Buyer wants to revitalize vacant Fort Collins bank building

FORT COLLINS — A vacant building in downtown Fort Collins that until 2022 housed a Wells Fargo Bank branch could be brought “back to life,” according to a developer who recently purchased it for $2.6 million.

Denver-based real estate investment and development firm Revesco Properties closed Dec. 4 on the purchase of the 34,000-square-foot building on a 70,000-square-foot lot at 401 S. College Ave.

“We are excited for our acquisition of 401 S. College for a number of reasons, most importantly its strategic location at the southern gateway of Old Town and proximity to Colorado State University, Revesco CEO Rhys Duggan said in a prepared statement. “As an opportunistic purchase, we look forward to bringing the mid-century bank building back to life and strategically densifying the western portion of the parcel.”

According to documents submitted to Fort Collins city planners for development review, that 113,000-square-foot western portion, which had housed the bank’s drive-up banking facility, could be transformed into 120 to 160 residential units and 4,800 square feet of retail space. It would be developed by Akin, a Chicago-based urban-infill subsidiary of Revesco Properties, and Alpine Investments.

Built in 1967 and remodeled in 1986, the building originally housed Poudre Valley National Bank. It then was home to United Bank of Fort Collins and Norwest Corp. before becoming Wells Fargo. That bank vacated the building in September 2022 and relocated across the street.

The interior of the main bank building will be renovated in ways that would pay tribute to the structure’s original 1960s architectural style, according to the application with city planners.

“We are formulating a plan now, with input from local, state and federal historic-preservation bodies,” Duggan told BizWest in an email late Friday. “Our goal is to restore it to as close to original as practicable per state and federal guidelines and lease to (ideally) a single user.”

Paul Vranas, director of capital formation at Akin, called the renovation an example of Revesco’s commitment to adaptive reuse and strategic densification.

“There was strong demand from our limited partner investors, which led to this offering being oversubscribed before we had a chance to fully market it,” he said. “We look forward to continuing to give our investors access to urban-infill development opportunities in the most desirable locations.”

The purchase marks Revesco’s second major investment in Fort Collins, following its acquisition of The Harmony School Shops at 2120 and 2226 E. Harmony Road.

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