Loft Development in Northern Colorado

Loft-style Developments Infiltrate Northern Colorado Communities

Infill developments and redevelopments featuring loft-style residences over businesses are breathing new life into Northern Colorado communities’ downtowns.

And similar units are providing the “live” element for the live-work-play scenario offered in proposed new developments, as well.

In the last four years, the inventory of loft-style residences has grown to nearly 800 units throughout Fort Collins, Loveland and Greeley.

Eric Nichols, a broker with Realtec Commercial Real Estate Services in Fort Collins who has been involved in three downtown loft projects, said the demand for loft-style dwellings is primarily coming from baby boomers retiring or planning to retire soon. They are buying lofts as their second homes or making them their primary homes and getting rid of the bigger homes they had built for their children and pets.

“They want to lock the door and disappear for a few months, especially in the winter time,” he said.

Many loft dwellers want to live where the “intellectual energy” and strong cultural environment are concentrated – which is near Colorado State University, performing arts venues and other amenities in or coming to downtown Fort Collins, Nichols said.

“With that type of a venue, you walk out your front door and down the street, you have dinner at one of many venues, go to a performance and have cocktails afterward” without ever needing a car, he said.

The boomers are the target market developer McWhinney expects to attract to its Grand Station development within Centerra at I-25 and U.S. 34 in Loveland, said Chris LaPlante, vice president of mixed-use development for McWhinney.

“We’ve got a lot of interest from folks in that profile,” he said.

Though both LaPlante and Nichols said they expect the loft-style residences to appeal to young professionals of the “Y” generation, Nichols said that market has yet to show much of an interest in them. With prices ranging from $250,000 to more than $1.5 million, with the majority going for $400,000 to $650,000, that generation may have yet to find secure employment since the downsizing within the high-tech industry, he said. Yet he expects a more even split of the market between boomers and Gen Y over the next decade.

Mike Jensen, broker/owner of Fort Collins Real Estate who lists 170 of Fort Collins’ loft units, said he is seeing interest from folks from every stage and walk of life, from undergraduates and graduates who purchase lofts with their parents, young professionals and young families to single people in their 40s and retirement-bound baby boomers. He said lofts he lists are selling for between $275,000 and $450,000, with the most activity in the $300,000 to $350,000 range.

“There’s this trend of people moving back into the urban city centers for a lifestyle,” he said.

During a recent shopping center conference, Jensen said he learned that in 1990, about 72 percent of the nation’s population was living outside of urban centers, or a 1-mile radius of downtowns, but in 2010, more than 50 percent of the population will live within that radius.

“That’s millions and millions of people,” he said. “Lofts and infill development projects are really the wave of the future.”

By RE/MAX of Boulder, Inc.

Kauai - Island of Beauty and Opportunity

Kauai: An Island without Equal
Of all the Hawaiian islands, Kauai - the oldest and most remote island of the major archipelago - stands apart. Though other islands may bow to familiarity, Kauai remains a mystery - one part exotic nature, one part independent spirit - all wrapped in bountiful experiences found nowhere else on earth. To be on Kauai is to touch the soul of a distant and ancient country while still enjoying the close and comfortable embrace of the mainland. Breathe in the haunting majesty of serrated mountains and tumbling seas. Fall under the spell of seductive colors, scents and seasons. Savor her wild nature.

Kauai is an adventure for the mind, body and soul. Tour the National Botanical Tropical Gardens, one of the settings for the movie "Jurassic Park," and enjoy a dazzling display of rare and endangered flora. Discover the enchanting beauty of the Na Pali Coast and the charm of historic island towns. Enjoy the cultural and music festivals of Kauai. Savor traditional island cuisine at a variety of distinctive restaurants. Engage in the many island adventures Kauai has to offer: Zodiac trips to secluded beaches; a 17-mile cruise to view Ni'ihau, Hawaii's forbidden island; whale watching in the winter season; surfing on Po'ipu Beach; Wailua River kayak excursions among hidden falls and ancient rainforests; outrigger rides; helicopter tours; and a sunrise downhill bike tour through Koke's State Park.

If this island paradise sounds appealing, it is time to look into second-home options on this one-of-a-kind island in the Pacific. The definite hot spots are future retirement estates and resort area properties in Poipu and Princeville, but single-family homes are moving, as well. Appreciation is up from last year and interest rates are still relatively low. Purchasers can feel secure that Hawaii is a safer purchase than some other vacation destinations: buying property in the U.S. is inherently less risky than purchasing in some of the third-world destinations gaining popularity in recent years. Property buyers in Hawaii don't have to worry about traveling on foreign airlines, neighboring countries experiencing civil unrest, or clouds on their property titles. Kauai's future is bright as no other warm tropical areas in the U.S. compare to the beauty and uniqueness of Kauai.

Exciting opportunities in both single-family homes and resort communities are available on Kauai. The cornerstone project of this developing world-class resort community- is a 1,100 acre planned community called Kukuiula. Developed by DMB Inc., Kukuiula is said to be the Beverly Hills of the Islands with an unprecedented level of luxury. Kukuiula has lots starting at $1.3 million and cottages from $2.2 million. Two other up-and-coming projects are Koloa Landing, with condos ranging from $900,000 to $1.8 million, and The Royal Palms, with prices slated for $850,000 to $1.5 million. Let one of the members at our affiliate office on Kauai show you all that this lovely island has to offer. Please remember that we can put you in touchwith Realtors your can trust, anywhere in the world.

