reason why his company decided to leave the project, called The James, behind. But he did say in an email that selling the property helped allow Element to pursue the recent $9.7 million purchase of the 60-unit apartment complex at 2121 Canyon Blvd. Holton said Element bought that property in partnership with Neil Littmann and Scott Reichenberg of Signature Partners, with plans to pour $2 million in renovations into the site beginning later this year.

Element — which is also leading the 680,000-square-foot redevelopment of the former Sutherland’s lumber yard, dubbed Spark — had purchased the 1750 14th St. property for $3.7 million in 2013. The company then sold the 10,000-square-foot building there to the owners of Tax Guard Inc. and 20/20 Tax Resolution Inc. for $2.6 million, keeping ownership of the three-quarter-acre parcel of land. Tax Guard, which had been based in Broomfield with 20/20, has since moved into the building.

Public records show that Element’s recent sale of the land was to MUFC LLC, an entity formed by Tax Guard and 20/20 co-owner Brian Biffle.

Biffle couldn’t be reached for comment. But Holton said Element had sold the property “to a neighbor that shared our vision and stewardship for the site and the Civic Area.” He added that the new owners would be moving forward with “likely something very similar,” though he said he’s unsure of their timeline.

Element had gained approval on the site for a four-story, nearly 70,000-square-foot building that would wrap around the existing office building, which is two stories tall. The new building would have included more than 40 apartment units, retail and office space, and a parking structure.

After getting planning board approval in October, Element had signed a development agreement with the city that allows the entitlements to remain in place for three years. Elaine McLaughlin, a planner with the city, said no applications for technical documents or minor modifications have been made for the site.

The James, which had been granted a height exception of 52 feet where 38 feet is allowed, was exempted from a height moratorium enacted earlier this year by city council because the project had already gotten planning board approval.

Holton said another development-related ordinance passed by the city this year — a fee on new commercial development that will help fund the city’s affordable housing program — did not impact Element’s decision to sell the 1750 14th St. property.

“We are developers and owners of permanently affordable housing in Boulder, so affordable housing fees are something we are very familiar with and had nothing to do with our decision to let another local owner run with our vision at 14th Street,” Holton said.

As for the apartments at 2121 Canyon, Holton said in his email that the renovations would be “substantial” and include: modernizing the apartments, making energy-efficiency upgrades, and adding bike-storage and pet facilities. The complex includes studios, one- and two-bedroom apartments. He said the new ownership will maintain “market rents that serve residents with incomes around 80 percent of (area median income).”

“We will continue our model of providing cool apartments in a walkable location with great architecture and design that are also pet-friendly, energy-efficient, and emphasize a walking/biking lifestyle,” Holton said.

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