Boulder Housing Partners (BHP) will act as joint master developer for the City of Boulder’s 30Pearl project, according to an intergovernmental agreement approved by Boulder City Council last night.
Under the terms of the agreement, BHP will manage pre-development entitlements, infrastructure and construction of 120 affordable homes at the 4.6-acre site in Boulder Junction, a 160-acre redevelopment area that is being transformed into a mixed-use, pedestrian-oriented neighborhood with regional transit connections and public spaces to benefit the greater community.
As the City’s housing authority, BHP has a long track record of success in developing, constructing, and operating high quality affordable housing communities in Boulder. It worked with the City in a similar role for the award-winning Holiday neighborhood in North Boulder.
“This the kind of innovative partnership we excel at,” said Jeremy Durham, executive director of BHP. “Working with the City, we’ll fulfill the community’s vision of a vibrant district with new affordable homes for a wide range of residents.”
BHP will finance the project through a variety of sources, such as private activity bonds, tax credits and grants. BHP will not be paid a fee to master develop the property.
As joint master developer, BHP will undertake a variety of tasks, including:
The parties envision a mix of approximately 300 homes at 30Pearl that includes:
Home types and final pricing will be determined by market and economic analysis during the development process.
“We’re eager to get started on this important project,” said Durham. “Everyone in Boulder feels the pinch of rapidly rising home prices and stagnant incomes. This is one way we can make Boulder more inclusive.”
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