On September 30, Housing Catalyst and the Downtown Development Authority celebrated a milestone for the new Oak 140 development. After years of preparation and planning, construction officially began on the five-story, mixed-use building.
Representatives from Housing Catalyst, the Downtown Development Authority, and the City of Fort Collins break ground on Oak 140. From left to right: Fort Collins City Councilmember Susan Gutowsky, Downtown Development Authority Executive Director Matt Robenalt, Housing Catalyst Chief Executive Officer Julie Brewen, Housing Catalyst Board of Commissioners Chair Cathy Mathis, and Downtown Development Authority Board Chair Chris Aronson.
While the ceremony was small in keeping with pandemic protocols, representatives from Housing Catalyst, the DDA, and the City of Fort Collins donned hard hats to officially break ground on the project.
“Oak 140 will bring much needed and desired affordable housing to the downtown workforce,” said Kristin Fritz, Chief Real Estate Officer for Housing Catalyst. “This building will be a beautiful, sustainable fixture in Old Town for generations to come.”
Fort Collins City Council District 1 Representative Susan Gutowsky welcomed the new Oak 140 development to her district.
Housing Catalyst and the Downtown Development Authority partnered closely to create a development that honors the vision to make Fort Collins a stronger, safer, and better community.
“Our collaboration with the Downtown Development Authority on the Oak 140 project exemplifies the benefits of the strong community partnerships Housing Catalyst has built over the years,” said Housing Catalyst Board of Commissioners Chairperson Cathy Mathis. “Both organizations are committed to making Fort Collins a stronger, safer, and healthier community, and both organizations recognize that affordable housing is a key component of that vision.”
The contextual design of the Oak 140 property fits the downtown aesthetic.
Oak 140 will be the first Low Income Housing Tax Credit (LIHTC) project to target the workforce in downtown Fort Collins. The building will house 79 affordable apartments (including studio, one-bedroom, and two-bedroom units) on Levels 3-5. Level 1 of the building will be lobby and office space with parking on Level 2. Apartments will be available to residents earning 30-80 percent of the area median income.
The project is anticipated to be completed in early 2023.