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Aug 4, 2017
Construction of New Fort Collins Apartment Building To Complete Project Started a Decade Ago
In response to a steadily increasing demand for more rental housing in Fort Collins, Colorado, plans are in the works for the construction of a 5-story building in the Old Town section of the city.
Penny Flats North will go up at the intersection of Cherry Street and N. Mason Street and will include 71 apartment units as well as dedicated commercial and working space on the building’s first floor.
The project, which has not yet been submitted to the City of Fort Collins’ planning department for approval, will comprise the final phase of the original Penny Flats apartment complex launched just over a decade ago.
Then the complex was intended for a young professional market sector attracted to downtown living in Fort Collins. In the decade since, that demographic has gotten larger in the city and shown a willingness to pay for rents in the $1,000 to $3,000 per month range.
The curious name for the project is due to its close proximity to a Burlington Northern Santa Fe railroad track and the old tradition of kids leaving pennies on such tracks to be flattened or otherwise annihilated by an oncoming train.