Conscience Bay Company, a Boulder-based developer, has officially pitched a four-block mixed-use project in East Boulder that includes a 2,500-seat performing arts venue and one of the city’s largest housing projects in recent years.
The proposal for the venue comes as the city prepares to host the Sundance Film Festival beginning in 2027. The project team says it is intended to fill a gap in the city’s performance spaces by providing another location for film screenings and a party room during the winter festival.
The project’s finances hinge on a public-private partnership that would allow the developer to secure lower-cost debt to be paid back with property taxes. The arrangement would need approval from the Boulder City Council.
The proposed site, located at 3550 Frontier Ave., sits at the corner of Pearl Pkwy. and Foothills Pkwy. and is bordered by the train tracks. It is currently occupied by the Sanitas Brewing Company, which is slated to close this month, as well as a coworking space, a gym, pickleball courts, a hardware store and other small businesses.
A central part of the development is a new performing arts venue with a capacity of 2,500 people. It would host about 180 events per year, according to development plans. The project also includes 500 units of housing, ranging from studios to townhomes, making it one of the city’s largest residential developments in years. The plans also call for a hotel with up to 165 rooms.
In addition to housing and an arts venue, the project includes more than 55,000 square feet for arts and cultural uses, such as a rehearsal space intended for local performing arts groups. Another 30,000 square feet on the ground floor would be reserved for food, beverage and retail uses.
The overall project is intended to be pedestrian-oriented and is located near a bus stop at Boulder Junction and a potential train station connecting Boulder to other Front Range cities. Parking would be included within a parking garage that also serves as a barrier between the arts venue and the train tracks.
Renderings show home balconies facing the Flatirons, artists sketching on benches, people gathered at an cafe, a train passing by, a marquee sign over the venue and a street scene at night.
“This is a true community hub,” Daniel Aizenman, director of development and design for Conscience Bay, told Boulder Reporting Lab.
The developer is proposing all-electric buildings and is using a state grant to explore geothermal systems on the site, according to Aizenman. Urban sites often lack sufficient space for geothermal due to utility easements. Aizenman said changes to city regulations regarding easements may be necessary for geothermal to be feasible.
The financing of the large-scale project is unusual for the City of Boulder.
It includes the creation of a quasi-governmental entity to oversee the “Pearl Arts District,” which would be able to issue tax-exempt bonds to pay for public infrastructure, including streets, sidewalks and lighting. Property tax revenue from the district would pay off the debt. Conscience Bay Company is the sole property owner on the existing site.
The Boulder City Council would have to approve the district’s service plan, a governing document that limits the district’s financial arrangements, such as a mill levy cap and debt restrictions. This would serve as one of the city’s oversight mechanisms, according to a city consultant. The council last month gave city staff direction to develop an enabling ordinance and a model service plan for metropolitan districts, which are governed by a board of directors.
City residents or businesses outside of the district would not be required to pay property taxes for the project.
“This is how we are going to be paying for our own growth,” Aizenman said. “This is just on us, at our own peril.”
The project team will be seeking approval from the city, the Planning Board and the Boulder City Council, over the next year or so. Construction could then begin in late 2028, with completion projected in the early 2030s.
Ohh the shiny promises of Developers, offering us another “community hub” just like Boulder Junction was sold to us as. But take a walk through that neighborhood and it remains truly a ghost town; with ground floor “mixed-use” spaces ensured to be vibrant business space still unfinished construction sites. And now this project is banking on a special public-private partnership, which should give us all further pause; because since when are we giving real estate investment firms an ability to take out the same low-interest bonds that fund schools, roads, and other local gov projects? That’s an unfathomable concession to be giving a for-profit corporations, which aren’t being very forthwith about since are hearing about oversight mechanisms from an outside consultant and not the City itself. It also greatly concerns me that if this is such an important resource for Sundance, maybe it should fronting some investment funding here; because haven’t they been handed enough enough tax incentives, rebates and housing exemptions already? Pretty telling how no affordable housing will be included, though perhaps after the last election the City Council will drop such pretense entirely since voters appear either too rich or old to be worried for our local economy esp with an existing commercial space vacancy near 50%. Yet here’s another giant redevelopment project, begging to set another dangerous precedent of being floated on bonds which might otherwise require voter approval if was actually public-serving infrastructure. Moreover, it’s already claiming casualties and displacing existing businesses that have been long-term community pillars. As it’s none-too-convenient Sanitas Brewing is closing just as this project is being promoted as the next great thing…which begs the question at what point does Boulder become but a gilded Ship of Theseus?
