Developer buys land in Boulder for affordable housing

BOULDER — Denver-based Sagebrush Cos. has sold the former site of Robb’s Boulder Music to ALR Investments led by Boulder-based developer Don Altman.

ALR Investments plans to convert the one-acre site at 2691 30th St. in Boulder to 50 affordable housing units in a few years, but first, it will be used as a hub for homeless services provided by the nonprofit Bridgehouse.

Bridgehouse for the next two years will run a program at the site called Path to Home, providing case management, meals and shelter from the elements.

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ALR Investments paid $4.3 million for the property, according to public records.

“We had a variety of offers and opportunities for the site, but we wanted to find a way to help support Boulder’s homeless and make a contribution to the community in some way even if short term for the homeless,” said Robert “Jake” Jacobsen, chief executive and founder of Sagebrush Cos. “Don Altman was the right buyer considering his desire to provide future affordable housing.”

The housing will be made available to people earning below 60 percent of the area median income. Sixty percent equates to $41,280 for one person, $47,160 for two people, and scaling up to $77,820 for an eight-member household, according to income guidelines published by Boulder Housing Partners, the housing authority for the city of Boulder.