Pavilion Lane News
Colorado Real Estate Journal
Jan 20-Feb 2, 2010FORT COLLINS, COLORADO - Developers of a 3.1-acre infill site in Fort Collins have completed $1 million worth of infrastructure to ready pad sites for retail, restaurant, offices adn a hotel development.
Pavilion Lane, which consists of four pad sites, is located a block from South College Avenue and Harmony Road at 4327 JFK Parkway. One of the pads was acquired by Spirit Hospitality, which is strying to secure financing for an 84-room extended-stay hotel.
The decision to move ahead with infrastructure was driven by the lending environment, said Prudential Rocky Mountain Realtors broker Dave Pettigrew, a memeber of the ownership group. Financing for the property included funds for development.
"That was the gamble we took to get it ready to go when things turn around," Pettigrew said. "Hopefully they will turn around sooner than later."
The property includes three 6,000-sf pads; one for an office building that also could include retail uses, and two retail/restaurant pads. "We have restaurant pad sites ready to go in a wonderful location," said Pettirew, adding that "in a normal market," there would be high demand for those kinds of sites in Fort Collins.
3/14/2008 Pavilion Lane project fills gap in high traffic area
NCBR ArticleBy Tom Hacker
FORT COLLINS - Start with the traffic counts in order to understand why Fort Collins real estate broker Dave Pettigrew and his Spirit Hospitality partners, Bill Albrecht and Rob Unruh, have such grand plans for a three-plus-acre parcel on the city's south side.
Anyone who has negotiated streets in the sector northeast of Harmony Road's intersection with College Avenue knows those counts are rising, but numbers appearing in promotional materials for The Plaza at Pavilion Lane, as the partnership's project is known, are startling.
Fed by traffic flows to and from the King Soopers-anchored Harmony Marketplace, the Home Depot just east, and nearby retail draws like Circuit City and Linens-N-Things, daily counts on Harmony Road both east and westbound top 36,000 vehicles, according to city measures taken nearly two years ago.
The strategy that takes advantage of all that traffic begins with a new, 84-room extended-stay Candlewood Suites Hotel that Spirit Hospitality will build. Three other buildings, marketed to professional offices, retailers and a high-profile restaurant, will build around the hospitality core.
"The attraction really is the anchor," Pettigrew said. "These retail franchisers are very conscious of where they want to be. People are kind of cooped up in the their hotel rooms, so they're looking for the kinds of amenities, like a great coffee shop and a quality restaurant, that will locate there."
Pettigrew and partners are staying ultra-flexible in presenting options for prospective users of the space. They will build to lease. They will build to suit. They'll provide core and shell with tenant finish. They sell pad sites outright. Anything the market might bear, they'll provide.
For instance, a prominent downtown Fort Collins restaurant owner is considering expansion in south Fort Collins, and he and Pettigrew are talking.
"With our setup there, with pad sites for sale, he can own the dirt and the building both, and that's how he prefers to operate," Pettigrew said.
Located on the northwest corner of John F. Kennedy Parkway and Pavilion Lane, a thoroughfare that is becoming an increasingly popular option for drivers seeking to avoid the clog at Harmony and College, the Plaza project offers speedy access from either of the major routes.
Spirit's Albrecht said he and his partners will break ground on the $6 million hotel in August, and intend to have it open in April 2009.
"The key is we're in a specific niche that's being underserved at this point," Albrecht said. "We differ from the Residence Inn concept in that we're lower priced. We still will offer full kitchens, free laundry and will make it feel more like a home than just being on the road somewhere."
Albrecht said room rates would be keyed to the per diem figure offered by government agencies, about $80 nightly, compared with Residence Inn's $135 room rate.
The partnership plans a total of three Candlewood Suites projects in Northern Colorado, with another hotel under construction at the Crossroads Business Park in Loveland, and land ready to build in Greeley near the intersection of 35th Avenue and 29th Street.
Editor Tom Hacker covers real estate for the Northern Colorado Business Report. He can be reached at 970-221-5400, ext. 223 or at thacker@ncbr.com.
1/9/2008 Public Hearing
The Fort Collins Planning and Zoning Board will hold a public hearing on the proprosed devlopment at 6 p.m. January 17th in the council chambers, City Hall West, 300 LaPorte Avenue, Fort Collins, Colorado.1/9/2008 Hotel To Go Up Near Harmony
By Pat FerrierColoradoan 1/9/2008
FOR COLLINS, COLORADO - Goodwill Industries of Denver is selling part of its 7 acres in south Fort Collins for an extended-stay hotel.
Goodwill is selling 3.19 acres to Realtors Dave Pettigrew and Bill Albrecht of Fort Collins in a $1.17 million deal.
The land, on the northwest corner of Pavilion Lane and JFK Parkway off Harmony Road, is part of the site purchased for the Goodwill store that opened in August.
The agency didn't need the entire property, said Ric Berninzoni, Goodwill's vice president of retail operations. "It was always our intent to sell off part of the land," Berninzoni said. "We couldn't use the whole 7 acres."
Selling 3.2 acres to Pettigrew will help offset some of Goodwill's costs for the $2 million building.
Pettigrew said Candlewood Suites plans to build a three-story, 84-room hotel on the site.
The average length of stay at extended-hotel stays, Pettigrew said, is eight days.
The other three buildings could include a restaurant to complement the hotel and other stores compatible with an extended-stay hotel, including fitness center or spa services, he said.
"We would love to attract a local restaurant to the site," Pettigrew said. "I don't think there are enough local restaurants in the Harmony corridor south of downtown."
While there has been much restaurant growth east of Harmony and JFK in the past few years, including Macaroni Grill, Texas Roadhouse, Old Chicago and Noodles, many of them are chain restaurants.
If approved, Pettigrew said Candlewood Suites - being built by Spirit Hospitality of Fort Collins - would like to break ground by May and be open early next year.
Spirit Hospitality is also building a Candlewood Suites at Crossroads Boulevard in Loveland adjacent to the Holiday Inn Express and one in Greeley.
Spirit Hospitality did not return phone calls seeking comment for this story.
Candlewood Suites would be the second extended hotel to open on Harmony Road in a year.
Fort Collins Homewood Suites - an extended hotel chain at the corner of Harmony Road and McMurry - opened in May.
"We're excited to have (Candlewood Suites) as a neighbor," Berninzoni said. "There is a lack of hotels on Harmony in terms of the demand of some of the primary employment going on with AMD expanding and a lot of primary employment coming," he said.
