NoCo Newsletter | February 27, 2025

Photo: NAI Affinity featured listing – 9217 Eastman Park Drive, Unit 4, Windsor, CO | For Sale

NoCo Newsletter | Keeping You Informed on Northern Colorado’s Commercial Real Estate Market | February 27, 2025

Discover our newest listings, recent happenings in the NoCo CRE community & other industry news. This edition brings news of Colorado condo construction defect reform, Centerra South approvals, falling Consumer Confidence Index, and more.

Congratulations | NAI Affinity proudly congratulates our Founder and CEO, Ryan Schaefer, on being recognized in BizWest’s prestigious Top 50 Most Influential Business Leaders! This well-earned honor is a testament to Ryan’s leadership, dedication, and the impact he has made in the commercial real estate industry and our community. His vision and commitment continue to drive our success, and we are thrilled to see him receive this recognition. Congratulations, Ryan!

To vote Ryan into the #1 spot, vote here by March 3rd.

REAL ESTATE & BUSINESS NEWS

• Jax Owners to Sell East Loveland Location, Consolidate Into Westside Store
  • BizWest | “‘From the time we opened the westside store, there was some question of whether Loveland, Colorado, could support two Jax stores,’ Quinlan said in the release. ‘The continuing rise of online shopping along with increased operating costs have cemented our decision. After evaluating options, we have decided to move forward by consolidating our Loveland business into the one westside location only. The eastside building is now under negotiation to be sold and redeveloped.'”
• Loveland OKs Centerra South Plan, Gives First Nod to Schmer Annexation
  • BizWest | “A developer’s plan to add up to 2,277 housing units in the 150-acre Centerra South development won narrow final approval from the Loveland City Council on Tuesday night. The council then unanimously gave an initial nod to annexing the 122-acre Schmer Farm property just to the east…The 5-3 vote, with Mayor Jacki Marsh, Mayor Pro Tem Jon Mallo and council member Erin Black dissenting, greenlights McWhinney Real Estate Services Inc.’s proposed annexation agreement and amendment to the Millennium General Development Plan, the guiding document for development of approximately 3,000 acres on both sides of U.S. Highway 34 that includes a mix of land uses including residential, commercial, civic and industrial.”
• Colorado Construction Defects Battle Returns as One Bill Aims to Ensure Homes Are “Built Right in the First Place”
  • Denver Post | “State lawmakers will again juggle a pair of competing bills aimed at boosting protections for homebuyers or spurring more condo construction — while trying to avert the impasses that killed the parallel efforts last year. The two measures aren’t explicitly at odds, but their competing aims could put them on a collision course. House Bill 1272, introduced in the legislature this week, looks to restrict when homeowners can sue over shoddy construction by offering less-expensive avenues to address problems. It would lead to lower risks for builders and their insurers, proponents argue, making it a safer economic bet to build condos… Meanwhile, lawmakers will also weigh House Bill 1261. That measure is aimed squarely at lowering the threshold for when homeowners can sue for construction defects.
    It would give homeowners more time to discover problems before shutting off the courts to them, and it would add other requirements that supporters hope would speed up lawsuits against builders.”
• Lakewood City Council Reinstates Option for Builders to Pay a Fee Instead of Reserving Park Land
  • 9News | “Councilmembers said the ordinance as it stood may not even be legal. A state law passed last year requires cities in Colorado to offer developers the option to pay their way out of requirements to offer park land. Since that ordinance was passed in December, the city has struggled to issue residential building permits…Ultimately the council voted unanimously to pass a new ordinance, allowing builders to pay the fee instead of reserving their own land for park space. This applies to all developments in Lakewood; however, when a development is anticipated to house more than 50 residents, the decision whether to pay the fee in lieu could go before the board of adjustment.”
• New MSU Denver Institute Helping Tackle Colorado’s Affordable Housing Crisis
  • 9News | “A large pledge to the MSU Denver Foundation helped the university establish the FHLBank Topeka Affordable Housing Institute and expand offerings for students. The university said classes are helping teach students about solutions for this issue that’s long plagued the state.”
• Update: Joann, Bankrupt Fabrics Retailer, is Closing All Colorado Stores
  • 9News | “Joann first filed for bankruptcy in March 2024 and again in January…Earlier this month Joann received court approval to close more than half of its remaining stores, including six locations in Colorado. But now, just a couple weeks later, the plan is for all of its roughly 800 locations to close and for the struggling retailer to shutter after more than 80 years in business.”

ECONOMIC & EMPLOYMENT NEWS

• Polis’ Energy Mandates Will Make Heating and Cooling Costs Skyrocket in Colorado
  • Denver Post | “A new report by the nonpartisan Common Sense Institute projects that within five years under the new law, the average household will spend as much as $500 more a year on the home power bill….The price of electricity will grow at more than three times the rate of inflation….Over the next 15 years, families could pay $9,280 more to power their homes. The extra cost for commercial businesses could exceed $60,000 and the extra cost to industrial consumers could surpass a million dollars…The report predicts the result will be 25,000 fewer jobs and a slowdown in the state’s gross domestic product of $2.6 billion.”
• US Economy Grows at 2.3% Annualized Pace in Fourth Quarter, Matching Estimates
  • Yahoo! Finance | “The increase in real GDP in the fourth quarter primarily reflected increases in consumer spending and government spending that were partly offset by a decrease in investment, according to the BEA. A third and final estimate for Q4 GDP growth will be released at the end of March.”
• February Consumer Confidence Posts Biggest Drop Since 2021 in Latest Sign of Slowing Economy
  • CNBC | “The board’s Consumer Confidence Index slipped to 98.3 for the month, down 7 points and below the Dow Jones forecast for 102.3. This was the lowest reading since June 2024 and the largest monthly drop since August 2021….The decline in consumer confidence comes with President Donald Trump threatening additional tariffs against U.S. trading partners…in March after a delay in February. Economists worry that the tariffs could spark another round of inflation at a time when the Federal Reserve is considering whether to lower interest rates further or hold steady as policymakers weigh the impact of Trump’s aggressive fiscal and trade policy moves. Consumers are worried as well: 12-month inflation expectations jumped to 6%, up from 5.2% the prior month and well ahead of the Federal Reserve’s 2% goal.”
• Starbucks to Lay Off More Than 1,000 Workers
  • WSJ | “As of September, Starbucks had 16,000 corporate employees, including those supporting store operations, store development and roasting. The company said the layoffs wouldn’t affect roasting, manufacturing, warehousing and distribution workers. Cafe workers also wouldn’t be affected by the cuts, Starbucks said. The layoffs are among the largest rounds of cuts in Starbucks’s history. In 2018, Starbucks said it would lay off 5% of its global corporate workforce, amounting to around 350 people.”

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 an investment and/or owner-user opportunity in Windsor’s dynamic, rapidly expanding market. Property is an inline condo unit within this exceptional multi-tenant, free-span flex building. The modern unit features an office (heating, A.C., polished concrete floor, paint, 3-phase, 200 amp electrical), ADA bathroom, laundry/mop sink, warehouse heater and one 14’ x 14’ overhead door.

Unit is currently leased through May 31, 2028. Existing tenant’s growth presents immediate opportunities. Continue as an investment property with potential sublease income, or coordinate with tenant for owner-occupancy transition.

Click here to learn more about this investment and/or owner/user opportunity.

See previous newsletters here.

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