Bancroft Capital Launches “The Peloton”—a $142 Million Dollar Mixed—Use Condominium Development in Boulder

City officials expect The Peloton to provide much—needed housing to Boulder residents

Bancroft Capital, a leading real estate investment company, today announced its plans to develop “The Peloton”, which will be located at the corner of 33rd Street and Arapahoe Avenue in Boulder. The Peloton—expected to be completed in 2007—is a $142 million dollar mixed-use development featuring 390 residential condominiums.

The Peloton will offer an attractive, amenity-rich community for young professionals looking to buy their first home, and will also attract “empty nesters” looking to simplify their lives. The project is modeled after successful mixed-use condominium developments in Denver and other metropolitan cities. It will be the first amenity-rich community developed in Boulder, a city more accustomed to small complexes lacking significant amenities and characterized by high prices. Located near downtown, the University of Colorado, the 29th Street Mall, and the future site of Boulder?s Transit Village, The Peloton is well-positioned to become a hub for Boulder residents. The Peloton will also provide 17,000 square feet of on-site retail and office space.

“We couldn’t be more excited about this project,” says Joe Lamkin, a principal at Bancroft Capital. “The response from interested buyers has been overwhelming… people have sent us letters and e-mails seeking to buy at this new community even before floor-plans, delivery dates and our website were completed. The Peloton will be the cornerstone of an energetic new neighborhood, a community that will be completely unique within Boulder County.”

The Peloton’s 390 units will range in size from approximately 500 to 2,000 square feet. The buildings will sit on 10 acres of land highlighted by walking paths and courtyards. The Peloton will also feature a state-of-the-art fitness center, an expansive rooftop deck with swimming pool and two Jacuzzi hot tubs, a movie screening room, a game room, a meeting room, a commercial kitchen, and secure underground parking. In fact, more than two-thirds of the units will include two parking spaces.

For years, Boulder has been challenged by an exodus of middle income home buyers seeking attractive housing values in areas such as Erie, Lafayette, Louisville, Longmont and Superior. The impact of this flight to the suburbs has been heavy traffic into and out of Boulder, as well as a significant loss of retail sales taxes and property taxes. City officials are now focused on promoting residential development in underutilized, former industrial areas. The Peloton dovetails perfectly with this objective, and is widely supported by city officials.

“From the city’s perspective, The Peloton is a good example of the revitalization of [former] industrial lands to residential use,” says Brent Bean, a senior planner for the city of Boulder. “We support this development, especially because it’s going to provide housing that is within easy walking distance of the new 29th Street Mall.”

For more information on the Peloton, please visit ThePeloton.com.

About Bancroft Capital
Bancroft Capital is a real estate investment company that has owned and developed properties in Boulder for the last 10 years and has operated throughout the western United States since 1992. Bancroft is based in Manhattan Beach, Calif. The Peloton project will be managed out of the firm?s Denver office. Bancroft Capital brings outstanding performance and integrity to real estate investing for its institutional and private clients. In addition to its development arm, the company offers real estate investment in stable portfolios as well as value-added opportunities. For more information, please visit bancap.com.