Today marks a major milestone for Boulder 29 LLC., a joint venture between Corum Real Estate Group and Fair Street Partners. The partnership has officially closed on the purchase of the vacant Macy’s Department Store building at the Twenty Ninth Street Shopping Center in Boulder, from Macy’s Retail Holdings, LLC. A purchase price was not disclosed.
Shears Adkins Rockmore is serving as the architect for the project and the team of Don Misner, Joe Heath, and James Roupp of JLL will serve as leasing brokers for the new building. Likely to be leased by one large tenant, construction will begin in May and delivery is expected in early Q4 2023.
Boulder 29 plans to convert the roughly 150,000-square-foot department store into a Class A creative office building that will become one of the last large blocks of contiguous space available in the city. Corum, together with Fair Street, has been working on the redevelopment effort since 2017, and today marks a major milestone for the project.
“The adaptive reuse of this building will be an excellent example of how recycling and repurposing outdated structures can energize irreplaceable real estate,” said Eric Komppa, president of Corum Real Estate Group. “In addition to reutilizing the building’s shell, the project will capitalize on the structure’s high ceilings, large floorplates, and Flatiron vistas to create an environmentally efficient and distinctive office environment that is ideally suited for the wide variety of tenants in and drawn to the Boulder market.”
The building will undergo a complete conversion from a former department store into an expanded first-class, creative office building with supporting retail facing one of Boulder’s premier shopping destinations. The state-of-the-art, three-level building will contain 154,000 square feet of creative office space and 9,000 square feet of affordable retail space.
“The combination of the scarce modern inventory—given the area’s high barriers to entry—and the easy access to the city and surrounding neighborhood’s fantastic amenities, has put new, high-quality office space in high demand in Boulder,” said Jane Kachadurian Fletcher, executive vice president of Corum Real Estate Group.