Photo: Aerial of Promontory Park in Greeley. Reserved for the exclusive use of NAI Affinity.
NoCo Newsletter | December 5, 2024
Discover our newest listings, recent happenings in the NoCo CRE community & other industry news. This edition brings news of Fort Collins URA, growing Greeley, tumbling single-family home sales, and more.
Don’t forget – NAI Affinity is a proud drop-off location for the Realities For Children Santa’s Workshop. For just five more days, we are collecting NEW Toys, NEW winter coats, and retail gift cards (for teens) at our office at 3665 John F Kennedy Pkwy, Bldg 2, Ste 202, Fort Collins. We welcome you to celebrate the holidays and join us in being a part of the largest toy distribution effort for children who have experienced abuse or neglect in Northern Colorado.
REAL ESTATE & BUSINESS NEWS
- Fort Collins URA Reaches Deal to Acquire Old Albertsons Property
- “The Fort Collins Urban Renewal Authority voted Monday night to authorize staff to sign a purchase and sale agreement for the property at 1636 N. College Ave. This doesn’t obligate the URA to buy the property but marks a significant step in the board’s quest to obtain it and see to its redevelopment….The purchase price is about $7.64 million, or about $150 per square foot, according to the agreement. The building is more than 50,900 square feet, situated on nearly 5 acres….The North College Urban Renewal Plan Area fund has more than enough cash on hand for the purchase, nearly $8.3 million, or it could choose to finance it, according to documents presented to the URA. That fund is also expected to get $2.4 million in tax increment financing revenue in 2025. Now the URA has 180 days to inspect the property and conduct due diligence.” (Coloradoan)
- Greeley OKs 300-Acre Annexation, Zones it Residential
- “The Greeley City Council on Tuesday, Dec 3, opted to annex and zone two 150-acre parcels just west of Colorado Highway 257 and bordered by Weld County roads 56 and 54 to the north and south that could eventually bring up to 1,200 residential units. L&T LLC has plans to develop a mix of housing types on the lots on Greeley’s southwest edge….That entire area is scheduled to grow immensely in the future with hundreds of acres of commercial development between Delantero and the Roche property, just south of U.S. 34 Bypass and west of Colorado 257, in addition to Martin Lind’s proposed arena, hotel and water park to the north across U.S. 34.” (BizWest)
- 2nd Ace Hardware Coming to Loveland
- “A second Ace Hardware location in Loveland will open early in 2025, according to the owner of both stores….at 1195 Eagle Drive in the Thompson Valley Towne Center. The new location is the former home of Thompson Valley Liquors, which closed last spring after the adjacent King Soopers grocery store began selling wine and full-strength beer.” (BizWest)
- Metro Denver Home Sales Tumble in November, Taking Prices Down With Them
- “The median price of a single-family home sold in November was $639,000, which was down 1.7% from October’s median price of $650,000. For the year, detached home prices are up 1.9%, according to a monthly market overview from the Denver Metro Association of Realtors….’Buyers in this current end-of-year market are finding gifts on a level rarely offered. Of the homes sold in November, about 50% had at least one price reduction before going under contract, and roughly 60% of the sellers provided concessions to buyers, many in the form of interest rate buydowns or repair credits,’ Amanda Snitker, the new chair of the DMAR Market Trends Committee and an area Realtor, said in comments accompanying the report.” (The Denver Post)
- Highlands Ranch Apartment Community Sells for Over $90 million
- “A 227-unit apartment community in Highlands Ranch has sold for $91.25 million, based on public records filed with Douglas County. The five-building Aventine Littleton Apartments, 2503 Primo Road, was sold by Century Living, the multifamily division of homebuilders Century Communities, to Chicago-based real estate firm Equity Residential, according to a Tuesday news release by CBRE….Century Living developed the apartments, which were completed in phases between 2023 and 2024.” (The Denver Post)
ECONOMIC & EMPLOYMENT NEWS
- U.S. Economy Is Doing What Few Others Are: Getting More Productive
- “…many businesses have been able to do more with less and up their revenue without passing on higher costs to customers—a process that makes this trend, called productivity growth, a key ingredient for a low-inflation economic boom. Over the past two years, better productivity growth has helped the U.S. power past similar economies such as the EU’s and Canada’s. So far this year, the quarterly productivity of U.S. workers has grown by at least 2% compared with a year earlier. The three months through Sept. 30 were the fifth straight quarter of such growth. Over the past five years, quarterly year-over-year productivity growth has averaged 2.1%, a sharp improvement from growth over the 10 years prior.” (WSJ)
- Powell Says Economic Strength Gives Fed Ability to Take Time on Rate Cuts
- “Federal Reserve Chair Jerome Powell said the economy looks better now than it did when the central bank began cutting interest rates in September, which means the Fed can move more slowly in reducing borrowing costs….The Fed cut interest rates at its two most recent meetings, beginning with a half-percentage-point reduction in September amid signs the labor market might be weakening. Officials lowered their benchmark rate by a quarter point, to a range between 4.5% and 4.75%, at their meeting last month.” (WSJ)
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 presents an exceptional investment: a brand new restaurant property in the bustling Victory Ridge mixed-use development in northern Colorado Springs. Ideally situated less than a mile from Interstate 25 with frontage on Interquest Parkway, this prime location ensures high visibility and easy access. The surrounding area boasts a dynamic mix of major retailers, large office complexes, entertainment venues, hotels, and numerous residential apartments, guaranteeing a diverse and steady customer base. Located on the vibrant Interquest Parkway corridor, known for its array of dining options, this property stands out with its inviting rooftop patio and outdoor seating areas, designed to attract and retain patrons.
Click here to learn more about this opportunity.
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