Mill Village apartments break ground | Real Estate Column | Boulder County Business Report
Mill Village apartments break ground
LONGMONT — Developers Roger Pomainville of Aspen Gold Development Co. and Wendell Pickett of Frontier Companies LLC were scheduled to break ground Aug. 1 on the $34 million 1600 Iron Horse at Mill Village Apartments project in Longmont.
The 220-unit luxury complex will be located at the southeast corner of Third Avenue and Ken Pratt Boulevard on Longmont’s southeastern edge. The first units are scheduled to be ready for leasing in May, with the entire project slated for completion by October 2014.
FirstBank of Longmont provided a $22.1 million construction loan. Neil Littman and Scott Reichenberg of Signature Partners managed an $11.9 million equity raise from local investors. And Denver-based Shaw Construction is the builder.
The Mill Village apartments join the Roosevelt Park mixed-use project downtown as the second upscale apartment complex under construction in town.
The Mill Village apartments will include 144 one-bedroom units measuring 706 square feet each, 66 two-bedroom units measuring 1,088 square feet and 10 two-bedroom townhouse units measuring 1,250 square feet. Finishes will include plank floors, granite countertops, stainless steel appliances, walk-in closets, full-sized washers and dryers, and decks. Rents will range from $1,025 for one-bedroom units to $1,395 for the townhouse units.
The complex also will include a 4,200-square-foot clubhouse that includes a fitness center, theater and media/conference room, hospitality lounge, business center, dining/kitchen area and management offices.
SEARS AT PARKWAY: Sears Hometown and Outlet Stores Inc. has leased 9,500 square feet of retail space at the Parkway Promenade shopping center in Longmont, where it will open a Sears Hometown Store.
The Parkway Promenade, a 125,000-square-foot center owned by Actis LLC’s subsidiary Blackfox Parkway Associates, has been undergoing a $3 million to $5 million renovation near the intersection of Ken Pratt Boulevard and Main Street.
Sears Hometown’s arrival in Longmont comes after Sears closed a store at Twin Peaks Mall last year. Sears Hometown is a scaled-down version of Sears’ conventional stores, focusing on home appliances, hardware, tools and lawn and garden equipment.
Actis owner Richard Groves said the Sears Hometown Store will occupy the space that previously housed Corral West Ranchwear next to Big Lots. The store joins Lucky’s Market, which is slated to open Aug. 14. Restaurant chain Modmarket also will open a location at Parkway Promenade.
Groves said Modmarket is shooting for a Nov. 1 opening date, and he’s hoping Sears Hometown also will open sometime in November.
Michael DePalma and Sean Kulzer of SullivanHayes represented the landlord in the lease deal with Sears Hometown.
PRICEY HYGIENE HOME: A bank-owned home outside Hygiene was the most expensive sale in the Denver metro area in June as luxury home sales in the area increased yet again.
The figures, released in a report by Coldwell Banker Residential Brokerage, are based on Multiple Listing Service data of all homes sold for more than $1 million last month.
The 10,821-square-foot home on 40 acres at 6880 St. Vrain Road sold for $4.25 million on June 24. The Boulder County assessor’s website shows the previous owner as First Western Trust Bank in Denver.