Macy’s selling price revealed: $32 million – BizWest

BOULDER — The Macy’s old building in the Twenty Ninth Street Mall sold last week for $32 million, according to Boulder County property records.

Boulder 29 LLC, a joint venture between Denver-based developer Corum Real Estate Group and New York-based Fair Street Partners, has acquired the vacant building from Macy’s Real Estate Holdings LLC.

The Boulder City Council has approved plans to redevelop the department store into a three-story, 154,000 square foot office building with 9,000 square feet of ground floor retail space. Construction is expected to begin in May with delivery scheduled for the fourth quarter of 2023.

“The adaptive reuse of this building will be a great example of how recycling and repurposing obsolete structures can energize irreplaceable real estate,” said Eric Komppa, president of Corum Real Estate Group, in a prepared statement. “In addition to reusing the building envelope, the project will capitalize on the structure’s high ceilings, large floor plates and Flatiron views to create an efficient and environmentally distinctive office environment, perfectly suited to the large variety of tenants and attracted to the Boulder market.”

Since 2016, Macy’s has announced the closure of hundreds of stores, but the company’s other locations in Colorado have so far been spared. Locally, Macy’s operates in Broomfield, Fort Collins and Loveland.

Last year, the Fort Collins location at the Foothills Mall was purchased by a private equity firm tied to the development company that was tapped to lead the mall’s redevelopment.

Plans have been in place to redevelop the Boulder Macy’s for several years.

In early 2021, Boulder City Council decided, by an 8 to 1 vote, to approve a site plan that proposes to turn the closed department store into a mixed-use office and retail space.

Despite the approval, Macy’s project remained controversial due to ongoing concerns that adding office space will exacerbate Boulder’s jobs-housing imbalance.

This imbalance refers to Boulder’s ongoing challenge to provide affordable housing options for the city’s workforce while continuing to add high-paying professional jobs that drive up the cost of housing.

Boulder’s concern about the imbalance between jobs and housing is so acute that the council in early 2019 passed a moratorium on development in a part of the city that includes the Macy’s site. This moratorium, inspired by Macy’s proposal, was intended, in part, to ensure that existing residential and commercial space would not be gobbled up by developers and turned into office buildings. Macy’s plans were launched before the moratorium, which was canceled in October 2019.

In an effort to address these concerns, Macy’s has committed to contributing $3 million to Boulder’s Affordable Housing Program.

BOULDER — The Macy’s old building in the Twenty Ninth Street Mall sold last week for $32 million, according to Boulder County property records.

Boulder 29 LLC, a joint venture between Denver-based developer Corum Real Estate Group and New York-based Fair Street Partners, has acquired the vacant building from Macy’s Real Estate Holdings LLC.

The Boulder City Council has approved plans to redevelop the department store into a three-story, 154,000 square foot office building with 9,000 square feet of ground floor retail space. Construction is expected to begin in May with delivery scheduled for the fourth quarter of 2023.

“The adaptive reuse of this building will be a great example of how recycling and repurposing obsolete structures can energize irreplaceable real estate,” said Eric Komppa, president of Corum Real Estate Group, in a prepared statement. “In addition to reusing the building envelope, the project will capitalize on the structure’s high ceilings, large floor plates and Flatiron views to create an efficient and environmentally distinctive office environment, perfectly suited to the large variety of tenants and attracted to the Boulder market.”

Since 2016, Macy’s has announced the closure of hundreds of stores, but the company’s other locations in Colorado have so far been spared. Locally, Macy’s operates in Broomfield, Fort Collins and Loveland.

Last year, the Fort Collins location at the Foothills Mall was purchased by a private equity firm tied to the development company that was tapped to lead the mall’s redevelopment.

There have been plans in place to redevelop the Boulder Macy’s…