NoCo Newsletter | January 16, 2025

Photo: NAI Affinity featured listing – Brookside Weddings and Events.

NoCo Newsletter | January 16, 2025

Keeping You Informed on Northern Colorado’s Commercial Real Estate Market

Discover our newest listings, recent happenings in the NoCo CRE community & other industry news. This edition brings news of a new appeal process in Fort Collins, west Greeley event center feasibility, holiday shopping data boding well for the economy, and more.

REAL ESTATE & BUSINESS NEWS

• The Ranch Expands With 72-Acre Land Purchase in Larimer County
  • “The Larimer County events complex, 5280 Arena Circle, purchased 72 acres of land directly to its north on Dec. 17, according to a county news release. Plans for the land have yet to be announced, with initial planning discussions for it starting in January, according to the release. The land cost roughly $10 million, according to Conor McGrath, managing director of The Ranch Events Complex. Its purchase comes as the county looks toward The Ranch’s future, with the goal of it becoming self-sufficient by 2039, when its 20-year sales and use tax funding sunsets.” (The Coloradoan)
• Stalled Midtown Fort Collins Apartment Complex Resurrected by New Developer
  • “Landmark Properties announced plans Thursday to build a new 397-bed, student-oriented housing community at 255 Johnson Drive, adjacent to the Spring Creek Trail a block west of College Avenue near Dairy Queen. The Mark Fort Collins will be a six-story, off-campus student housing community with 193 units…Work on a previous effort to resurrect the project ended in March 2022, when then-developer Valeo Group ceased construction after completing some initial foundation and concrete work, including the building of an elevator shaft and concrete pillars as high as five stories tall…” (Coloradoan)
• Citing Confusion and Frustration, Fort Collins City Council Updates Appeals Process
  • “Here are the major changes proposed by city staff and given initial approval by council:
    • There will now be two paths for appeals, depending on the grounds cited. Currently, City Council hears all appeals, which can challenge whether a fair hearing was conducted and whether codes were properly applied or interpreted. In the future, any appeals based on whether a fair hearing was conducted will be given an administrative review by a decision maker in the City Manager’s Office. Any appeals based on whether codes were properly applied and interpreted will be heard by council.
    • Outside of the project applicant or property owner, another party is eligible to appeal only if they participated in the original decision-making process by making public comments during hearings or sending written comments. Currently, anyone who received a notice about the hearing can appeal.
    • Any issued raised in appeal must have also been raised in the original decision-making process, and no new evidence may be introduced. This means that new issues cannot be raised in an appeal.
    • There will be two reviews by city staff to make sure appeals are technically complete and meet all requirements: a completeness review and a screening review.
    • The appellant must register with the city so there can be a pre-hearing conference with all parties to answer questions and resolve issues more efficiently.
    • Fees will be $100 for an administrative review and $250 for a council appeal. The fee under the current system is $100, and that hasn’t changed since 1990.
    • There will be no organized site visit for council members, who may still visit on their own.
    • Appeals will be heard within 35 days rather than within 77 days.” (Coloradoan)
• The Number of Denver Restaurants has Shrunk 22% Since 2021
  • “…COVID-19 has been the “single-biggest disruptor” to the industry, with economic inflation raising overhead costs for kitchens while restaurant customers are staying home more often than they used to. “That’s not just a Denver issue, that is a national issue,” he said….Chefs and owners in Denver have cited everything from the effects of construction to rising labor costs as reasons for closing up shop, along with higher prices for goods and a regulatory process they’ve found stifling and lengthy compared to some surrounding cities.” (The Denver Post)
• Macy’s, Kohl’s to Shut Stores as Part of Plan Targeting Underperforming Locations
  • “Macy’s released a list Thursday of 66 closures that includes the store at the Northfield Stapleton shopping center in Denver. The company said the majority of the locations on the list will be shut during the first quarter. Macy’s earlier closed the Streets at Southglenn Furniture store in Centennial. Kohl’s disclosed Thursday which 27 of its roughly 1,150 locations nationally it will shutter. The Kohl’s at the Arapahoe Crossing mall in Aurora is on the list.” (The Denver Post)

ECONOMIC & EMPLOYMENT NEWS

• West Greeley Project Economic Impact Draft Study Shows Expected Countywide Impact and Costs
  • “The entire project —  which would relocate the Colorado Eagles minor-league hockey team to Greeley in a new arena, add additional ice for youth hockey and national tournaments, build a hotel and convention center, and build a massive indoor water park with 12 wrap-around slides, plus additional restaurants and retail —  is expected to cost $1.1 billion, all of which the City of Greeley would guarantee.” (BizWest)
• Dow Jumps 700 Points, Nasdaq Soars 2.5% After Cool CPI Reading
  • “US stocks ripped higher on Wednesday as high hopes for bank earnings paid off and a crucial consumer inflation update showed key prices increased less than expected in December.
    The benchmark S&P 500 (^GSPC) popped more than 1.8%, while the Dow Jones Industrial Average (^DJI) rose more than 1.6%, or over 700 points. Meanwhile, the tech-heavy Nasdaq Composite (^IXIC) soared 2.5%. Stocks took a leg higher after the Consumer Price Index (CPI) showed progress toward the Fed’s 2% inflation target in December. Prices climbed 0.2% month-on-month on a “core” basis, which strips out the more volatile costs of food and gas, an easing from November’s 0.3% gain. Over last year, core CPI rose 3.2%.” (Yahoo! Finance)
• American Shoppers Wrap up the Year in a Spending Mood, Boding Well for the U.S. Economy
  • “Retail sales rose 0.4% in December from the previous month, the Commerce Department said, though down from November’s upwardly revised 0.8% gain. The figures suggest that even as many Americans are struggling with higher prices and elevated interest rates, a low unemployment rate and rising wages are encouraging millions of consumers to spend, bolstering economic growth. Last Friday the government reported employers stepped up hiring in December and the unemployment rate fell to a low 4.1%.” (U.S. News)
• U.S. Online Holiday Sales Rise Nearly 9% on Mobile Shopping Boom
  • “U.S. online spending rose nearly 9% during the 2024 holiday season, with shoppers increasingly buying products such as TVs and LEGO sets on their smartphones, data from Adobe Analytics showed on Tuesday. Holiday spending from Nov. 1 through Dec. 31 rose 8.7% to about $241.4 billion online, higher than Adobe’s initial forecast of $240.8 billion made in September. In 2023, online spending during the same period grew 4.9%.” (Reuters)

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 Brookside Weddings and Events in rural Berthoud, Colorado. Brookside is located between Boulder and Fort Collins in Northern Colorado about an hour north of Denver. It is a picturesque venue that combines rustic charm with modern elegance. The venue’s primary business is hosting and catering for weddings and receptions. Because of its central location in Northern Colorado, Brookside hosts many other types of celebrations and events year-round for businesses, organizations, and families. Amidst the serene vistas of the Rocky Mountains, Brookside is a one of a kind Northern Colorado event venue that is unique in the area.

Click here to learn more about this unique real estate and business opportunity.

See previous newsletters here.

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