Pictured: Restaurant 415 @ 415 S Mason St. NAI Affinity represented the landowner and completed the building sale in 2022. Photo is for the exclusive use of NAI Affinity.
NoCo Newsletter | February 22, 2024
Discover our newest listings, recent happenings in the NoCo CRE community & other industry news. This edition brings news of restaurant turnover, hot housing, Buc-ee’s grand opening, and more.
REAL ESTATE & BUSINESS NEWS
- Noticed a Spike in Fort Collins Restaurant Closures? So Did We. Here’s What it Could Mean
- “By the Coloradoan’s count, Fort Collins lost 25 food and drink establishments in 2023 — up from 14 in 2022, 12 in 2021, 15 in 2020 and 22 in 2019. At the same time, Fort Collins has consistently added more food and drink establishments to its ranks than it has lost in the past five years.” (Coloradoan)
NAI Affinity President, Jake Hallauer, CCIM, shared his market expertise with the Coloradoan for this article, and in summary: “Hallauer estimated that triple net expenses — which encompass property taxes, building insurance and maintenance — have increased up to threefold for some Fort Collins tenants. While some restaurant owners were able to renegotiate their leases for below-market rent at the beginning of COVID-19, many are now facing higher rent after more recent lease renewals, Hallauer also acknowledged. “Unfortunately, in the coming years, you’re going to see more restaurant failures than you’ve seen in the past few,” Hallauer said, noting that the local food scene will likely continue to see a lot of turnover as restaurants close and new ones move in to backfill their space.” (Coloradoan)
- Softball Training Facility to Open in West Greeley
- “Tacoma, Washington-based EL1 Sports, a national youth sports training company, is expanding its footprint to Colorado by launching the Alliance Performance Center NoCo at 2211 115th Ave. to support the development and operations of softball tournaments sanctioned by Colorado USA Softball.” (BizWest)
NAI Affinity’s Ryan Schaefer (CEO) and Lauren Larsen (Managing Broker), along with Mike Wafer and Michael Wafer, Jr. of Newmark, represented Roche Constructors Inc. (landlord) for this lease. The building has 4,837± to 10,633± SF remaining available for lease.
- Buc-ee’s Prepares for Grand Opening of Its First Colorado Travel Center
- “The Buc-ee’s beaver is headed to the Rocky Mountain region this spring. The Texas-based travel store and gas station chain announced Wednesday it will open its first Colorado location on Monday, March 18. The new travel center is located in Johnstown, at the southwest corner of Interstate 25 and County Road 48, north of the Denver metro area.” (9News)
- Loveland Council Restores Centerra South Pacts it Had Rescinded
- “Faced with the prospect of costly and protracted litigation, the Loveland City Council reversed course early Wednesday morning, voting to restore the Centerra South urban-renewal plan and financial agreement it had rescinded in November, and to enter into settlement talks with developer McWhinney Real Estate Services Inc., which had sued the council for breach of contract.” (BizWest)
- Denver Has the Hottest Housing Market in the Nation
- “The top 10 hottest housing markets, according to U.S. News: No. 1 – Denver… Three other Colorado cities made the top 20: Fort Collins, at No. 12, Greeley at No. 15 and Colorado Springs at No. 19….The ranking used the U.S. News Housing Market Index, which looks at several data points, such as supply and demand.” (Fox31)
ECONOMIC & EMPLOYMENT NEWS
- Water Treatment Plant to Meet Needs Long Into Future
- “The water treatment plant planned for Northern Colorado intended to serve three cities and a water district will meet treatment needs long into the future, in some cases until full community buildout. The plant, to be built by the Cobb Lake Regional Water Treatment Authority, is a joint effort of the Fort Collins-Loveland Water District and the towns of Windsor, Severance and Eaton.” (BizWest)
- Thornton Still Wants to Build Water Pipeline Through Larimer Lands: Here Are Its Next Steps
- “This is Thornton’s second attempt at an application to build the pipeline, which would carry Poudre River water from reservoirs north of Fort Collins through Larimer, Weld and Adams counties to a water treatment plant in Thornton to support the city’s growing population…The city’s first application to build the pipeline was filed in 2018 and denied in 2019 by commissioners, who said the project failed to meet seven of the 12 criteria set out in the 1041 permit application process.” (Coloradoan)
- Bill Would Provide Funds for New Medical School Planned for University of Northern Colorado, Colorado State University Veterinary Health Education Complex
- “If passed by Colorado lawmakers, (the $247 million bill would) provide funding for a number of higher education initiatives around the state, including at the Veterinary Health Education Complex at Colorado State University in Fort Collins and at the University of Northern Colorado’s proposed College of Osteopathic Medicine in Greeley.” (BizWest)
- U.S. Shoppers Cut Back in January
- “U.S. retail sales fell a seasonally adjusted 0.8% in January from a month earlier, the Commerce Department said Thursday. The larger-than-expected loss came after a strong round of holiday shopping in December, which the report revised to a 0.4% gain. Excluding autos, sales were down 0.6%; economists expected an increase.” (WSJ)
- State Pledges $74M to Boost Quantum Industry if Colorado Wins Tech-Hub Designation
- “The recently introduced, bipartisan Colorado Quantum Tax Credit bill would, if passed, provide $74 million in state support for Colorado quantum industry. The funding, however, is contingent upon Colorado — and its partners in New Mexico and Wyoming — winning designation and a “tech hub” for quantum technology research and commercialization from the U.S. Department of Commerce.” (BizWest)
COMMUNITY & OTHER INDUSTRY NEWS
- Client Testimonials
- 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.
- North I-25 Express Lanes Project Nears Completion
- 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. 3 Busiest in the World
- 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 infill commercial land development site. The site offers a highly desirable location, as it is situated on a hard corner, providing excellent visibility along Broadway. Its close proximity to Downtown Denver ensures convenient access to the city’s vibrant cultural scene, shopping, and employment opportunities. In addition to its prime location, the site benefits from being surrounded by numerous amenities, several new multi-family projects in the immediate area, and is approximately a 10 minute drive to Downtown Denver, Empower Field, Ball Arena, Colorado Convention Center, Union Station and countless restaurants, attractions and amenities. Future building could include a patio, rooftop area with approximately 7 dedicated parking spaces on the Property. The zoning allows for the construction of up to 3 stories high. This provides flexibility for developers to create multi-level structures that can accommodate a variety of uses, such restaurant, retail, office or mixed-use. Seller financing available. Click here to learn more about this opportunity.
See previous newsletters here.
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