Capstone, a national student housing developer, is finalizing development plans to create an off-campus student housing project just south of Prospect Road, along the future bus rapid transit (BRT) line on the Mason Corridor.
Capstone began this process in 2008 and took an unintended hiatus while waiting for the financial market to recover. During the economic downturn Capstone continued working through stormwater and floodplain regulations (the project is located on the site of the 1997 Spring Creek flood). The project was revitalized in late 2010 with a submittal for final plans to the City early this year.
Potential Urban Renewal Authority Assistance
Capstone has applied for tax increment financing (TIF) from the Urban Renewal Authority (URA) to offset the cost of public infrastructure requirements related to stormwater and green building materials. The URA Board has not made a decision for the TIF support on this project yet, but plans to do so in the next couple months.
Capstone looks to begin construction this summer and open for the fall 2013 semester. This project will create more than 200 rental units for the Colorado State University student population. Follow the progress of this potential project and other URA projects at renewfortcollins.com