348 ‘luxury’ apartments now planned for Prospect and Shields site in Fort Collins – Coloradoan

An artist's rendering of the proposed Watermark at Spring Creek apartments at S. Shields Street and Prospect Road.(Photo: Studio M Architecture & Planning)

Watermark Residential, a national developer of upscale apartments, is the latest potential developer of land owned by Blue Ocean Enterprises at the southeast corner of Prospect Road and South Shields Street.

The company is proposing 348 high-end units in 10 buildings north of Spring Creek Trail in central Fort Collins with 3,000 square feet of commercial space. Nine buildings would be three stories; one would be four stories including commercial space.

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Units include open floor plans, walk-out balconies or porches, and high-end finishes, according to conceptual plans filed with the city of Fort Collins. Forty percent of units would be one bedroom, 50% two bedrooms and 10% three bedrooms ranging in size from 682 square feet to 1,360 square feet.

Plans for the 20-acre property have gone through several iterations and potential developers, the latest of which was Terra Development Group that proposed an unspecified number of units in six buildings.

The property is owned by North Spring Creek PropertiesLLC whose address is listed at 401 W. Mountain Ave., the same address as Blue Ocean Enterprises, the real estate development company formed by Curt and Nancy Richardson, founders of Otter Products.

Two years ago, Watermark proposed 300 high-end apartments in north Fort Collins, on a largely undeveloped tract that runs from Spaulding Lane south to East Willox Lane.

It is unclear if that project is going forward. Watermark officials did not immediately return calls seeking comment.

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Watermark says in its company overview it focuses on development of Class A apartments in affluent suburban locations in the Midwest, West and Southeast.

The 12-year-old company targets sites close to new retail, upscale single-family homes and employment centers, while being visible and accessible from major thoroughfares. Rents are market based.

The site is close to the Colorado State Universitycampus but the apartments are designed to be market rent not geared to students, according toplans.

Average apartment rents in Fort Collins were $1,522 permonth earlier this year, according to RentCafe, but can approach $2,000 permonth for high-end units.

Several new apartments, many geared toward students, are opening this year. Union on Elizabeth opened in July with about 400 bedrooms. The Standard on Prospect Road is just finishing construction on 230 units with 794 bedrooms and will be ready for occupancy in fall 2021.

By The Group Inc. Real Estate's estimation, Fort Collins can absorb an additional 1,500 rental units a year.

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Pat Ferrier is a senior reporter covering business, health care and growth issues in Northern Colorado. Contact her at patferrier@coloradoan.com. Please support her work and that of other Coloradoan journalists by purchasing a subscription today.

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348 'luxury' apartments now planned for Prospect and Shields site in Fort Collins - Coloradoan