Markel buys 18 lots in Prospect New Town
The Boulder builder also has a deal to purchase 40 more unimproved lots, and Markel president Michael Markel said the company would likely close on those sometime in the next 18 months.
Markel Homes bought the lots from Kiki Wallace, who has developed the 80-acre former tree farm into the “new urbanist” community it is now. The sale price was not disclosed.
The lots Markel has bought and will buy are all for single-family homes and town houses in the southwest quadrant of the development. Wallace still owns chunks of land primarily in the northeast part of the development that are slated for condominiums and about 70,000 square feet of commercial space.
Markel will develop the homes in the same style for which the Prospect neighborhood is known, with narrow tree-lined streets connecting homes with various public amenities and retail. However, Markel will design the architecture for the lots it owns, with a mix of contemporary and traditional styles using eco-conscious construction.
“We really enjoy Prospect,” Markel said. “For us, it’s an exciting project because we get to do some various types of architecture with diversity and different floor plans.”
Markel said the townhomes would have sale prices in the mid $400,000s and include about 2,500 finished square feet. The single-family homes will range from 2,700 to 3,500 finished square feet and run from the mid $500,000s to about $800,000. Some of the lots also are approved for carriage houses.
Markel said construction on the first set of lots could begin by October.
Wallace said the timing was right for him to try to move on and do something else despite the condominium and commercial lots he still owns. He said he hopes to develop another piece of land down the road, but doesn’t own such a parcel at this time.
“I got a very nice offer to get rid of my debt, put money in the bank and still have quite a bit of equity in the development,” Wallace said.
FOOD PROSPECTS: The announcement in July that the nation’s largest flour miller, Ardent Mills, will be locating its headquarters in the Denver area already could be fueling spinoff interest locally from other related companies.
Within the last month or so, the Longmont Area Economic Council has worked with a pair of food-related companies interested in a large production facility. The LAEC doesn’t disclose the identities of prospects, but the latest is listed by LAEC as a “food-processing and distribution company looking for a 30-acre site or an existing 300,000-square-foot former food processing facility.”
That latest prospect could bring 215 employees to the area. The only existing facility that would fit the billing in Longmont is the former Butterball turkey packaging plant at First Avenue and Main Street. LAEC president and chief executive John Cody said any land that is large enough and has the proper zoning could be a possibility for such a company, but said he couldn’t divulge what such sites might have been identified for the prospect.
The other prospect the LAEC has dealt with recently is a food and agriculture-related company that is also looking for a food production facility, although smaller, in the 100,000- to 150,000-square-foot range. While Butterball is the only food production facility that large in town, there are other vacant spaces big enough to be converted.
Cody said interest in the Butterball facility hadn’t necessarily picked up. But with two food production-related companies looking for space in the area, he speculated that such interest might be stemming from the Ardent Mills announcement, with companies believing that locating near the Ardent Mills headquarters could be good for their own businesses.
The Butterball plant, which is about 300,000 square feet, closed in December 2011. The company declined to say recently whether it had any interest from specific potential buyers for the facility.
LUXURY SURGE CONTINUES: Twenty-two homes in the Denver metro area sold for more than $2 million in July as the market for luxury homes continued its surge.
Denver led the way with 42 luxury sales, while Boulder was second with 25.
The Coldwell Banker Residential Brokerage luxury homes report is based on Multiple Listing Service data of homes sold for more than $1 million in the metro area.
In all, 139 luxury homes sold in July, a jump of 90.4 percent over the same month a year ago and up from 112 in June this year. The homes sold in an average of 108 days in July, a decrease of 33 days from a month ago.
SALES SHAKE UP RETAIL: Commercial retail development has heated up in Broomfield with a pair of major transactions.
A group called FlatIron Marketplace 2013 LP closed last month on a deal to purchase from DDR Corp., most of the FlatIron Marketplace development, which lies east of FlatIron Crossing mall. The sale price for the FlatIron Marketplace transaction was $20.3 million, according to the Broomfield County assessor’s website.
Also, Garden Ridge, a Dallas-based home decor retailer, said it will open its first store in Colorado at 1660 W. Midway Blvd., the site of a former Target store that closed in early 2012.
The Garden Ridge store, which will be the chain’s 64th nationwide, is slated to open in October. Garden Ridge purchased the 117,000-square-foot store and the 11 acres of land on which it sits from Target Corp. The sales price was not disclosed.
FlatIron Marketplace, meanwhile, purchased the majority of a shopping area that covers 45 acres and more than 400,000 square feet of restaurant and retail space bounded on the west by Interlocken Loop, the south by Interlocken Boulevard and the north and east by U.S. Highway 36. Much of the area has fallen on hard times in recent years, with large stores such as Nordstrom Rack, the Great Indoors and Linens N Things closing.
The area purchased by FlatIron Marketplace does not include the Great Indoors location, which still is owned by Sears Roebuck and Co. But it does include buildings occupied by Best Buy, Pier One Imports and Men’s Wearhouse, along with restaurants such as Noodles and Co., Mimi’s Café and Qdoba.
A representative for FlatIron Marketplace 2013 LP could not reached.
Bo Martinez, Broomfield’s director of economic development, said he believed it was still unclear whether the new owners of FlatIron Marketplace properties would try to find new tenants or redevelop any of the area.
The new Garden Ridge store will carry more than 500,000 home décor items for inside and outside, according to the release, from furniture and patio cushions to wall décor, lamps and bedding.
ARCA MOVING HQ: Arca Biopharma Inc., a bioscience firm researching drugs to treat cardiovascular disease, is planning to move its headquarters from Broomfield to an office park in Westminster.
Arca Biopharma (Nasdaq: ABIO) has signed a 36-month, $240,000 lease with CirclePoint Properties LLC for a 5,300-square-foot space in a building at 11080 Circle Point Road, according to a document filed by Arca with the U.S. Securities and Exchange Commission.
The lease is scheduled to start Oct. 1. The building is in the CirclePoint Corporate Center, just west of the Westminster Promenade shopping and entertainment complex. Arca’s headquarters currently is in a 4,500-square-foot building at 8001 Arista Place in Broomfield.
VFW MOVES: The Lafayette branch of the Veterans of Foreign Wars, Mile High Post 1771, has purchased the building at 110 E. South Boulder Road and expects to be open by Sept. 1.
The VFW bought the 2,080-square-foot building for $400,000 from the Boulder Municipal employees Federal Credit Union, which is focusing more of its business on Boulder. Colorado Group brokers Miles King and B. Scot Smith represented the seller, while Phil Irwin of Irwin and Hendrick represented the buyer.
Looking for a smaller venue, the VFW earlier this year sold its former building at 105 W. Emma St. to Big Red F Restaurant Group, which plans to open The Post Brewing Company in the location this fall.
Joshua Lindenstein can be reached at 303-630-1943 or firstname.lastname@example.org.
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