Sagebrush progressing on redesigned, downsized building project in Boulder

BOULDER — Denver-based Sagebrush Cos., a real estate investment and development firm, on Thursday said that it plans to break ground during the fourth quarter on a 54,000-square-foot industrial office building at 5125 Pearl Parkway in Boulder.

The three-story building has a conventional design and a smaller footprint compared with plans announced in 2016 that called for an 80,000-square-foot building with a futuristic design that resembled a spaceship.

The building will be constructed on a 2.5-acre site, about a mile from the new Google campus located at the southwest corner of Pearl and 30th streets.

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“This will be a high-quality creative industrial office building that will fill a need in Boulder, especially considering the impact of the new Google campus and explosive development on the east edge of Boulder, Robert “Jake” Jacobsen, chief executive and founder of Sagebrush, said in a prepared statement.

Don Caster, a principal, and president of acquisition and development at Sagebrush, told BizWest by phone that construction on the industrial building is scheduled to begin sometime in the fourth quarter of this year. “The project has been approved, and right now we are in the process of finalizing permits,” Caster said.

Caster said the two factors that caused the change in design and size were the inability to find contractors who could build the futuristic design, and the cost of the project. Caster said the futuristic design was coming in at $400 per square foot, and the cost of the conventional design that will be built is $200 per square foot.

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The architect and general contractor is the Beck Group based in Denver. It will be a Class A development meeting Gold LEED standards.

The firm has been active in the Boulder real estate market in recent months, most recently selling a property at 2691 30th St., a property they received multiple offers for and ultimately made the decision to help address the city’s homelessness strategy when selecting the buyer, ALR Investments.