Markel Homes ramps up Phase II at North End | Real Estate Column | Boulder County Business Report
LOUISVILLE — Boulder-based Markel Homes Construction Co. is ramping up Phase II of its North End residential development in Louisville.
Markel Homes’ president Michael Markel said 87 homes must be completed to finish the 207-home Phase I, near the intersection of Colorado Highway 42 and Paschal Drive. But many of those are duplexes and lofts, and the rebounding housing market made now a logical time to break ground on Phase II, Markel said.
“We’re sold-out of single-family homes in Phase I, so we wanted to continue the single-family home marketing,” Michael Markel said. “That was a natural to go right into the single family.”
Phase II, on the north side of South Boulder Road and just to the east of Colorado Highway 42, will include 143 homes when complete, including 80 single-family homes and a combination of town homes and lofts. It also will include 66,000 square feet of commercial space.
Markel Homes has broken ground on the infrastructure for Phase II, including streets. Michael Markel said the construction of Phase II model homes and the first speculative homes will begin within the next 45 days. He expects model homes to be completed by the fourth quarter of this year, with homes ready for move-in by first quarter 2014.
Markel Homes has made the first 26 single-family lots in Phase II available for purchase. They will range in size from 1,600 to 3,000 finished square feet. Including unfinished basements, the range is 2,300 to 4,000 square feet. Prices will range from $494,900 to $624,900.
Phase I has been in sales and construction mode for about four years. But with the economy improving, Michael Markel estimates that the smaller phase two will take only two to three years to wrap up depending on sales.
ADVANTAGE EXPANDS: Advantage Coatings Technology Inc. has moved from 385 S. Pierce Ave. to a larger space at 1533 S. Arthur Ave. in Louisville.
Both locations are in the Colorado Technology Center, near S. 96th Street and Dillon Road.
Advantage Coatings Technology leased 11,022 square feet of space from United Refrigeration on Arthur Avenue. The move, according to a press release from the Colorado Group, which facilitated the lease for both sides, allows Advantage Coatings Technology to expand its warehouse space by 25 percent and continue to grow.
The 9-year-old company manufactures and distributes floor coatings, finishers, sealers, stains and a line of paint for sport floors.
The building at 385 S. Pierce was purchased in May by outdoor products distributor Canaima Outdoors Inc., which does business as Gibbon Slacklines.
Jessica Cashmore, Neil Littmann and Scott Reichenberg were the Colorado Group brokers who facilitated the lease.