Student housing developer buys Best Western site for $ 28.5 million

After five decades as a Best Western hotel, the site at 770 28th St. in Boulder has been sold to a student housing developer.

Chicago-based developer Core Spaces, through holding company Core Boulder 28th Street LLC, purchased the 99-room hotel and grounds for $ 28.5 million from Neda Enterprises Partnership LP.

Core plans to build a 92-unit student housing complex called Hub Boulder.

This would add another offering to the row of student housing developments along this stretch of 28th Street, including the U Club on 28th Street, 104th 28th Street, the Spanish Towers, the Lodge, the Lotus and the Apartments. Kensington.

Built in 1970 as the Royal Inn and Jolly King Restaurant, the hotel was transformed into a Best Western in 1979. It was upgraded to a Best Western Plus in 2011 and was refurbished in 2015.

The hotel was a hub for visiting parents, conference attendees from the University of Colorado at Boulder, as well as visitors to the city’s federal labs. With the closure of Best Western and the two hotels under construction on the hill still years away, hotel sales manager Ari Rubin told BizWest last month that the CU campus area could face a ” lack of choice of accommodation “until the hotels on the hill are finished.

Rubin added that most of the Best Western employees have found employment at other hotels in Boulder.

Core is carving out a place for himself in Boulder.

In 2018, the company purchased 1.7 acre land at 1750 15th St., the former home of LiquorMart, from developer WW Reynolds Cos., For $ 16.6 million.

Core plans to develop a nearly 150,000 square foot three-story mixed-use project with over 14,000 square feet of retail space on the ground floor and 147 apartments on the upper floors.

© 2021 BizWest Media LLC


Source link

Comments are closed.