By RE/MAX of Boulder, Inc.

McMansions

McMansions on the Chopping Block?
Residents of unincorporated Boulder County may soon no longer be able to build homes as big as their dreams.

The county commissioners are expected to vote this fall on regulations they believe would mitigate the impact of large homes on the county’s rural character and resources.

At the July 10 meeting, the commissioners asked staff to draft regulations that would prevent homeowners from building homes on the plains bigger than between 6,500 and 7,000 square feet or from adding on to existing homes to make them bigger than that without purchasing development rights/credits. For the mountains, residents would have to purchase development rights/credits to build or expand homes that would exceed between 4,500 and 5,000 square feet. Both proposed sizes include garages and basements and are about twice as big as what was previously proposed.
The move comes as the median size of a new home in unincorporated Boulder County grew from 5,189 square feet in 2004 to more than 8,000 square feet this year.

The commissioners’ argument is that bigger homes – even those built using green building techniques – are still not sustainable because of the amount of resources associated with both their construction and on-going use, said Michelle Krezek, manager of special projects for the county. As such, those homeowners should have to off-set that resource use by buying development rights/credits that allow the county to purchase open space elsewhere.

County staff members also are researching unique thresholds for Special Character Areas, such as Gold Hill, Eldora and Allenspark, as the board wants to provide them with particular protection, Krezek said.

The commissioners also want to allow property owners who either have or want smaller homes the opportunity to not only sell a portion of their “unused” square footage for a one-time payment, but also have lower ongoing tax assessments on their smaller homes, she said. Doing so will diversify the housing stock and allow people of “varied means” to own homes in Boulder County.

Krezek said the growth of the median size of new homes, along with homeowners substantially adding onto a smaller home – such as building a 6,000-square-foot addition on to a 2,000 square-foot home – or demolishing an existing home to replace it with a much bigger home, is affecting the diversity of housing in the county.

However, the proposed regulations are meeting a fair amount of opposition. Many homeowners, concerned with how the regulations will affect their ability to build their dream home or add on to their existing homes, have spoken against the proposal.

But Ken Hotard, senior vice president, public affairs, of the Boulder Area Realtor Association, said the issue goes beyond individual property rights to the appropriate process for addressing the problem.

“I frankly don’t know whether they should or shouldn’t do something like this,” he said, noting the county already has significant control over home size through zoning, planning review and other regulations.

“Tools exist today that if they were revised they could materially affect home size in an appropriate context that is in relationship” to neighboring properties and the character of the area, Hotard said. Go to http://www.baraonline.com/news/insite/y2007/july/wk12/n1181770336_360399 for more of Ken Hotard's position on the proposed "McMansion regulations.

By RE/MAX of Boulder, Inc.

IBM - New Gunbarrel Facility

IBM Boulder expands data center
Just what the expansion of IBM’s Boulder facility's for a “green” data center will mean for the community in terms of future employment is still not known.

But what city and state officials and economic experts do know is that the expansion will bury IBM’s anchor deeper into the economic waters of the community.

The $86 million project involves retrofitting 80,000 square feet of an existing 100,000-square-foot building on IBM’s campus to data center space, said Dan Willis, spokesman for IBM Boulder. Combined with the existing 225,000-square-foot data center, it will be one of IBM’s largest data centers in the world.

The center will use high-density computer systems with virtualization technology, as well as IBM’s Cool Blue portfolio of energy-efficient power and cooling technologies. This, along with energy-efficient design and construction, will reduce the center’s impact on the environment, thus earning it the title of “green” data center.

Willis said since some of IBM Boulder’s existing 3,400 employees will work in the data center and the company is still determining who will work on what projects, how many new workers IBM will need to hire once the center is built out in April 2008 is still in question. Data centers are not labor-intensive, and an expansion does not require as many additional employees as a new company opening or relocating, Willis said.

Nonetheless, “this is a major investment by IBM in the Boulder site," he said. “We hope that it will bode well in the future for both projects and jobs.”

Frances Draper, executive director of the Boulder Economic Council, said despite the unknown job impact, IBM’s investment is substantial for the community.

“For them to build it here is huge because they’re on the forefront of what IBM is doing and they successfully competed” for the expansion, she said. “The fact that they’ve agreed to put $86 million into this community is putting a huge anchor in for IBM and shows that they’re willing to invest” and would likely invest again in the Boulder site.

“It is a very good anchor that they’ve put down.”

The center will allow IBM Boulder to handle “mega, mega, mega data of companies,” she said. “It really changes the dynamic of the kind of business they can take on.”

The fact that the city of Boulder agreed to give IBM a $100,000 rebate through its pilot business incentive program and the Colorado Office of Economic Development and International Trade awarded IBM $632,000 and will work with IBM to establish a training program for the new data center work force proved that the community cares about having IBM here and made a big impression on company executives, Draper said.

