Sagebrush Companies Selects Local Boulder Developer to Help City’s Homeless
Boulder, CO — Sagebrush Companies has announced the sale of 2691 30th Street in Boulder — the former site of Robb’s Boulder Music — a property they received multiple offers for and made the decision to help address the city’s homelessness strategy when selecting their buyer, ALR Investments.
The firm, which specializes in value-add real estate investments and new development, decided to sell the property to a local developer, headed by Don Altman, who has specialized in affordable housing in Boulder. According the development team, the site will become a hub for homeless services for the next two years, and then be redeveloped into approximately 50 units of affordable housing.
“We had a variety of offers and opportunities for the site, but we wanted to find a way to help support Boulder’s homelessness and make a contribution to the community in some way even if short term for homeless and Don Altman was the right buyer considering his desire to provide future affordable housing.” said Robert “Jake” Jacobsen, CEO and founder of Sagebrush Companies.
According to reports, the sale of the property fills a critical missing piece in the homelessness strategy. Bridge House, the Boulder nonprofit, will be running the site for the next two years. The program there will be called “Path To Home” and provide services on-site, case management, meals, a safe place to be out of the elements and sleeping.
After that time, the buyers of the site will join with the City of Boulder to move forward with construction of affordable housing, which will be tailored to people earning below 60 percent of the area median income.