Plans are now underway for the construction of a new complex with 114 residential units in the Old Town section of Fort Collins.
The project jointly belongs to the Colmena Group, which is based in Salt Lake City, Utah, and the Fort Collins-based Tribe Development.
As anticipated, the 7-story project, to be built in the 200 block of Cherry Street next to the city’s historic trolly barn, will go up in an area populated with newer multi-floor apartment complexes.
A conceptual plan for the project has now been filed with the City of Fort Collins’ planning department.
The Colmena Group is both a real estate development and investment company that has developed more than 11,000 apartment units since its founding in 2008.
Tribe Development bills itself as a comprehensive real estate and consulting firm, with projects throughout Colorado.
Rents in Fort Collins have been significantly on the upside in recent months. According to a site maintained by the Norada Real Estates Investments company, the city has seen a 22% increase in rents since 2020, with the average one-bedroom going for $1,340.
By Garry Boulard
