800 multi-family units planned at Foothills

FORT COLLINS – Plans submitted to the city of Fort Collins by Foothills mall developer Alberta Development Partners show 800 multi-family units will be built as part of the mall’s  redevelopment, which began last month.

The plans are currently waiting for review by Fort Collins city staff, according to Courtney Levingston, city planner.

The apartments will be constructed in four different buildings lining Stanford Road, which runs along the backside of the mall, between East Monroe Drive and Swallow Road, according to the plans.

A parking structure will also be built on the property, to accommodate the residents of the development. According to the plans, about 1.78 parking spaces will be provided per bedroom.

During the planning process for the commercial portion of the mall, a $313 million project that was granted a $53 million public financing package by the city, Alberta officials said the residential component would contain 450 to 800 units. The plans show that the developers have opted to maximize the residential portion of the project.

Finalizing plans for the residential component is one of the steps the developer must take before issuing the bonds that will be used to finance the project.

The timeline for getting plans through staff review varies widely depending on the project, according to Levingston, but Alberta has expressed a desire to move quickly.

Officials from Alberta did not respond to requests for comment.

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Molly Armbrister covers real estate, banking and health care for the Northern Colorado Business Report. She can be reached at 970-232-3139, marmbrister@ncbr.com or twitter.com/MArmbristerNCBR

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