Developer has big plans for site

The unofficial dividing line between Old Town and North Fort Collins continues to blur as another developer has big plans to blend Old Town ambiance with the renaissance of North College Avenue.

Mike Jensen, owner of Fort Collins Real Estate and Jensen Investment Group, on Thursday bought the old Waste Management site at 500 E. Vine Drive, the corner of Redwood Street and Vine Drive, for nearly $1 million.

He anticipates sinking up to $25 million in the project in the next two to five years.

It's one more piece of dozens of acres he's buying as North College Avenue begins its rebirth.

"Big things are coming on the Vine Drive corridor," Jensen said, "and it's all focused around what's happening with the Urban Renewal Authority and what's happening with enlivening North College Avenue and the Dry Creek floodplain going away."

Development on parts of North College had been stalled because it was in the Dry Creek floodplain, making development difficult and expensive.

A $10 million city project effectively took 1,100 of 1,400 acres out the floodplain, meaning areas can be built to less expensive standards.

The 5.21 acres, just steps from Linden Street, will build off nearby projects that are bringing more residential, business and entertainment to downtown.

Jensen envisions inexpensive multi-family housing, artists' studios, a technology incubator and a pedestrian bridge to bring North College residents into Old Town.

For now, the property will likely stay as is as Jensen looks for occupants. He's talking with representatives from Fort Collins Technology Incubator about "whipping together a deal over there."

It could be inexpensive rent for an incubator and "celebration of the entrepreneurial spirit" that ties into Colorado State University's engines lab, clean energy clusters and even Fort Zed, the city's plan to become a renewable energy hub.

Mark Forsyth, executive director of the Fort Collins Incubator, said the incubator would like to be downtown, near Colorado State University's engines lab, which he called a "strong center of innovation in the community. It would be fitting to have the incubator nearby."

The incubator is just beginning to look for 30,000-plus square feet in which to move the entire incubator.

Jensen will present a proposal to the incubator board in September.

"Mike is the first person we talked to and he immediately came up with a really creative idea."

Kathy Kregel, who's heading efforts to expand biosciences in Fort Collins, said the Waste Management site would be suitable for incubator and wet lab space for biosciences.

A company came to town recently, nosing around for wet lab space, Kregel said. "They needed 1,000 to 2,000 square feet of wet lab space, and we didn't have anything. It just doesn't exist today."

And as bioscience companies plan for expansion, "I would love to see a developer jump on that ... we have the data that says these guys intend (to expand)."

While Kregel doesn't plan to launch her own effort to find additional space, "piggybacking with (the incubator's) effort is huge," she said.

{}About the site

{}*Cost: $975,000

{}*Size: 5.21 acres

{}*Buyer: Jensen Investment Group, Mike Jensen, principal

{}*Possible uses: Technology incubator, residential, studios, clean energy clusters

{}*Timing: Some development plans may be ready by the end of the year.