A local development team recently purchased a property off 17th and Walnut streets in Boulder -- a site once eyed for condominiums -- with the intention of building a mixed-use development that includes 20 luxury apartments, a broker involved in the deal said.
A group of investors and Boulder-based Element Properties purchased the property at 1707 Walnut St. for $2.87 million from MCV 1707 Walnut Investments LLC, an entity of Boulder's Morgan Creek Ventures.
In 2007, Morgan Creek Ventures paid $3 million for 1707 Walnut -- a property that was home to a 7-Eleven convenience story and Buffalo Exchange. The local developer eyed the property as a second phase for its 34-unit condominium project, "The Walnut," that was built at 1655 Walnut.
The convenience store closed and Buffalo Exchange relocated to a space at 1813 Pearl St., but the 1707 Walnut site sat quiet.
The new owners hope to have the project completed within the next 10 to 12 months, said Terry Kruegel, who represented Morgan Creek Ventures in the transaction.
Holton could not be reached for comment.
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