By: Pat Ferrier
Brinkman Partners is awaiting its building permit to start construction of Old Town Flats, a five-story apartment building at the corner of Mason and Maple streets.
The $14 million project will turn the northeast corner of Block 23 — south of the Fort Collins Museum of Discovery — into 94 apartments with a parking garage and fitness center, adjacent to Penny Flats, Brinkman’s Flats on Mason Street and the MAX bus rapid transit station that will open in May.
The first floor of the L-shaped building includes six dwelling units, a fitness center and a lobby. Floors two through five house 88 apartments: 16 studios, 54 one-bedroom and 24 two-bedroom units. Construction is expected to take about a year.
All unit types will support high-end market rents — a studio will rent for about $900 and a two-bedroom for about $1,300 — geared toward active professionals, according to documents presented to the Fort Collins Downtown Development Authority.
The DDA staff recommended providing $200,460 in tax increment financing to help with infrastructure costs.
The DDA has invested about $4.7 million in projects that surround Block 23, including $3 million in the museum, $1.1 million in Penny Flats and $600,000 in MAX, the city's new bus system that will take riders from Cherry Street downtown to the south transit center south of Harmony Road beginning in May.
Block 23 is the largest parcel of underdeveloped land in Old Town.