NoCo Newsletter | April 25, 2025

Photo: NAI Affinity featured listing – Greeley | Build-to-Suit Class A Warehouse

NoCo Newsletter | Keeping You Informed on Northern Colorado’s Commercial Real Estate Market | April 25, 2025

Apologies for the delayed newsletter—our team member Brecken Schaefer (now Brecken Glenn!) was off getting married, and while she was tying the knot, our schedule briefly came untied.

We are back, happily ever after, and ready to deliver updates! Discover our newest listings, recent happenings in the NoCo CRE community & other industry news. This edition brings news of major commercial development plans, Windsor facing heat, home and stock market drops, and more.

REAL ESTATE & BUSINESS NEWS

• Greeley Council Advances West Greeley Project
  • BizWest | “…the Greeley City Council on Tuesday voted to advance plans for a massive $1.1 billion (project)… Proposed by Lind’s Water Valley Co., the project at Weld County Road 17 and U.S. Highway 34 would include a core entertainment district dubbed “Catalyst” with a new arena and home for Lind’s Colorado Eagles minor-league hockey team, three sheets of ice for youth hockey programs, a high-end 351-room hotel, a spa and conference center, a 100,000-square-foot 12-slide water park that Lind predicts would attract 350,000 visitors a year, a central plaza as a gathering space designed for community events and socializing, and a “Cascadia Falls” water feature with an adjoining amphitheater.”
• $600M Zyn Factory Goes Vertical As Airport Industrial Submarket Surges
  • Bisnow | “The 800K SF campus near 56th Avenue and Harvest Road will include a 600K SF light manufacturing facility, office space and support buildings. It is slated to begin early operations by the end of 2025 and full production in 2026, according to a 2024 PMI press release. Philip Morris subsidiary Kairus Inc. acquired the 150-acre site for $61.5M in September… (and the) build-out alone is expected to generate nearly 5,000 construction-related jobs and $1B in economic impact. Once operational, the plant could support 500 full-time roles with average salaries around $90K a year. The factory ranks as the second-largest industrial project under construction in metro Denver, behind Pepsi’s 1.2M SF build-to-suit factory, according to CBRE’s first-quarter Denver industrial report.”
• Denver Releases New Details for $400 Million Equestrian Complex Plan at National Western Center
  • The Denver Post | “Denver city officials will consider investing up to $400 million on the next project at the National Western Center under a new finance plan for a complex that includes… plans for a 4,500-seat equestrian center, a 570-stall stable, a 160-room hotel, 30 to 40 units of workforce housing and 580 parking spaces, according to a city presentation.”
• New Colorado ‘Junk Fees’ Law Signed by Polis Will Prohibit Common Apartment Charges, Require Transparency
  • The Denver Post | “Once the law goes into effect, landlords can no longer charge higher fees for utility costs above the total utility bill, nor can they charge a tenant for paying rent online if that is the only way to pay….The law does still allow a small surcharge related to utility costs. Landlords will be prohibited from charging fees for services that the property owner is required to provide under state law. Those includes services like pest control, a common monthly charge that advocates and lawmakers argued was a core landlord duty that was improperly being tacked onto tenants. They also will not be able to charge for services they aren’t actually providing…. The law would prohibit charging for common-area maintenance — another common fee that, property owners say, is used to clean and light gyms, hallways and lobbies.”
• Home Sales in March Fell 5.9%, Biggest Drop Since 2022
  • WSJ | “U.S. existing-home sales fell 5.9% in March from the prior month to a seasonally adjusted annual rate of 4.02 million, the National Association of Realtors said Thursday. That marked the biggest month-over-month decline since November 2022. It was also the slowest sales pace for any March since 2009, which was near the peak of the financial crisis….with home prices near record highs and mortgage rates holding above 6.5%, buyers are being choosy. That is setting the stage for potentially a third straight year of anemic sales activity, after sales fell in 2023 and 2024 to levels not seen since the mid-1990s.”

