Economy & Economic Development May 19, 2020 6:15:58 pm

Developer proposes six-story affordable-housing tower in Fort Collins’ Old Town

A rendering of a proposed six-story, 78-unit affordable housing project in Fort Collins’ Old Town. Courtesy City of Fort Collins

By Dan Mika

FORT COLLINS — A local affordable-housing developer has submitted plans to Fort Collins officials to build a six-story tower almost directly south of Old Town Square, which if built would become one of the tallest structures in the city’s main entertainment district.

Proposed by Fort Collins-based nonprofit Housing Catalyst and dubbed Spark, the proposed building at 140 E. Oak St. would have 78 housing units and rise 71 feet tall, according to project documents submitted to the city.

Those 78 units break down to three studio apartments, 60 one-beds and 15 two-bed units. All of the units would be earmarked for renters making between 30% and 80% of the average median income in the area. For a single renter, that would limit income to between $18,350 to $48,850 based on the U.S. Department of Housing and Urban Development’s median of $61,100.

The ground floor would have two commercial units at 2,855 square feet and 3,368 square feet, respectively. The second floor would hold 54 parking spaces.

The project would wrap around the existing commercial building at 143 Remington St. on the northeast corner of the plot. The rest of the lot is owned by the Fort Collins Downtown Development Authority, which would retain leasing rights for the commercial spaces on the ground floor.

The property was once home to the local chapter of the Benevolent and Protective Order of Elks before the fraternal group deeded it to the DDA in 2008. It was rumored to be the spot of a potential hotel before the Elizabeth Hotel was built.

Housing Catalyst operates 17 restricted-income apartment complexes around Fort Collins under the “Villages” name.

Housing Catalyst spokeswoman Kim Iwanski told BizWest that the project is slated to begin construction in spring 2021 and finish in early 2022, assuming that it receives permitting from the city and secures various affordable housing tax credits.

She said the developer and the downtown authorities had been in discussions regarding the lot for the past year, with an emphasis on expanding housing in the district to lower-income residents. While she said rent prices have yet to be set, those prices will be considerably lower than privately-owned apartments in the area, where rents for one-bedroom units generally range between $1,000 to $1,500.

“More than anything, it’s about making downtown not seem exclusive and not accessible for people,” she said. “…The prices in downtown are so out of reach for so many people, and it would just be so nice to have something that could be more affordable for more of the average Fort Collins resident.”