Downtown Boulder Infill Development Lands $44M Loan for 52 New Townhomes

$44M Construction Loan Advances Rare For-Sale Infill Townhome Project Near Pearl Street

A significant financing milestone has been reached for one of downtown Boulder’s limited large-scale for-sale housing opportunities.

Denver-based Trailbreak Partners has secured a $44 million construction loan for Picea Residences, a 52-unit townhome community planned at 2500 Spruce Street just east of Folsom Street and within walking distance of the Pearl Street Mall.

The more-than-two-acre site represents one of Boulder’s scarce infill opportunities capable of delivering ownership housing at meaningful scale in the urban core.

Project Overview

Picea Residences will be developed in four phases and include 10 three-story buildings comprising 52 homes. Floorplans are expected to range from approximately 1,600 to 3,500 square feet.

Planned features include:

• One- and two-car garages

• Private rooftop decks with solar-shaded pergolas

• Contemporary, light-filled interiors

• High-end finish packages

• A percentage of deed-restricted affordable residences integrated within the community

Infrastructure improvements are already underway as the development team transitions from entitlement and planning into vertical construction.

Neighborhood Integration

As part of the redevelopment strategy, Trailbreak worked to maintain an existing neighborhood amenity on-site. The building occupied by MECHA, a locally owned women-led fitness studio, was sold to its operator to ensure the business could remain in place alongside the new residential project.

According to company leadership, the approach reflects an effort to respect the surrounding block while adding new housing options within the city’s constrained infill environment.

Financing & Project Team

The construction loan was provided by FirstBank, continuing an established lending relationship between the bank and Trailbreak.

Picea Residences is being developed in partnership with Boulder-based Pace Development. The project team also includes:

• Coburn Architects (Architect)

• Unscripted Design (Interior Design)

• Hyder Construction (General Contractor)

Expanding an Urban Infill Portfolio

Picea joins Trailbreak’s broader portfolio of urban and infill developments across Colorado and the Mountain West, including the under-construction KAIA Residences in Downtown Denver and Ridian Apartments.

With construction financing secured, the Boulder project moves from pre-development into active delivery — bringing new ownership housing inventory to one of Colorado’s most supply-constrained markets.