The Native American Rights Fund operates out of this building on Broadway in Boulder. Christopher Wood/BizWest.

State body approves CU land swap

BOULDER — The University of Colorado is set to bolster its property holdings along the perimeter of the Boulder campus after the Colorado Legislature’s Capital Development Committee approved a land swap last week among the school, the Native American Rights Fund and Academy Development Group Inc. 

CU is trading its property at 970 Aurora Ave. for land and buildings at 1506 Broadway, 1522 Broadway,  2705 Colorado Ave. and 1221 26th St.

The Aurora Avenue property is a 54-residence multi-family housing complex that serves as a senior-living facility leased to Academy, which operates other such sites in the area. 

The Colorado Avenue and 26th Street properties are Academy-owned single-family residences that are each about 2,000 square feet. 

The Broadway properties are adjacent buildings owned by the Native American Rights Fund, or NARF, a nonprofit legal organization specializing in defending the rights of Native American tribes and people .

The building at 1506 Broadway is the group’s roughly 11,000-square-foot headquarters, and next door is the approximately 2,700-square-foot National Indian Law Library.

NARF bought an office building in March at 250 Arapahoe Ave. in unincorporated Boulder County for $7.69 million.

At the time, the group declined to comment about its plans for the Broadway building or what it will use the new offices for. It appears now that the Arapahoe Avenue space will serve as a headquarters when NARF vacates the Broadway space. 

The sites that CU would receive under the swap provide a “higher strategic value to the university” than the Aurora Avenue building, which is a bit farther from the edge of campus, CU vice chancellor for infrastructure and sustainability David Kang said last week during a hearing at the Capital Development Committee. 

He appraised the Arapahoe Avenue site at about $6.2 million, which is “approximately [the] equivalent market value” of the other properties combined. 

The short-term plan is to lease the properties back to their current users and generate some additional revenue for the university, Kang said. 

Eventually, they will be redeveloped, he said, but specific plans have yet to be drafted. 

CU hopes to close on the swap in the next couple of weeks.

In recent years, the school tried to offload the Arapahoe Avenue property, but no buyers materialized, according to CU real estate services executive director Rebecca Fell.

It’s unclear how the deal is structured or how NARF and Academy will divide ownership of the Aurora Avenue property. CU representatives declined to comment until the deal closes.

BOULDER — The University of Colorado is set to bolster its property holdings along the perimeter of the Boulder campus after the Colorado Legislature’s Capital Development Committee approved a land swap last week among the school, the Native American Rights Fund and Academy Development Group Inc. 

CU is trading its property at 970 Aurora Ave. for land and buildings at 1506 Broadway, 1522 Broadway,  2705 Colorado Ave. and 1221 26th St.

The Aurora Avenue property is a 54-residence multi-family housing complex that serves as a senior-living facility leased to Academy, which operates other such sites in the area. 

The Colorado Avenue and 26th Street properties are Academy-owned single-family residences that are each about 2,000 square feet. 

The Broadway properties are adjacent buildings owned by the Native American Rights Fund, or NARF, a nonprofit legal organization specializing in defending the rights of Native American tribes and people .

The building at 1506 Broadway is the group’s roughly 11,000-square-foot headquarters, and next door is the approximately 2,700-square-foot National Indian Law Library.

NARF bought an office building in March at 250 Arapahoe Ave. in unincorporated Boulder County for $7.69 million.

At the time, the group declined to comment about its plans for the Broadway building or what it will use the new offices for. It appears now that the Arapahoe Avenue space will serve as a headquarters when NARF vacates the Broadway space. 

The sites that CU would receive under the swap provide a “higher strategic value to the university” than the Aurora Avenue building, which is a bit farther from…