Rêve developers close on 2 of 4 properties for $4 million

BOULDER — Developers of Rêve, the mixed-use project slated for the southeast corner of 30th and Pearl streets in Boulder, closed this week on two of the four properties needed for the site for a total of $4.05 million.

Tennessee-based Southern Land Co., paid $3.1 million for 3000 Pearl St., which includes a 12,000-square-foot office building at the corner of 30th and Pearl that will be torn down to make way for the new development. A group of local investors managed by Andrew Freeman and Harris Faberman, which bought the property in 2006 for just shy of $2 million, was the seller.

Southern, meanwhile, paid $950,000 for the property at 2120 32nd St., which was owned by Alvin Baker and is home to one of Gene’s Auto Repair’s two Boulder sites.

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Southern gained planning board approval last month for Rêve, which is to include 114,000 square feet of office space, 24,000 square feet for retail and restaurants, and 244 for-rent housing units ranging from efficiency and studio units to townhomes. Barring a call-up by city council this month, the project has the go-ahead, and Southern officials have said they hope to break ground in the fall.

The other two properties to be included in the project are a pair of car-lot sites at 2100 and 2170 30th St. Southern Land is under contract to purchase those two properties. Southern Land senior vice president Michael McNally on Tuesday declined to disclose the pending sale prices on those properties. He said those deals wouldn’t likely close until after a possible call-up by city council.

Freeman, whose real estate business Freeman Capital Management is based in the 3000 Pearl building, said he anticipates moving out sometime in June or July. He said he’s identified a couple of possible places to move his company but hasn’t nailed down a lease yet.

The 3000 Pearl building has 15 tenants in all, primarily small medical and professional services offices such as law firms.

“We’ll be communicating with them when we get a little more clarity on construction start dates,” McNally said. “But right now, we don’t have any set dates (for when current tenants will be required to move out).”