The downtown Boulder landscape has changed dramatically in the last seven years. One after another, downtown properties have been torn down and re-born as modern, high-end, multi-use buildings. The buildings typically include commercial space on the street level and luxury condominiums on the upper levels. The first was One Boulder Plaza in 2002 and the latest is The Arete just a block to the west.

It was not too many years ago that the landscape on Canyon Blvd. heading west was pretty shabby and under utilized. From 9th Street heading east there was; a large vacant lot, a restaurant/bar (too many names over the years to name), a parking lot and a one story restaurant/store most recently occupied by Trios. Now you have the St. Julien Hotel, The Arete and 1155 Canyon.

The Arete is the newest building downtown and is slated to start delivering residences this summer. It is being developed by Tebo Development, a leading Boulder commercial developer and investor. In addition to the commercial space on the street level, the building will include 26 condominiums on floors 2 -4. The average price per square foot for all units in the building is $873. The list prices range from $750,000 to $2,875,000. The top floor is made up of 5 units of at least 1,846 square feet. Each of these units is priced at $1,000 per square foot unfinished. I would expect that the eventual buyers would put in $150 – $250 in additional finishes on those penthouse units. This makes the single family homes in the area seem like a bargain.

 

I have studied this market and have a great spreadsheet of price per square foot for sales over $1.5 million. If you are interested give me a call at 303-413-6624 or send a message to Neil@KearneyRealty.com

 

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