Condominium project planned near Old Town in Fort Collins

FORT COLLINS — A group of investors wants to build a three-story, 29-unit condominium complex at 320 Maple St. near Old Town in Fort Collins, bucking the trend of builders shying away from constructing condominiums because of the state’s construction-defects law.

Development Co. LLC, managed by Alex Schuman, owner of Schuman Cos. Inc. in Fort Collins, said the group is in the process of buying the property from Maples Partners LLC, led by Charles Randall of Boulder, which acquired the property in 2012 for $350,000, according to public records.

Schuman expects the deal to close by the end of January and hopes to begin construction in late spring.

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“There is a great demand for condos in Fort Collins,” Schuman pointed out.

Builders statewide have been hesitant to build condominiums because Colorado’s law about defective construction law requires as few as two people in a homeowners association to approve a lawsuit. Homebuilders have cited the law as a major contributor to Colorado’s affordable-housing crunch, mainly the construction of condominiums, which can serve as an entry point to homeownership for first-time buyers.

“We are doing our due diligence, making sure we have the right insurance and that our general contractor, Dohn Construction (based in Fort Collins), will be mitigating risks,” Schuman said.

The project consists of 41,674 square feet of residential space featuring studio, one- and two-bedroom condominiums. Thirty-nine parking spaces will be covered by the two stories of condos above. The price of the condos has not been set, Schuman said.

The project will include 5,000 square feet of office space on the ground floor. “We’re negotiating with a potential tenant,” Schuman said.

As a mixed use project, the site design provides seating and outdoor space at the entry at the northeast corner of Maple and Meldrum streets. Edges along these street frontages will feature streetscape materials that complement the proposed transparent ground floor. Ten-foot wide sidewalks are proposed along the commercial frontages, with planter pots and benches. A dense canopy tree lawn is proposed except at the corner of Maple and Meldrum streets where a large pedestrian plaza is proposed.

The property has a one-story light-industrial building built in 1924 that was added to in 1944, and a one-story single-family residence built in 1910 on the north side of the property. Schuman said the buildings will be demolished to make way for the condominiums.