Fort Collins to consider student housing moratorium
The discussion comes as a result of a proposal submitted to the city detailing the impact of multi-family developments on the city's west-central neighborhood. A group of residents called the Coalition of Neighborhoods presented its proposal in April.
Right now, there are 2,543 units in 21 multi-family projects in various stages of development within city limits. In the west-central neighborhood alone, there are 743 units in nine projects listed in city documents.
The west-central neighborhood is bordered by Taft Hill Road, Drake Road College Avenue and Prospect Road. It also extends to Mulberry Street between Taft Hill Road and Shields Street.
Residents of neighborhoods near some of the proposed developments have expressed concern over density and parking overflow, saying that newer multi-family developments are having an adverse impact on their neighborhoods that is not offset by current Land Use Code provisions.
The moratorium would give the city time to retool its Land Use Codes.
Local real estate agents are concerned about potentially stalling multi-family development. A letter from the Northern Colorado Commercial Association of Realtors said that more than $250 million worth of projects could be impacted, assuming that the average cost per unit is $100,000.
NCCAR also expressed concerns in its letter that because the city does not have a clear definition of "student housing," that all multi-family projects may be impacted in the event that a moratorium is enacted.
Vacancy rates in Fort Collins are at historic lows, and the increase in renters because of the High Park Fire will likely push them down further. The most recent data from the Colorado Division of Housing show the vacancy rate in Fort Collins at 3 percent.
Additionally, CSU plans to increase its enrollment by thousands in the coming years. To read more about the student housing crunch, click here.
The council's work session will take place at 6 p.m. in the Council Chambers at City Hall West, located at 300 Laporte Ave.
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