HomeMy WebLinkAboutTHE SLAB - PDP - PDP150016 - MEDIA -CSURF plans Prospect Road apartr complex Page 4 of 4
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http://www.coloradoan.com/storylmoneyl2O l 5/06l l 7/prospect-road-apartment-complexl288503631 6/ 18/2015
MO plans Prospect Road apartmmplex
The site lies near the bulk of Student housing including The Summit, 665 6; The Grove,
600 beds; Aggie Village North, 1,000 beds; and Prospect Station, 29 apartments near the
intersection of Prospect and College Avenue.
Jeffrey Evans originally planned a 60-unit student housing project heated and cooled by
geothermal energy at the site, the first multifamly geothermal system proposed in Northern
Colorado.
But Evans and his company, West Prospect Investments, ran into financial trouble during the
economic recession. RADC/CADC Property XI, a capital investment group, foreclosed on the
property and Evans filed for Chapter 7 bankruptcy in 2012, according to court records.
Learn more
A neighborhood meeting on plans for 808 W. Prospect Road will be held from 7 to 9 p.m.
Thursday at Plymouth Congregational Church, 916 W. Prospect Road. Learn more at
fcgov.com/citizenreview (http://www.fegov.com/citizenreview).
COLORADOAN
Colorado State University Y Cross Ranch
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http://www.coloradoan.conVstory/moneyl2O l 5/06l17/prospect-road-apartment-complexl288503631
6/ 18/2015
CSURF plans Prospect Road apartrr complex
Unlike some other student hL g projects that lacked parking, the Bachele a proposed 83
parking spaces and 70 bike parking spots, providing parking for more than the building's
planned occupancy. Bachelet said their original intent was to build four stories, but that size
was reduced to be able to provide more ample parking, bike storage and recycling facilities for
tenants.
CSURF SPENDING:Over 5 years, CSU paid $5.9M for 13 homes
(/story/money/2015/05/21 /csu-buys-fort-collins-homes/27743595/)
They've taken the plan through the city's conceptual review process and will present it
Thursday at a neighborhood meeting.
"We really haven't decided on anything," Callan said. "We're going through the review process
to fully understand what it will take."
If the $6 million project comes to fruition, the Bachelets hope to break ground later this year
with completion in spring 2017.
The Observatory Park project, as it was known when it was first proposed in 2007, is south of
the CSU campus. The foundation, dug in 2008, has been capped with cement and surrounded by
chain -link fence for years as the property languished amid lawsuits, bankruptcy and foreclosure.
Today, brush on the property stands about a foot high and a porous fence appears to let people
come and go at will.
The property sits in an area covered by the city's West Central Area Plan, which calls for the
widening of Prospect Road and the addition of a pedestrian path north of Prospect.
City planner Rebecca Everett said the transportation plan includes a 6-foot sidewalk on the
south side of Prospect Road, two lanes each for eastbound and westbound traffic, a center lane,
and 10-foot shared bike and pedestrian path on the north side.
The city acquired a right-of-way along 808 W. Prospect Road when its previous plan was first
proposed, so no additional land is needed from CSURF for the path.
SPACE NEEDED:CSU's nonprofit makes big real estate buys (/story/news/2014/11/23/csus-
nonprofit-makes-big-real-estate-buys/ 19437855/)
The Fort Collins City Council approved the West Central plan March 17, but no funding has
been set aside for the final design or actual improvements, Everett said. "We would expect to
apply for funding in the next round of budgeting, but at this time there's no timeline," for the
improvements.
Some funding was set aside in the city's intergovernmental agreement with CSU to help pay for
some infrastructure improvements on Lake Street made necessary by the new stadium, she said.
The proposed apartments, if built on the existing slab, would still have a 15-foot setback from
the path, Everett said. Conceptual ideas in the West Central Area plan show potential sidewalks
running north from the site to Lake Street. Sidewalks from the site would provide easy access
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for residents to campus and the new stadium scheduled to open in 2017.
http://www.coloradoan.conVstory/money/2015/06/ 17/prospect-road-apartment-complex/28850363/
6/18/2015
.CSUR1F plans Prospect Road apartmeomplex
Page 1 of 4
Apartments promise Prospect Road `slab' new life
r Pat Ferrier, The
Coloradoan 10'09 a.m. A1DT June 17, 2015
(Photo: Erin HulUThe Coloradoan)
A long -dormant Prospect Road curiosity may find new life as student housing.
Commonly called "the slab," the foundation at 808 W. Prospect Road has stood largely
untouched since 2008, when the recession derailed a planned apartment complex.
But the Colorado State University Research Foundation bought the property last vear
(/story/money/2014/06/02/defunct-student-housing-site-sold-csurf/9879323/) for $1.85 million
and has been working with developers Robin and Christian Bachelet to realize a stalled vision
for the site just blocks from CSU's planned on -campus football stadium.
The proposal working through the city's preliminary review process calls for using the existing
concrete foundation for a three-story, 59-unit apartment building with 70 bedrooms geared
toward students.
"The foundation was inspected in 2013; in general, the overall structure appears to be in good
shape," Christian Bachelet said in an email to the Coloradoan. "The basement walls have no
major cracks."
The Bachelets, who own the Blue Ridge Apartments north of 808 W. Prospect, approached
CSURF about developing student housing on the 1.44-acre site, said Rick Callan of CSURF's
real estate division.
"Robin and I have been chasing this deal since 2008," Christian Bachelet said. "Back in 2008,
Robin and I showed interest in taking over the project from the previous developer.
Unfortunately, his bank (New Frontier in Greeley) was seized by the FDIC and the property
went into receivership."
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http://www.coloradoan.com/storylmoneyl2O l 5/06l l7/prospect-road-apartment-complexl288503631 6/ 18/2015