Trailbreak Partners, a Denver-based commercial real estate investment and development firm, has closed a $44 million construction loan for Picea Residences, a for-sale townhome community planned at 2500 Spruce St. in Boulder, one of the city’s rare infill opportunities for for-sale housing at scale.
Infrastructure work is underway on the project, which spans more than two acres east of Folsom between Spruce and Pearl Streets, just steps from downtown Boulder and the Pearl Street Mall. The four-phase development will feature 52 homes across 10, three-story buildings, with residences ranging from 1,600 to 3,500 square feet.
Picea’s sustainable design blends modern sophistication with Boulder’s future-minded spirit. Residences will offer one- or two-car garages, private rooftop decks with solar-shaded pergolas, and light-filled interiors with contemporary, high-end finishes. The project is also planned to include a percentage of deed-restricted affordable homes, integrated within the development.
As part of the property, Trailbreak recognized MECHA, a women-owned fitness studio with a strong local following, as a valued, complementary use that enhances both the project and the surrounding neighborhood. To preserve the business, Trailbreak sold the building to the operator, allowing the gym to remain in place as development moves forward.
“Opportunities to deliver new for-sale housing at this scale in downtown Boulder are exceedingly rare,” said Doug Elenowitz, co-founder and principal at Trailbreak Partners. “From the outset, our focus has been on creating homes that fit the site, thoughtfully integrate affordability, and respect the character of the block, while preserving amenities that already serve the neighborhood. With the construction loan closed, we’re able to move from years of planning into execution.”
The construction loan was provided by FirstBank, continuing a long-standing relationship with Trailbreak Partners that includes development financing for West Line Village in Lakewood, Colorado, and the construction and recent refinancing of Ridian Apartments in Denver’s Highlands neighborhood. Trailbreak Partners is developing Picea in partnership with Boulder-based Pace Development, with Coburn Architects as project architect, Unscripted Design leading interior design and Hyder Construction serving as the project’s general contractor.
Picea adds to Trailbreak Partners’ growing portfolio of urban and infill projects across Colorado and the Mountain West, including the under-construction KAIA Residences in downtown Denver and Ridian Apartments.
