Downtown Superior site bought for multi-use development

SUPERIOR — Carmel Partners, a multi-family real estate development and investment firm with local offices in Denver, has secured a 10.4-acre parcel in the heart of downtown Superior where the firm plans to build a new apartment community and retail center. 

Through holding company CP VII Superior LLC, Carmel bought the site on Main Street from Downtown Superior master developer RC Superior LLC, or Ranch Capital, through its affiliate Morgan Ranch DTS LLC last month for more than $17.8 million, Boulder County property records show.

Carmel plans to build 382 attached residential units above 72,000 square feet of ground-floor retail, office and restaurant space, the company said in a news release. 

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“Carmel Partners understands the vision for Main Street, which has long been a multi-experiential destination for the town of Superior as well as the region,” RC Superior (Ranch Capital) vice president of real estate Bill Jencks said in a prepared statement.

Planning documents submitted to Superior show construction on certain elements of the Main Street project are expected to break ground this year with completion penciled in for 2022. 

“This sale to Carmel is great news for the downtown Superior development,” Superior Mayor Clint Folsom said in a prepared statement. “Final plans were approved in December 2019, and we’ve been anxiously waiting for construction to get started.”

The Carmel site is next to a public park and plaza under construction by RC Superior. It will feature a ballfield, playground, amphitheater, water feature, restrooms and pedestrian and bicycle trails with access to Coal Creek and the U.S. Highway 36 bikeway.

All told, the downtown Superior development is slated to include as many as 817,000 square feet of commercial and retail space, 1,400 residential units, and 46 acres of outdoor recreation and open space. 

In recent years, developers have gobbled up 85% of the developable land, and Carmel’s recent purchase represented nearly half of the previously available acreage.  

Downtown Superior developers have so far completed several elements of the development, such as the Element Hotel and the Sports Stable, which has multiple ice rinks and indoor fields.

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