New Owner, Developer with Local Ties Readies for Construction at The Armory
Seasoned team to deliver approved plan for 201-unit residential village in North Boulder
BOULDER, Co. (August 27, 2019) – Multifamily developer and investment firm Pollack Shores Real Estate Group announced today it will develop The Armory, a 201-unit residential village in North Boulder on the grounds of a former Colorado National Guard post. The Armory marks Pollack Shores’ entry into the Colorado market. Armory Community, LLC, a local investment group led by Bruce Dierking and Jim Loftus, the original visionaries behind the project, will retain a minority interest in the project.
“As a long-term owner, we will build a community that contributes to the vibrancy of the North Boulder neighborhood,” said Steven Shores, President and CEO of Pollack Shores. “We value the site’s storied past, the artists and creative industries in the district and the distinctive character of our surroundings. We look forward to engaging the community as we deliver on Bruce and Jim’s vision.”
Pollack Shores will begin construction this fall and deliver all 201 units in one phase to minimize construction impact. Matrix Residential, the firm’s fully-integrated property management firm, will oversee operations of the community and welcome the first residents in 2021. Matrix maintains one of the highest rankings in the industry for resident satisfaction.
“The Armory is an important site, not only for North Boulder, but for the entire community, and so it is critical that we deliver a first-class project. Pollack Shores and Matrix Residential have the resources and experience to deliver and manage a larger, complex project like the Armory, and we are delighted to have the opportunity to partner with them,” said Dierking. “We have worked closely with the community over the last six-plus years to shape the plans for this site and can’t wait to see it come to life.”
Located at 4750 Broadway amidst the NoBo Art District, the development is a village of 23 buildings clustered along tree-lined streets that blend into the scale and grid of the existing North Boulder neighborhood. The Armory is a mix of two-story apartment buildings, 18 three-story townhomes, 8,400 square feet of retail storefronts along Broadway and two pocket parks that will be open to the public.
As part of the project, the historic 9,500-square-foot Armory Mess Hall and smokestack will be preserved and restored to function as an activity center for residents. Originally built in 1949, this repurposed landmark will feature yoga and fitness classes, a kitchen and bar area, clubroom, outdoor pool deck and leasing office.
“With the area’s job growth and increasing commute times, The Armory provides Boulder employees with a new housing alternative closer to where they work. This is one of the few areas of town where you can walk to locally-grown businesses and the Four Mile Creek Trailhead, connect with the NoBo art scene and live next to an industrial building that houses a brewery and wine tasting room,” said Kim Sperry, Denver-based Managing Director at Pollack Shores. Sperry attended The University of Colorado and has spent her career in the metro area.
The market-rate apartments and townhomes will appeal to residents of all life stages, from graduate students and young professionals to families and empty nesters. With 70% of the units designed as studios and one-bedrooms averaging 627 square feet, The Armory offers an attainable housing option for those seeking the North Boulder neighborhood and lifestyle.
The project team consists of several Colorado-based companies, including The Mulhern Group, which will serve as the architect of record; Martines Palmeiro Construction, the general contractor; and JVA, the civil engineer.
Pollack Shores, known for acquiring, developing, managing and investing in best-in-class multifamily communities, is currently active in Atlanta, Austin, Charleston, Charlotte, Dallas, Denver, Jacksonville, Nashville, Orlando, Raleigh, Richmond, Tampa and South Florida .
About Pollack Shores Real Estate Group, LLC
Pollack Shores is an award-winning full service real estate company creating value through multifamily investment opportunities throughout the Sun Belt. Founded in 2006, the Atlanta-based company has acquired and developed more than 24,000 multifamily units since inception representing in excess of $4.1 billion in total capitalization. Pollack Shores also owns and operates Matrix Residential, an innovative property management firm dedicated to creating exceptional experiences for every resident, property and client. Matrix Residential manages a balanced portfolio of nearly 35,000 multifamily units across eight states.
Together, Pollack Shores and Matrix Residential have the mission of maximizing the value and living experience for every community. For more information about Pollack Shores, visit pollackshores.com/. For more information about Matrix Residential, visit matrixresidential.com/.