C.B. & Potts seeking new FoCo brewery space after selling Elizabeth St. property for $5.65M

FORT COLLINS — Chicago-based Core Spaces closed recently on the $5.65 million purchase of C.B. & Potts’ West Elizabeth Street property in Fort Collins, where the firm plans to build a mixed-use retail and student-housing development.

The sale puts C.B. & Potts on the clock in terms of finding and building out a new space where the company can move its brewery and taphouse at 1427 W. Elizabeth.

Core Spaces officials hope to break ground on their project next summer, assuming that the development-review process with the city goes as planned. C.B. & Potts spokesman Mark Schermerhorn said Friday that his company has a grace period during which it can continue to operate the brewery, but is already exploring multiple locations in Fort Collins as options for a new site.

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“We are currently looking at more than one site and kind of trying to get a handle on what our needs are and what we want to do,” Schermerhorn said. “Currently it’s business as usual there on the property.”

C.B. & Potts moved its restaurant at 1415 W. Elizabeth to the redeveloped Foothills mall last spring, leaving only the brewery and taphouse at the adjoining Campus West property. The company also has a restaurant at Collindale Golf Course.

The Campus West site brews beer that supplies not only C.B. & Potts’ two Fort Collins restaurants, but also helps keep the taps flowing at C.B. & Potts restaurants in Colorado Springs and Breckenridge. The company operates four other restaurants in Colorado, including one in Broomfield, but those sites all have their own brewing operations.

“We’re motivated to figure it out,” Schermerhorn said of finding a new brewery site. “We have a longstanding tradition of brewing beer here in Fort Collins.”

In September, Core Spaces met with city planning officials for a preliminary design review session to get initial feedback on their project. The company’s plans submitted at the time for the 1.93-acre Elizabeth Street site called for 8,000 square feet of retail along Elizabeth Street, 212 student-oriented apartments totaling 395 bedrooms, and a 384-space parking structure.

Chad Matesi, executive vice president of development for Core Spaces, said Friday that plans have evolved some, but the basics of the development have remained the same.

Matesi said Core Spaces hopes to submit a formal development-review application to the city before Thanksgiving. The company anticipates opening in time for the start of Colorado State University’s fall 2019 semester.

Core Spaces operates three business segments: traditional multifamily housing, student housing and hospitality. In May, the company bought The Summit on College, a large student-housing complex that has been renamed State on Campus Fort Collins. In July, meanwhile, the company filed conceptual plans with the city to build 10 townhomes near State on Campus Fort Collins.