Large multifamily project planned on Longmont’s north Main

LONGMONT — A Kansas City, Missouri, developer and Los Angeles investor group have secured a nearly five-acre parcel on Main Street just north of Longmont’s downtown strip and plan to build a large apartment project. 

The project, known as Main 16, will be located along Main and Terry streets between 16th and 17th avenues and is expected to include 260 one- and two-bedroom units and nearly 7,000 square feet of commercial space, according to developer Garrison Cos. 

Main 16 Owner LLC, a holding company affiliated with the California address of real estate investment outfit Cypress Equity Investments, is buying a trio of plots in the area from Les D. Stennette Trust, according to brokerage NAI Affinity, which represented the buyer. 

“This is an excellent redevelopment site in the heart of Longmont with great frontage on Main Street and in close proximity to grocers, restaurants, retail and other amenities,” NAI Affinity president Jake Hallauer said in a prepared statement. 

The deal has yet to be recorded by Boulder County, but preliminary plans for Main 16 have been filed with Longmont planners and are under administrative review.

Small, existing buildings on the site, which Garrison describes as “in dire need of redevelopment,” will be razed.

The developer and Longmont are partnering to seek tax-increment financing to help pay for the project, according to Garrison. 

“This project will reserve 12 units (the minimum) for tenants at 60% or less of area median income,” according to Garrison’s Main 16 project description.

Rents will start at $1,150 for one-bedroom affordable units and range to $2,000 per month for a market-rate two-bedroom, Garrison’s website said. 

Garrison has development projects in the works in Kansas City, St. Louis and Denver, while CEI has Colorado offices in Denver and Aspen.

on Facebook on LinkedIn