Newmark has announced the sale of 8.55 acres at 4750 Broadway, Boulder, Colorado, a fully-entitled, shovel-ready development site in Boulder, CO. The site - formerly Colorado National Guard headquarters - will be developed by the investment firm, Pollack Shores Real Estate Group. This is Pollack Shores’ first development in the Boulder market, with plans to deliver a 201-unit market-rate apartment and townhome community by 2021. The project will be completed in one phase. Newmark Executive Managing Director Chris Cowan and Vice Chairman John Jugl, Jr. represented the joint sellers, Bruce Dierking, Armory Community, LLC & Jim Loftus, Loftus Development Inc., in the transaction.
“We have worked closely with the community over the last six-plus years to shape the plans for this site and can’t wait to see it come to life,” revealed Bruce Dierking in a company press release. “Pollack Shores and Matrix Residential have the resources and experience to deliver and manage a larger, complex project like the Armory, and we are delighted to have the opportunity to partner with them.”
“With an extensive entitlement period, Boulder’s zoning laws, and lack of developable land sites, The Armory Boulder will be nearly impossible to replicate”, commented Chris Cowan.
“With 64,000 people commuting to Boulder from elsewhere every day - and an additional 30,000 expected by 2040 - the already unprecedented demand for housing will only become more acute given that Boulder’s developable residential land is expected to be fully built-out by the mid-2030’s,” shared John Jugl, Jr.
The Armory Boulder offers a necessary need to the area with major employers nearby, such as Google, Amazon, and Twitter. The site is located ten minutes from the University of Colorado Boulder (CU) and the renowned Pearl Street Mall with over 800 businesses and nearly 7,000 employees. Its proximity to the foothills in North Boulder (NoBo) brings an abundance of biking, running and hiking trails that will resonate with its inbound residents.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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