ECONOMIC & EMPLOYMENT NEWS

• Here’s When Northern Water Will Start Filling Chimney Hollow and Its Planned Opening Date
  • Coloradoan | “Water will start flowing into Chimney Hollow Reservoir 5 miles southwest of Loveland starting in early July, shortly after completion of what will become the fourth-largest dam in Colorado. Jeff Stahla, Northern Water spokesperson, said the reservoir will slowly be filled to 45,000 acre-feet, half of its 90,000 acre-feet total capacity, by the end of 2025 or early 2026. For comparison, Horsetooth Reservoir can hold a maximum of 156,735 acre-feet of water and Carter Lake 112,230. Crews are expected to complete the 350-foot-tall dam that stretches 3,700 feet long by mid- to late June… (and) the reservoir is expected to be operational in 2027, which is when Larimer County plans to open its 1,847-acre Chimney Hollow Open Space next to the reservoir.”
• Future Legends Sports Complex Founder Sues Windsor, Says Permit Denial Was Discriminatory
  • Coloradoan | “Future Legends sports complex managing member Jeff Katofsky has sued the town of Windsor over its denial of issuing temporary certificates of occupancy that would allow for the lawful operation and construction of the 100-acre project, continuing a series of legal battles engulfing the beleaguered site. Katofsky filed an emergency motion for a temporary restraining order against the town in U.S. District Court in Denver on April 11, claiming the town’s denial of continuing the project’s temporary certificates of occupancy is discriminatory according to law that protects debtors under the Bankruptcy Code from governmental entities, court records show. Katofsky claims failure to secure a temporary certificate of occupancy for Future Legends LLC 5, which filed for Chapter 11 bankruptcy in Nevada in October of 2024, would result in the loss of $260 million in financing Future Legends has secured to reorganize and would cease operations, including the cancellation of games, events and tournaments causing financial loss and reputational and brand damage.”
• Greeley Sues Windsor Over U.S. 34 Pacts
  • BizWest | “Armed with a unanimous authorization from the Greeley City Council, the city attorney’s office has sued the Town of Windsor, claiming that the smaller community has ignored a 17-year-old intergovernmental agreement on infrastructure…Settling the dispute is key to Greeley’s plans for growth in the area, including some major developments on the city’s western edge.”
• UCHealth Greeley Hospital Set for Second Expansion Since 2019 Opening
  • BizWest | “UCHealth Greeley Hospital is poised to expand for the second time in its six-year history. This time, officials are planning to expand the hospital’s emergency department, and also build a healing garden.”
• PRPA Gets OK to Construct 5 Jet-Engine Gas Turbines
  • Coloradoan | “The aeroderivative turbines could provide up to 200 megawatts of electricity to the grid when renewable sources — wind and solar — aren’t available due to the weather….While PRPA is subject to state rules about air quality, the county doesn’t have its own restrictions, so it can’t regulate the limits. Instead, PRPA agreed to engage in conversations with county staff and the state health department about best practices to limit emissions on high-ozone days and during the two-year period when both the coal unit and the new turbines will overlap.”
• Dow and Dollar Drop on Jitters Over Fed and Trade
  • WSJ | “Stocks fell, with the Dow industrials dropping almost 1,000 points and on pace for their worst April since 1932, and the dollar hit fresh multiyear lows against the euro and other major currencies. Yields on longer-term Treasurys rose and gold surged to a fresh record.”

COMMUNITY & OTHER INDUSTRY NEWS

• Client Testimonials
• Larimer County’s Biggest Private Employers: Here’s Who Makes the List
• Old Town Square No. 4 in USA TODAY 10 Best Readers’ Choice Awards Best Public Squares List
• Most Peaceful Place to Live? Fort Collins Tops the List With Outdoor Recreation, Low Noise
• Here Are 15 Road Projects at the Top of Fort Collins’ List for the Next 10 Years.
• Fort Collins Area Chamber of Commerce: Northern Colorado Economic Overview
• Northern Colorado Boasts Nine of Top 20 Fastest-Growing Communities in State
• 2 Colorado Cities in Top 4 ‘Best Places to Live Rankings
• Denver International Airport Ranked No. 6 in Passenger Traffic Worldwide
• Support Your Local Bold Voice of Business by Contributing to the 13th Annual Moving Fort Collins Forward! Campaign

FEATURED LISTING

NAI Affinity is pleased to present this 100,000 — 350,000 SF flexible build-to-suit warehouse opportunity which will include numerous Class A features including energy efficient design, ESFR fire sprinkler system, 36′ clear height, high image design, etc. Significant power and water available make this project an excellent choice for manufacturing uses as well. The 20+/- AC site features plenty of space for semi / fleet parking and/or outdoor storage opportunities.

Click here to learn more about this prime warehouse opportunity strategically located along Hwy 34 and equidistant to I-25 and Hwy 85.

See previous newsletters here.

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