Do NOT let those with powerful and vested interests tell you otherwise. Read the listing description below to see how this is an investor and developer free-for-all in the making.
Our smaller and relatively older housing stock is our most affordable. In a cruel twist, those homes will be targeted for demolition and redevelopment into multi-unit luxury housing. This will NOT help workers and lower-income community members at all. They will be displaced and dispossessed. This is gentrification.
"Investment opportunity! First, location: This property sits 2.5 blocks from Target, 3.5 blocks from Lucky's, and 5 blocks to Old Town, where you can walk to get coffee, drinks or dinner without needing to cross a major street. Transit and other nearby infrastructure make this location ideal for simple convenience. Next, opportunity: With the upcoming changes to the land use code (call for more info), this property, sitting in the NCM zoning district, will be allowed to be developed into a multi-family (up to a 6-Plex), or even simpler, can contain an ADU. That means this property is NOT relegated to a SFR investment, but has the potential to generate much more revenue. Lastly, immediacy: This property has been approved by the City to be developed into a 4-plex (several year process), so for the right investor, this work could begin immediately. Further, the plan may be modifiable to grow into a 5-plex. The house needs some work to become immediately rentable; please see the attached inspection report. But the value here is the location and opportunity. The new zoning codes in Fort Collins is a game changer, so for the right buyer this has the opportunity to become a fantastic investment."
Direct Link: https://www.compass.com/listing/335-east-magnolia-street-fort-collins-co-80524/1150114261559206721/
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