Koelbel and Company Closes on Spine Road Affordable Housing Project in Boulder County
65 new homes will serve residents earning 30%–70% of the Area Median Income in partnership with Boulder County Housing Authority.
Koelbel and Company, one of Colorado’s longest-standing real estate development firms, has closed financing on the Spine Road Affordable Housing Project, a new 65-unit income-restricted rental community in Gunbarrel in Boulder County. Developed in partnership with the Boulder County Housing Authority (BCHA), the project marks a significant expansion of attainable housing options for the area.
Designed to address Boulder County’s acute shortage of attainable housing, the project is the first dedicated affordable rental community in Gunbarrel. Located at 4775 Spine Road, the community will offer eight distinct buildings comprised of two stories that include studios, one-, two-, and three-bedroom homes for households earning between 30% and 70% of Area Median Income (AMI).The development’s unit mix, amenities, and site plan were crafted to serve a diverse spectrum of residents, including workforce households, individuals, and families. Homes will be energy-efficient and designed with long-term durability in mind. Its transit-oriented design aligns with CHFA’s guiding principles, supported by existing RTD service and the anticipated return of Route J upon project completion.
“This project reflects our continued commitment to bringing deeply needed affordable housing options to communities across Colorado and ensuring that our community members can live where they work,” said Carl Koelbel, CEO and President of Koelbel and Company. “We are proud to partner with the Boulder County Housing Authority on a development that responds directly to local affordability needs while contributing to the long-term vitality of Boulder County.”
Units range from 507 square foot studios to three-bedroom, three-bath, 1,662 square foot units – all with in-unit washers and dryers, full kitchens and individually controlled heating and cooling.
Community amenities will include a community room, outdoor gathering spaces, solar panels, and easy access to nearby transit, employment centers, grocery options, and the natural amenities that make Boulder County highly desirable–including Boulder Reservoir. Other amenities include controlled-access entry, security cameras, a BBQ area, access to open space, and an on-site manager. Residents will also enjoy access to a large central park shared with neighboring market-rate housing, playgrounds, open space, and a mobility hub with free EV chargers, car share, e-bikes, and e-scooters. Discounted access to a pool, fitness center, and community amenities on the adjacent market-rate site will also be available.
“For Boulder County, the Spine Road project is an important milestone in expanding equitable, attainable housing opportunities in an underserved area,” said Carl Koelbel.
Construction is expected to begin this month, with project completion in Q4 2027. The community will contribute essential housing inventory in a part of the county where affordability challenges have continued to rise.
This is the 12th affordable project brought to market by Koelbel and Company since 2011 and reinforces the longstanding vision of building communities with lasting value, thoughtful design, and meaningful social impact.
Funding partners include CHFA/OEDIT, City of Boulder, CDOH HDG, Sares-Regis Group and Wells Fargo.
About Koelbel and Company: Koelbel and Company has been striving to create the best residential and commercial real estate for more than 70 years. Founded as a residential brokerage company in 1952, Koelbel and Company is a family-owned, full-service real estate developer and real estate company with commercial and residential projects spanning from Vail and Winter Park to Louisville and Metro Denver, and has helped change the face of the Centennial State. Now in its third generation, the family-owned Koelbel and Company continues to place its indelible mark on the Colorado landscape with innovative concepts and developments that blend ageless values with pacesetting design. They don’t just construct houses, they create communities and build new places that people are proud to live in.
About Boulder County Housing Authority: The Boulder County Housing Authority works to ensure that all people in Boulder County have access to safe, affordable housing and supportive community resources. Through partnerships, innovative financing, and community-driven planning, BCHA develops and manages housing that fosters stability, opportunity, and equity.
