City Park Flats developers close on purchase of land from Boulder
BOULDER — Developers this week closed on the $1.3 million purchase of land from the city of Boulder, where they plan to build 70 apartments geared toward middle-income residents.
But Kyle McDaniel, who is leading the group Airport Adventures LLC, said Thursday that groundbreaking for the City Park Flats is likely still a year away.
McDaniel said the group is still working through the site-review process with city planning staff. Planning-board approval is not required for the project, though it is subject to call-up.
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The triangular 2.5-acre property at 3289 Airport Road sits between a residential neighborhood to the west and the Boulder County Jail and Boulder Municipal Airport to the east.
The project is slated to include 37 one-bedroom units, 29 two-bedroom units and four three-bedroom units ranging in size from 700 square feet to 1,100 square feet. Sixty-seven one-car garages would be integrated into the structures, with 22 more outdoor parking spaces onsite.
Rents for the units would likely range from $1,100 to $2,000. McDaniel, however, said he and his partners are still deciding whether to make the units for-rent or for-sale. He said he’s unsure what price range the units might sell in. Geared toward middle-income residents, the City Park Flats won’t be luxury units and aren’t in a prime central location, but he noted that the attractive mountain views could provide a draw.
“We’re not sure yet which way we’re going to go,” McDaniel said.
If developers opt to rent units, he said they would likely pay cash-in-lieu to meet the city’s requirements for permanently affordable housing. If they go the for-sale route, he said, the plan would likely be to make 20 percent, or 14, of the units permanently affordable for lower-income residents.
McDaniel said construction would take about 14 months, meaning the development wouldn’t be finished until sometime in mid-2018.
McDaniel said he doesn’t have a cost estimate for the project yet, but said that Airport Adventures is working with Boulder-based Coast to Coast Development as the builder.