Kind of funny how Boulder is trying to transform itself into Park City Utah (and then some) because of Sundance. Sundance is a perfect fit for Park City and Boulder does not compare. Developers see much opportunity. I’m assuming none of those 500 homes will be affordable. But if this is the impetus needed to finally get actually trains connecting the front range, I’m jumping for joy.
I do understand your sentiment fully, but any housing development is good development as far as affordability is concerned. As long as we (unfortunately) let the free market decide how and where people live, the fact is that increased supply will almost always make everything surrounding it more affordable. Even if the individual units are unattainable for lower class folks such as myself and my family, it will downstream make older housing stock cheaper. It’s a pretty observable trend; This is the reason why Minneapolis, Charlotte, and Texas cities are more affordable (among other things). Despite otherwise terrible political choices in the latter two examples, they all pretty freely allow new housing to constantly be built. In turn, these become the most affordable places to live. Blue cities tend to be expensive mostly due to very pervasive NIMBYism that for some reason or another occurred in places like here, SF, parts of LA, Bend, etc. This is why I am happy if housing is built in Boulder, period. I would also (quite controversially) hope that in the future height limit impositions are removed. I am not a fan of developers, and I would much rather housing be government based projects, but unfortunately that would invoke the horrible dreaded socialism we hear so much about, so that won’t fly. If we’re stuck in this limbo, let greedy developers do what they do, because ultimately (and maybe counterintuitively), it actually ends up helping poor people more than anyone else.
And, I wholeheartedly share your sentiment on the trains!!! Let’s get that front range commuter going, and the train from Denver to Boulder to Longmont while we’re at it!!
I don’t agree with your theory that more new unaffordable construction will ultimately make housing more affordable. What could happen is that housing prices may drop in the short run slightly, but will rebound once those units are filled. We don’t have the ability to build out like Minneapolis, for example, which is much larger, but like Boulder has tweaked its zoning all across the city to allow duplexes, triplexes, fourplexes. Unlike Boulder, this will lead to a lot more affordable housing being built in Minneapolis. We need much more than that here in Boulder to move the needle. There are better options, but none this timid city would pursue.
It is arguable that more apartments are not going to be affordable, but that is what the city wants to do. But more retail hardly seems necessary, the retail commercial vacancy rate is very high, and in an outward neighborhood like this, it is not likely that retail would move in. Look at the Sparks development, which had mandated first floor retail, which is mostly empty.
Boulder would do well to re-zone the Boulder Dinner Theater property back to Commercial and buy the property so it can be used as a Venue for Sundance. It is set up well for live performance, film screening and even has a kitchen that could be used to prepare (and sell) light snacks. It is a crime not to keep the Boulder Dinner Theater!
Agree!
Agree!
This is an absurd and insane use of public/property tax dollars. We all love Boulder’s (increasingly anemic) creative scene. But this proposal has our future property taxes literally paying off this developer’s debt.
The reality is the city is clearly in Sundance Frenzy, and now developers are trying to cash in by raiding our local public funds. Here’s some things to think about:
– Get real. A performance art district is not going to emerge in Boulder just because a developer slaps up an “Arts District” sign. North Boulder tried this.
– Sundance is just two long weekends, ~90 films. That’s it. Helps with perspective.
– Under this deal, Boulder taxpayers subsidize a private development to benefit this short seasonal festival. We take the financial risk and divert millions in future city revenue away from core services. Think about that.
– If this “home for Sundance/Arts District” concept were actually a hot investment, wealthy Hollywood backers would be all over it, right? Instead, crickets. So now they want our property tax money to pay the bill if it goes sideways,?
– If you think “PAD” (or Sundance) is going to lure Hollywood companies or studios to relocate here, your high. I lived in LA. They’re not moving.
– Developer claims ~60% of economic impact will come from outside Boulder County. That means we must beat all of Denver in cultural draw. Very shaky assumption.
– Are we really bursting at the seams for creative space? Dairy Center is not exactly booming.
– Adding 60,000 sq ft of “rehearsal/performance space”. Huh?
– How do performing artists afford to live here? Currently there’s zero affordable housing earmarked for creatives (and there should be).
– Revenue projections assume full leasing. Downtown is suffering its worst vacancy rates in decades, about 40 percent. There is actually no business growth happening in Boulder right now.
– Next to a highway?
– $1.6B in statewide impact over 30 years. Com’on. Really?
– A 2,500-seat venue would need events nearly every other night to hit their numbers. Even the Boulder Theater doesn’t do that.
– FirstBank Center. Never profitable.
– And the kicker: “The project’s finances hinge on a public-private partnership… paid back with property taxes.”
Wake up city council. Slow down. Sundance is exciting. Let Sundance come to town. See what they really bring to the town. Then measure. If it’s hot, then city can invest smartly like we did with Open Space in the 70s and 80s. We knew it was working back then. Meantime, plenty of empty offices for an amazing HQ. And remember: if PAD is so hot, private money would follow. Instead they want us — city residents — to take the risk.
