Up to 700 new homes may be built on the site of Colorado State University’s former Hughes Stadium in southwest Fort Collins.
Negotiations are currently underway between officials with the school and the Englewood-based Lennar Colorado LLC to redevelop the 161-acre site into a more than 600-lot subdivision.
Lennar has decades of experience developing adult communities and starter homes.
For nearly 50 years, the stadium served as the home to the Colorado State University Rams football team, but was closed in the fall of 2016 after the Rams moved to the newly built $220 million Canvas Stadium.
Although there had been various proposals to re-purpose the 35,000-seat Hughes structure at 2011 South Overland Trail, CSU opted to demolish the stadium last year.
Now, members of the school’s Board of Governors have voted to approve the sale of the property to Lennar for $10 million, with a commitment from the developer that a certain percentage of the homes will be built for workforce housing.
In a statement released from the Board of Governors after the sale was agreed to, it was noted that the redevelopment of the now-vacant former stadium site is part of an “integrated and attainable housing plan the university is pursuing.”
As proposed, the Lennar project could see the construction everything from single and multi-family houses at the site, as well as condominiums and townhomes. Lennar earlier said it envisioned building homes priced below the $444,000 area median market price.
It has also been reported that the site may see the development of some retail space.
What will likely be called the Hughes Subdivision is expected to take up to five years to completely build out.
By Garry Boulard
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