Rental Village [Development Update]

by Osman Parvez

Heads up!  As Boulder Junction nears completion, another adjacent development is seeking Planning Board approval. Late last month, the board conducted a second Concept Review of 3000 Pearl Street a.k.a. "Pearl Place" or "Reve Pearl." This is the large lot on the south west of the corner of 30th and Pearl Street, directly across from Barnes and Noble. 

The most recent proposal calls for ~103,000 square feet of office, 12,000 square feet of retail/office (flex) space, 12,000 square feet of retail/restaurant, and 242 residential rental properties comprised of studio, one, two and three bedroom units along with live/work units. The development would require a rezoning for two areas of the property 

Reve Pearl joins Solana (319 rental only units) and Boulder Junction (71 affordable rental apartments). That's a lot of new rental properties in very close proximity. 

Nickel Flats (just 16 units) is the only for purchase, market rate development currently underway in the former Transit Village Area Plan. At least 7 of those units are under contract. Here's an example of one that is currently available.

Note, Planning Board minutes show repeated concern over the number of residents. When complete, Boulder Junction was expected to have between 2,800 and 5,000 new residents and 2,900 to 4,300 jobs. Little did we know the vast majority of those residents would be renters. 

Additional Resources: 
Boulder Development Map
Planning Board Packet

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This document contains forward-looking statements. You are strongly cautioned that investment results are subject to business, economic and other uncertainties. There are no guarantees associated with any forecast and the opinions stated here are subject to change at any time. Always consult your financial advisor before making an investment decision.