What’s Going On is a monthly overview of the commercial development planned or in progress in Fort Collins.
This month we are focusing on the rapidly changing Downtown Fort Collins area. It’s worthwhile to note that retail leasing has recently showed an extremely low 3% vacancy rate. As we’ve seen in the residential rental market in recent years, the commercial market also has very limited retail lease space available. Older and less desirable centers that have been difficult to lease in the past have recently shown increased activity. Demand for in-line shop space, defined as space in a strip mall, or space that is side by side fronting a parking lot or street is extremely high! On the other hand, “Big Box” activity is stagnant due to increased consumer shopping online. Desirable locations with high street visibility are in demand, especially for companies looking from outside of the area.
Commercial rental rates remain high due to the high costs of construction. For example, spaces at the Foothill Mall are leasing for $7,000-$8,000 per month. Rather than secure new locations, some retailers are opting to renew their current leases at their current location, or close their business when the current lease ends.
Downtown Fort Collins Development
- Elizabeth Hotel and Parking Garage at 354 Walnut will open in the fall of 2017. It is being developed by Sage, McWhinney, and Bohemian Companies. The project includes an Emporium Kitchen and Wine Market plus coffee and ice cream shops.
- Ginger and Baker at 359 Linden will offer coffee, pie, and grab-and-go food service from a side window. Opening is projected for third quarter, 2017.
- Union Restaurant, a massive 6,000 square foot eatery at the corner of Jefferson and Linden Streets, broke ground in May, 2017. Located adjacent to the Rodizio Grill, Union is expected to open in late January, 2018.
- The Exchange is a Brinkman project located in the 200 block of North College. It will feature a common consumption area, where liquor can be legally carried between businesses. Shipping container structures will house Churn Ice Cream and other restaurants and retail shops.
- 221 E. Mountain, the former Mountain View Tire location, is being developed into a 4-story office building with 67,000 square feet.
- Uncommon at 310 S. College, formerly Perkins Restaurant, is a 6-story building offering 120 apartments and retail. Studio apartments are renting for $1,300/month. 3 bedroom apartment s are renting for $2,457.
- The Safeway location at the corner of College and Mulberry is being considered for a 2-story addition above the liquor store. An additional 6-story building may include a replacement grocer.
- The former Sports Authority site at 425 S. College is targeted for a Lucky’s Market.
- JD Padilla is developing a mixed use project that includes 180 apartments and 60,000 square feet of commercial space between Cherry and Maple on North College.
- 34 apartments at 830 S. College across from CSU are planned for the Schrader’s location.
- Confluence is a mixed-use project at Linden and Willow Streets with 47 apartments, plus retail and office space. The project will span the entire block with 5 stories.
- Cottages of Fort Collins features 195 apartments at Lincoln and Lemay. The project is slated to house 900 students. Two and three story townhomes will range from 1,700 to 1,800 square feet with 4 to 5 bedrooms.
Research provided to RE/MAX Advanced by Michelle Hickey Crawford