Go ahead, build PAD. Exciting.
But not on our dime.
PS: the PAD logo is lame.
City residents or businesses outside of the district would not be required to pay property taxes for the project.
Jaime, and your point?
Yup, this is not a town for creatives and the culture reflects that. What we could probably use are more small to medium size venues like Roots Music Project. Did anyone consult with them to see if musicians outside of Boulder are clamoring for large performance spaces in Boulder? As you say, they certainly can’t afford to live here so would they bother with this silly place? And the whole Boulder Junction project is such a soulless and wildly out of proportion eyesore, it doesn’t inspire hope that this developer will be able to cancel that out and create something nearby that draws people to that space regularly. Does anyone really want to live at Boulder Junction or is it the just the best of very limited options for those who do?
First Bank Center? You include that? That venue was never a good idea, not because Broomfield didn’t need a venue, but because the design sucked. It tried to be too flexible. It was a horrible concert venue. Acoustics were awful. Sight lines were, too. I always dreaded seeing anything there.
Boulder County needs a true Performing Arts Complex. One that has backstage space for traveling shows, as well as for local theater companies. It’s too bad that the Boulder Dinner Theater building isn’t being utilized. Repurposing that and expanding upon that would be the best use of funds instead of starting over. But when has government ever made sustainable choices?
” City regulations regarding easements may be necessary for geothermal to be feasible”
Huh? Need more detail on this.
City needs to resolve public/private easements for geo to be approved. They already dropped the ball on the Darkhorse development for geo. Need immediate action for this one.
Just stupid. Anyone aside from myself notice we developed the bejesus out of Boulder during the pandemic while shuttering existing businesses and allowed many people to just not pay their rent irregardless of whether they could actually pay or not? Ditto with harboring illegal aliens. Our so called politicians are idiots and clearly take financial bribes to build a bunch of unaffordable crap no one wants being boulder is boulder. We’re clearly not immune to massive inflation and a crap job market, yet we pride ourselves on a shit project like this that caters more to outsiders than anyone that lives here. Build your crap. Bet it’s not the tax revenue generator you think it will be, just another unsuccessful eyesore that sits largely empty.
Everyone please speak up to Council and to Nuria our City Manager about this. As others have said, this proposal is a joke! It will have our future property taxes literally paying off this developer’s debt. –>
rivera-vandermyden@bouldercolorado.gov
Council@bouldercolorado.gov
We already have a 2500 seat venue at Macky Auditorium. We need something mid-sized that will be useful year-round.
There should be zero development in that area without a plan and funding for an underpass or an overpass across the train tracks. It is literally insane to have freight train, shutting down traffic in urban areas. I’ve lived in Boulder County for 30 years, but I grew up on the East Coast. The inability for these front range communities to stop acting like this is a rural area where freight trains can just roll through town and recognize they live in a densely populated urban area where bringing traffic to a standstill is totally unacceptable, boggles the mind.
This should’ve been done with the last round of development on E. Pearl St. Certainly no additional development should be allowed without solving the railroad crossing problem..
If this Developer thinks that this is going to work then they need NO PARTNERSHIP from the City. No breaks, no nothing. This will be another disaster like we see at Oliv on Canyon ( zero retail on the first floor), the Development at 30th and Pearl …east to the train tracks and north to Valmont. This is a what ???? I can’t even describe it other then it is a “mini Manhattan” in Boulder , Colorado. 4 story buildings with zero beauty, pretty much empty on the first floor and who knows what % is occupied above and at what rent price. This proposed development is displacing the businesses that are there that actually serve us in Boulder and as we lose these we are having to go to Longmont,Erie etc to find these small businesses that help us live in Boulder. It’s a totally dumb idea and the “dangle” is the 2500 seat theatre …that may get used 20 times a year…MAYBE. and we already have CU that probably has that space and plenty of of commercial spaces that could be used those 20 times a year (like the old Macy’s…you could put 2500 people in there for 5 nights in a row and at least use the place…it’s been empty since it was built….just sayin. Why is this city falling all over Sundance like it is going to save us…it’s gonna bleed us blind and then leave…… I say NO to public money being used…let Conscience Bay take 100% of the risk.
Screw Sundance…they wanted to come here’Let them buy the venue and repurpose it. I don’t want any of my tax dollars used for Sundance or any Development that creates a “venue” Boulder does not need. avenue. We have plenty of empty Buildings that if we thought outside the box could be used not to mention that Sundance is here for 2 or 3 weeks out of 52. Boulder is Sundance crazy and that is ridiculous.