Developers have submitted plans to build 69 permanently affordable apartments on a lot south of Valmont Road on 28th Street in Boulder, city documents show.
Denver-based Koelbel & Co. and Boulder-based Allison Management LLC are partnering with Boulder's Thistle Communities to develop the 28th Street Apartments, a four-building multifamily project at the former site of the Branding Iron Mobile Home Park.
Earlier this month, Boulder 28th Street LLC -- an entity registered to Koelbel & Co. -- purchased the property at 2685 28th St. for $2.85 million from Las Vegas-based EWM Investments LLC, according to Boulder County property records.
"We think it's a great opportunity to pursue some affordable housing pretty close to the core of Boulder," said Carl Koelbel, who specializes in acquisitions and development for Koelbel & Co.
The 28th Street apartment units are the result of inclusionary housing guidelines for the Gunbarrel Town Center mixed-use development near Lookout Road and Gunpark Drive, said Elaine McLaughlin, senior planner for the city of Boulder.
Allison Management, the applicant for the 28th Street Apartments project, is in the first round of a planning staff review, said Mike Banuelos, a city spokesman.
The apartments consist of one-, two- and three-bedroom units -- with floor areas of 559 square feet, 811 square feet and 1,371 square feet -- in four buildings, according to documents filed with the city. All but two of the units are one- and two-bedrooms.
If the project moves forward as anticipated, construction could begin in March and potentially wrap up before the end of 2013, said Andy Allison, founder and principal of Allison Management.
"This is a product that is desperately needed in this town -- new affordable rentals," Allison said.
Contact Camera Business Writer Alicia Wallace at 303-473-1332 or email@example.com.