Developer proposes nine-building apartment complex south of CSU

Editor’s note: this story previously identified Blue Ocean as the principal developer of this project. Blue Ocean is only the owner of the property. BizWest regrets the error.

FORT COLLINS — Watermark Residential has pitched a plan to build a nine-building mixed-use housing development a little south of Colorado State University’s campus owned by Blue Ocean Enterprises Inc.

A map outline of a proposed nine-building apartment complex south of Colorado State University’s campus. Courtesy City of Fort Collins
A rendering of a building within the proposed nine-building apartment complex south of Colorado State University’s campus. Courtesy city of Fort Collins

The project, dubbed the “Watermark at Spring Creek,” would span nearly 19 acres on South Shields Street, just a quarter mile south of CSU’s campus. Documents submitted to city planners call for 348 apartment units split up between the nine buildings. All but one building is slated to be three stories tall, with one four-story mixed-use building projected to serve as a clubhouse and potentially for 3,000 square feet of commercial space.

The plans also call for 6,000 square feet of potential retail, office or day-care space in the southwest corner of the development at a later phase of construction.

The property is currently undeveloped and sits across from the intersection of South Shields Street and Stuart Street. It belongs to a subsidiary that is registered to Blue Ocean’s offices in Old Town and to Otter Products’ chief legal officer, Kevin Sullivan.

The apartments are split between 138 one-bedroom apartments, 174 two-bedroom apartments and 36 three-bedroom units all ranging between 682 to 1,360 square feet. The units are described in the plan as “upscale” and not to be marketed for students.

A map outline of a proposed nine-building apartment complex south of Colorado State University’s campus. Courtesy city of Fort Collins

Blue Ocean is an investment vehicle created by Otter Products LLC founder Curt Richardson, with holdings in both real estate and several small startups and consumer-product companies in Northern Colorado.

The company did not return a request for comment Monday afternoon.

The company has long proposed to build an apartment complex on the property, with a proposal made in 2016 and as recently as this March, when it submitted plans for a six-building residential project.

Fort Collins city planners will hold an initial concept review for the project on Thursday.

 

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Editor’s note: this story previously identified Blue Ocean as the principal developer of this project. Blue Ocean is only the owner of the property. BizWest regrets the error.

FORT COLLINS — Watermark Residential has pitched a plan to build a nine-building mixed-use housing development a little south of Colorado State University’s campus owned by Blue Ocean Enterprises Inc.

A map outline of a proposed nine-building apartment complex south of Colorado State University’s campus. Courtesy City of Fort Collins
A rendering of a building within the proposed nine-building apartment complex south of Colorado State University’s campus. Courtesy city of Fort Collins

The project, dubbed the “Watermark at Spring Creek,” would span nearly 19 acres on South Shields Street, just a quarter mile south of CSU’s campus. Documents submitted to city planners call for 348 apartment units split up between the nine buildings. All but one building is slated to be three stories tall, with one four-story mixed-use building projected to serve as a clubhouse and potentially for 3,000 square feet of commercial space.

The plans also call for 6,000 square feet of potential retail, office or day-care space in the southwest corner of the development at a later phase of construction.

The property is currently undeveloped and sits across from the intersection of South Shields Street and Stuart Street. It belongs to a subsidiary that is registered to Blue Ocean’s offices in Old Town…