SOURCE: MKS Residential LLC

June 01, 2012 13:57 ET

MKS Residential Breaks Ground on 3100 Pearl Development

Environmentally-Friendly 319-Unit LEED Silver Class A Multifamily Apartment Complex Is Integral Part of Long-Term Development Initiative by City of Boulder

BOULDER, CO--(Marketwire - Jun 1, 2012) - MKS Residential LLC has announced that it has commenced construction on a 319-unit apartment project located just east of 30th and Pearl streets in Boulder, Colo. The development, known as 3100 Pearl, is a LEED (Leadership in Energy and Environmental Design) Silver, Class A, multifamily housing project.

Based in Solana Beach, California, MKS Residential is an institutional quality developer of Class A apartments initially focused on projects located in the Western part of the U. S. The principals of MKS are industry veterans Ronnie Morgan, Louis Kuntz and Ric Shwisberg.

The project is being constructed by ReyLenn Construction Company, an MKS affiliate, and is expected to open for leasing in the summer of 2013. Construction is scheduled to be complete by June 2014.

"Not only is Boulder in the midst of a housing shortage, it is also one of the most green-conscious communities in the country. While that presents certain challenges, it also makes for an extremely exciting project for us," said Derek Empey, Senior Vice President of development for MKS Residential. "We have designed 3100 Pearl to the highest of green standards as a pedestrian and bike-friendly, transit-oriented community in the heart of Boulder close to employment centers. It is going to be an exceptional community that will lease up quickly."

The two buildings on the 5.3 acre site are three and four stories tall and are being constructed over two levels of subterranean parking. The development includes 194 one-bedroom and 125 two-bedroom units yielding an average unit size of 850 square feet. The 3100 Pearl project also includes 3,000 square feet of commercial/restaurant space.

It is part of a larger development scope for the city of Boulder called Boulder Junction, which was originally known as the Transit Village Area Plan (TVAP), a long-term development initiative designed to expand transit connectivity within Boulder while providing an economic shot in the arm and much-needed new residential neighborhoods.

One primary focus of the 160-acre Boulder Junction plan is to ease traffic congestion and encourage green mass and non-motorized modes of transportation. To accomplish this, the city is constructing a "wooenrf" adjacent to the project. Woonerf is a Dutch term for streets where pedestrians and cyclists have the right-of-way over motorists and share equal access to the street. In the United States woonerfs have been built in downtown Boston and Somerville, Massachusetts, and one is planned for Sunnyvale, California.

Intrinsic to the Boulder Junction development, which is located in the geographic hub of the community and boasts a WalkScore® of 80, is a major walking/bike path. Across the street from 3100 Pearl will be the new Boulder Rapid Transit Village, the city's major bus transfer station and the home of a future light rail station connecting Boulder to Denver. Tax revenues generated by 3100 Pearl will be earmarked to fund the transit facility and adjacent parking facilities. In addition, all residents of 3100 Pearl will be entitled to receive an annual Eco Pass that provides unlimited usage of Boulder County RTD (Regional Transportation District) services.

The centerpiece of the 3100 Pearl community will be a 10,000 square foot feature-rich clubhouse designed to complement the active and outdoor lifestyle favored by many Boulderites. Central to the clubhouse will be a 3,000 square foot fitness center and a 1,000 square foot all-purpose room capable of accommodating fitness programs and activities from yoga and Pilates to P90X®, kickboxing and spin classes.

The clubhouse will also include the leasing/management office, business center, cyber lounge and a game room replete with a teaching kitchen, pool table, indoor shuffleboard, and a Wii®/video game station. Outdoors, a spa and a mosaic-tiled infinity pool will be surrounded by individual seating areas with barbeques and gas fire pits. A self-service bicycle repair facility and pet/dog washing facility will also be located in the parking garage.

Unit amenities include nine-foot ceilings, tile kitchens with granite countertops and Whirlpool® refrigerators, microwaves, dishwashers, and garbage disposals, full size washers and dryers and energy efficient fixtures with decorative lighting.

The project is situated in close proximity to a new Whole Foods Market-anchored shopping center as well as the 29th Street Mall, downtown Boulder, the University of Colorado and the Pearl Street Mall. Major local retailers include a Target, Multiplex Theater, Home Depot and Walgreens, among others.

Major employers in the region include IBM, Sun Microsystems, Google, Lockheed Martin, Qualcomm, and the Boulder Valley School District in addition to the University of Colorado.

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