And Boulder will see the impact of the new data center through the multiplier effect as visitors from the company and its customers visit to check out the “showcase” data center or to work on projects, she said. Those visitors will spend money on hotel rooms, food and more, and the center could lead to more suppliers and spin-off companies locating in the area.

By RE/MAX of Boulder, Inc.

Northern Colorado Growth

Small communities lead state in growth-
NoCo towns at the top
Two of Northern Colorado’s small towns garnered the top slots for the fastest-growing communities in thestate from July 1, 2005, to July 1, 2006, according to the latest figures released by the U.S. Census Bureau.

Severance in Weld County topped the list, growing from an estimated 1,978 people in 2005 to 2,590 in 2006,or nearly 31 percent. Wellington, north of Fort Collins in Larimer County, grew by an estimated 661 residents, or 19 percent. Its population reached 4,128 last year and was the second fastest-growing Colorado community ranking. Other Northern Colorado communities experiencing double-digit growth included Johnstown, 13.3 percent; Frederick, 11.74 percent; and Firestone grew by nearly 10 percent in the same period.

In Boulder County, Erie grew from an estimated 12,307 to 14,125, or nearly 15 percent, while Lyons experienced the second-highest growth in the county from 2005 to 2006 with 8.5 percent.
At the county level, Boulder grew from 279,508 residents to 282,304 in the same period, an increase of 1percent. Larimer County increased 1.6 percent, growing to 276,253 residents, while Weld County swelled 3.8 percent, topping 236,857 residents.

Boulder and Northern Colorado Population Growth

Boulder's Farmers Market

Farmers Market A Vibrant Community Affair
While many Colorado communities are home to farmers’ markets, few if any have sprouted into the twice-weekly event that the Boulder Farmers’ Market has become. The market near Central Park has, in fact, grown into a local institution, if you will, that is considerably more than a farmer’s market. It’s a place folks go for quality family time on a Saturday, or where adults take their friends or partners for a relaxing and unique evening out on Wednesday. Years before it moved to its existing location on 13th Street in 1986, the market was made up of four farmers who sold produce on the lawn of the county courthouse, said Mark Menagh, executive director of the Boulder County Farmers’ Markets. A grassroots movement to turn the small operation into a vibrant, community-oriented affair resulted in the move and, ultimately, the market’s expansion. Today, the market has 72 farmer members and 56 food contractors (local vendors who may not grow the base ingredient of their product, but make the product themselves). And all participants must sell their own products.

“We are a farmer-owned market,” he said. “If someone is growing something in Boulder County, we want them to be a member,” but only one food contractor offering any particular product is allowed to sell it at the market.
The growth of the market is also reflected in its revenue projections: Menagh expects the Boulder market to do more than $3 million in sales this year.
And in 2006, between 10,000 and 12,000 customers visited the Boulder market between 8 a.m. and 2 p.m. on one Saturday in July, he said.
The market has also changed in the kind of produce it offers, Menagh said. For instance, more farmers are growing organic produce on smaller acreages, resulting in a higher-quality product.
“Being able to look the farmer in the eye and say ‘how did you grow this’ is a huge benefit” for market shoppers, he said.

The cost of organic goods sold at the market may be higher than that found at a grocery store, “but you’re paying for quality,” Menagh said. And products grown the conventional way are also available at prices comparable or even less than supermarkets’.

The market attracts a “tremendous number” of chefs from the region who come to buy the best and freshest ingredients for dishes served at their restaurants, but also prevalent are the early morning regulars, tourists and late-comers hoping to snag whatever they can before the market closes.

Add 14 prepared-food vendors, serving up everything from sushi to pizza, pot-stickers to tamales, as well as children’s activities, musical entertainment, an occasional fine arts and crafts fair and charitable booths and you’ve got more than a farmer’s market – you’ve got a community festival that happens to run every Saturday morning and Wednesday evening from April through early November.

That makes the Boulder County Farmer's Market the first to open in the state and the last to close every year, Menagh said. In the early and late season, most of the produce is provided by greenhouse growers.
The market also has a Chef's Event, featuring Boulder’s world-famous chefs, which runs in conjunction with the fine arts and crafts show Aug. 18, Sept. 15 and Oct. 13 this year. Some of the other, regular offerings include fresh-baked goods from local bakers, fresh flowers, crafts created from things grown or gathered by the seller, T-shirts, canvas shopping bags and more.

Though Saturday’s market may be the busiest, the Wednesday market has grown 50 percent in the last two years, Menagh said. It offers the same produce as Saturday’s, but Wednesday’s produce was picked fresh that morning.

The food plaza does as much business on Wednesday as it does on Saturday, and Wednesday customers are treated to a beer and wine garden at which they can sit down and chat with the farmers.

The Boulder Farmer's Market is open 8 a.m. to 2 p.m. Saturdays through Nov. 3 and 4-8 p.m. Wednesdays through Oct. 3 at 13th Street between Arapahoe Avenue and Canyon Boulevard next to Central Park in downtown Boulder. For more information, visit http://www.boulderfarmers.org or call (303) 910-2236.

By RE/MAX of Boulder, Inc.