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All Colorado home sales are in AS-IS condition What to expect after submitting an offer to purchase Real estate trends and predictions for 2026 and beyond, part one Mortgage interest rate forecast for 2026 Design Recipes: Tips for selling your home in winterBOULDER (Jan. 21) – Trailbreak Partners recently announced it has closed a $44 million construction loan for Picea Residences, a new for-sale townhome community in downtown Boulder.
The project, located at 2500 Spruce St., represents a rare large-scale infill housing opportunity situated just east of Folsom between Spruce and Pearl Streets. Infrastructure work is already underway on the more than two-acre site, which sits steps away from the Pearl Street Mall.
Developed in partnership with Boulder-based Pace Development, the project will consist of 52 homes distributed across 10 three-story buildings. The residences will range from 1,600 to 3,500 square feet and feature:
Private rooftop decks with solar-shaded pergolas. One or two-car garages. Contemporary, high-end finishes and light-filled interiors. Deed-restricted affordable homes integrated into the development.“Opportunities to deliver new for-sale housing at this scale in downtown Boulder are exceedingly rare,” said Doug Elenowitz, co-founder and principal at Trailbreak Partners. “With the construction loan closed, we’re able to move from years of planning into execution”.
As part of the development’s efforts to respect the existing neighborhood character, Trailbreak Partners sold a building on the property to MECHA, a local women-owned fitness studio. This move allows the gym to remain in place as construction on the four-phase residential project moves forward.
The construction loan was provided by FirstBank, marking a continuation of a long-standing financial relationship between the bank and Trailbreak Partners. The project team also includes Coburn Architects, Unscripted Design for interiors and Hyder Construction as the general contractor.
Picea Residences adds to Trailbreak’s portfolio of Mountain West infill projects, which includes the Ridian Apartments and the currently under-construction KAIA Residences in Denver.
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