NoCo Newsletter | April 18, 2024

NAI Affinity
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April 18, 2024

NoCo Newsletter | April 18, 2024

Discover our newest listings, recent happenings in the NoCo CRE community & other industry news. This edition brings news of the Stanley acquisition, Old Town Square No. 4 best nationwide, mortgage rate increases versus easing inflation, and more.

BizWest TV: Ryan Schaefer, CEO and Principal of NAI Affinity, interview at 2024 Northern Colorado Real Estate Summit

bw interview 1 - NoCo Newsletter | April 18, 2024 - NAI Affinity

REAL ESTATE & BUSINESS NEWS

  • Fort Collins City Council Passes Land Use Code No. 3. It's Pared Back But Significant.
    • "Council approved the foundational code update 6-1....The code will be up for a final vote at the May 7 meeting." So, what changed? ADUs were controversial in the previous two updates, and this time: "The Fort Collins Planning and Zoning Commission, when it reviewed this third version of the code, recommended council allow attached ADUs in the low-density residential zone and attached and detached ADUs in the low-density Old Town district. But that wasn't included in this proposal, and no council member moved to include it. There is a bill under consideration at the Colorado legislature that would require cities to allow ADUs. It has passed the House and is now in the Senate." (Coloradoan)
  • Old Town Square Named in USA TODAY 10Best Readers' Choice Awards Best Public Squares List
    • "USA TODAY's 10Best Readers' Choice Awards solicits nominations from an expert panel to identify the top 20 sites, then readers vote for their favorites. Old Town Square was named the fourth best public square in the country behind Campus Martius Park in Detroit, Michigan; The Square in Oxford, Mississippi; and Market Square in Knoxville, Tennessee." (Coloradoan)
  • Loveland Council May Let Metro District Moratorium Lapse
    • "Loveland City Council members appear inclined to let the moratorium on metropolitan districts lapse on May 28 but would like to tighten the city’s 17-point criteria for approval of new districts," in addition to Chief Financial Officer Brian Waldes suggesting, "changes, particularly related to additional fees assessed on developers to pay for ongoing monitoring of districts." (BizWest)
  • Dohn Construction Leaders Receive Chamber's Prestigious Collins Award
    • Congratulations to Doug and Connie Dohn who joined the prestigious list of Collins Award recipients which, "recognizes individuals who have made longstanding contributions to the community." Doug and Connie founded, "Dohn Construction...in 1992 as a small construction company that wanted to work locally so its employees could be home with their families each night. The company grew as word of its approach spread." (Coloradoan)
  • Colorado Agency Steps Up to Buy Stanley Hotel After Arizona Nonprofit Sale Falls Through
    • "The Colorado Educational and Cultural Facilities Authority stepped up with a plan to buy the haunted hotel after a deal to sell the Stanley to an Arizona nonprofit fell through, said CECFA Executive Director Mark Heller. Heller said the authority hopes to wrap up the sale in the coming months, securing the government agency as the owner of the hotel and borrower of the bonds that will help finance 60 new rooms, a fresh restaurant and the construction of the Stanley Film Center....If the new plan pans out, the state department will own the Stanley once it pays back the bonds needed to refurbish the property — still expected to top $400 million." (The Denver Post)
  • Gov. Polis Signs Housing Occupancy Bill
    • "Gov. Jared Polis signed HB24-1007 on Monday, prohibiting local governments from limiting the number of people who can live under one roof. Previously, local governments were allowed to set occupancy limits for people who weren't related to each other -- no matter the size of the house. There are a few exceptions in the new law. Local governments can enforce residential occupancy limits to follow fire code regulations and health and safety standards, or if the residence is part of an affordable housing program." (9News)

ECONOMIC & EMPLOYMENT NEWS

  • Windsor Names Eric Lucas as First Deputy Town Manager
    • "In the position, Lucas will oversee several departments and help lead the implementation of the town board’s strategic goals and vision for the future of Windsor, according to the release. Town officials want to focus on strategic growth, reliable infrastructure and a stable, business-friendly economy, in accordance with the town’s strategic plan." (Greeley Tribune)
  • Thornton Water Debate Moves to Larimer Leaders
    • "The county planning commission voted 5-3 to approve Thornton’s latest plan and to recommend that the county commissioners do the same. Larimer commissioners will hear testimony on the project beginning April 22 and continuing May 6, 8 and 20." (BizWest)
  • Western Midstream Will Employ 150 in Firestone
    • "WES DJ Gathering LLC closed Feb. 1 on the nearly $5 million purchase from Crestone Peak Resource Holdings of the building at 10188 East I-25 frontage Road....Crestone employed 107 people in the building when it was put up for sale," in July 2000. Western Midstream, "plans to employ around 150 people." (BizWest)
  • Tesla to Locate Engineering Office in Fort Collins
    • "Tesla Inc. (Nasdaq: TSLA) plans to locate an engineering facility in Fort Collins that will employ engineers in the company’s autopilot artificial intelligence division. Details of the operation were not immediately available, but it appears that the company has leased 8,800 square feet of space on the former Hewlett-Packard campus." (BizWest)
  • Denver Inflation Rate Dips Below 3% for the First Time in Three Years
    • "The Consumer Price Index for metro Denver advanced 2.8% over the past 12 months, down from an annual rate of 3.5% in January. Nationally, the CPI-U rose to a 3.5% annual rate, compared to a 3.2% rate in February and a 3.1% rate in January. The latest numbers reverse a 14-month streak where Denver’s inflation rate ran ahead of the U.S. rate, often by a wide margin. As recently as September, Denver consumers were coping with a 5.4% inflation rate vs. a 3.7% rate nationally." (The Denver Post)
  • Housing Market Slumps as Mortgage Rates Top 7%
    • "The average rate on the standard 30-year fixed mortgage jumped by nearly a quarter percentage point to 7.1%, according to a survey of lenders released Thursday by mortgage-finance giant Freddie Mac. That is the highest level since late 2023 and the largest weekly increase in nearly a year." (WSJ)

COMMUNITY & OTHER INDUSTRY NEWS

FEATURED LISTING

NAI Affinity is pleased to present Uptown: a new mixed-use, master planned, development coming to Northern Colorado, strategically located along the bustling Highway 34 corridor at the signalized intersection of CR 17. This dynamic project will offer a blend of retail, entertainment, medical facilities, lodging options, multifamily housing and industrial. Uptown is poised to redefine the commercial landscape in the west Greeley/Windsor area offering a vibrant and integrated environment for businesses and residents alike. Don’t miss the chance to be a part of this exciting opportunity in a rapidly growing region. Click here to learn more about this opportunity.

Representative infrastructure/road improvements video: click here.

image 2 - NoCo Newsletter | April 18, 2024 - NAI Affinity

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