FORT COLLINS, CO, June 9, 2011: With the construction of a second phase, Brinkman Partners is working to revitalize the exciting downtown Penny Flats residential project. Located in a premier spot at the northwest corner of Maple Street and Mason Street, the project's initial phase was completed in 2009. It consisted of a four-story mixed commercial and for-sale residential project with underground parking. The second stage will bring new life to Penny Flats by providing attractive for-rent product in an urban environment.
The project originally garnered wide-spread support but came to market in the midst of the economic crisis. With this initial lull and lack of similar rentable product, Brinkman Partners currently sees an opportunity for the second building to provide unique housing to a market that is now experiencing pent-up demand. The flats will be targeted towards the young professional looking for quality, modern housing that allows them to live/work in Old Town. They are also seeking a residence that provides convenience, accessibility and nearby amenities - all of which Penny Flats offers.
Brinkman received City of Fort Collins planning department approval, submitted for permit and will commence construction the first week of July. The four-story building will consist of 46 total bedrooms (each with its own bathroom) throughout 30 units. The units will feature dramatically modern interiors and classic floor plans paired with practical lifestyle amenities such as security-garage parking and high-speed wireless internet. Each residence is complete with a balcony, brick, stone and metal work details and covered parking.
"We believe the second phase of Penny Flats will deliver distinctive and desirable rental housing in Old Town. There has not been a new for-rent residential project of this nature built in downtown Fort Collins in over 20 years," said Paul Brinkman, Founding Partner and CEO of Brinkman Partners.
The apartments are scheduled to be ready for renting in the second quarter of 2012