The latest: CSU, Hughes developer negotiate 'workforce housing,' but there's no guarantee

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The fate of Hughes Stadium is finally known.

The CSU Board of Governors on Thursday announced Lennar Colorado LLC as the master developer of the 161-acre parcel that housed the former football stadium on the western edge of Fort Collins.

Lennar has agreed to buy the property for $10 million and build between 600 and 700 single-family attached and detached homes over the next three to five years.

According to the agreement, effective Jan. 31, the purchase price may go up or down depending on the number of homes ultimately approved for the site by the city of Fort Collins.

Colorado State University may also get more money based on market conditions when individual sites are sold as the project is built out, according to the university.

The property, which sits at the base of the foothills off Overland Trail in west Fort Collins near new subdivisions Bella Vira and The Ponds, was annexed into city limits last year.

As such, it is one of the largest redevelopment tracts in a city that is desperate for developable building lots.

While residents were split on Hughes' future, including keeping it as open space or a concert venue, CSU had four priorities, including sustainability and affordable workforce housing, a growing problem in the city as home and rental prices escalate.

Fort Collins' average home price at the end of 2018 was $443,576, according to The Group Inc. Real Estate. CSU employs about 1,800 state classified employees in various roles, from accountant to custodian to engineer, with salaries ranging from about minimum wage to more than $60 an hour.

In meetings between CSU administrators and staff, many workers said they struggle to afford the city's home prices or rents.

CSU had been looking for a developer that would build diverse housing types at a price point that is affordable and attainable for its staff, faculty and community.

In a news release announcing the sale, the Board of Governors said "CSU and Lennar will keep those issues part of the discussion as the development approval process moves forward."

Many of the homes currently envisioned "would be priced below the market median and discussions around other options are still ongoing," the news release said.

"The final housing decisions at the former Hughes site are part of an integrated affordable and attainable housing plan the university is pursuing."

The news release from CSU made no mention of whether CSU employees would be given any preferential consideration for homes in the development.

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CSU razed the 50-year-old Hughes Stadium in 2018, after the opening of its new on-campus stadium.

Proceeds from the Hughes sale will go into the reserve fund for Canvas Stadium, helping to assure it is funded without the use of tuition or state funds, CSU President Tony Frank said in a statement.

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