What’s Going On? is a monthly serialization of the commercial development planned in or in progress in and around Fort Collins. We start with a brief market overview and then the activity in a given area.
Between 2,000-6,000 apartments are in various stages of planning across Fort Collins. As many as 2,500 are planned for Mid-Town locations. Current median rents in Fort Collins are $900 for a one-bedroom apartment and $1300 for a two-bedroom. Rent in a proposed high-end project at the mall with studio and two-bedroom floor plans are within range.
Apartment vacancy in Fort Collins was 1.8% in 2015 and 2.7% in late 2016. The Colorado vacancy rate was recently at 5.2%. A vacancy rate of 5% is considered a balanced market. A vacancy rate less than 5% indicates that demand is greater than supply.
Mid-Town Fort Collins includes the Foothills Mall, which as of 2016, is reported to have 304,530 square feet leased (63% of the total square footage). Leases for another 40,000 square feet are nearing execution.
Activity in Mid-Town Fort Collins
- Cycle Apartments are 405 high-end studio and two-bedroom apartments by McWhinney Development located on the east and north sides of the mall. Eighteen buildings with three to four stories will offer amenities including social fitness, clubhouse and pool, demonstration kitchen, social lounge, golf simulator, and bike and ski repair shops. Square footage for the apartments is 590-1119. Rents are $1,200 for the studio and $1,600 for the two-bedroom floor plan. Completion is mid-2017 with Baby Boomers and urban professionals as the target market.
- 225 Johnson Drive will include 195 apartments located north of Whole Foods behind Dog Pawlor, and south of Spring Creek Trail. The existing self-storage units and three duplexes will be razed. The five-story building will offer 4,000 square feet of office and retail space.
- The gas station on College south of Spring Creek Trail, and across the street to the west of Chase Bank, will be redeveloped to an Elevations Credit Union.
- Spring Creek Apartments will be located next to Whole Foods and include 168 units for occupants 55+ years young. Completion is anticipated in 2018.
- Attorney Erik Fischer has plans to demolish five houses located at 1215 S. Shields and possibly build 97 apartments with one to two bedrooms and 11 single family homes.
- Landmark Apartments plans to expand to the east of the current buildings with five additional two or three story buildings. In total, 68 apartments are expected.
- At the northwest corner of Prospect and I-25, the Gateway at Prospect is a proposal for 650 single-family homes, apartments, and townhomes. The developer would have to widen Prospect to accomplish this project.
- 1,200 new apartments located by the new CSU stadium would include The Standard and The Slab. Beebe Christian School would be replaced with a five-story apartment complex.
- 100 apartments are proposed at 3425 S. Shields to replace a single family home.
- The Overlook, located south of Horsetooth and JFK Parkway, would include 105 apartments.
- A proposal for 170 apartments at 2800 S. Taft Hill Road for the 55+ years young market was submitted to the City of Fort Collins in April 2016, but there has been no further progress since that time.