Neenan Plans $19-Mil Project in Backyard

FT. COLLINS, CO-The Neenan Co., based about a 90-minute drive north of Denver, will start construction in late March or early April on the first phase of a three-building office project in its backyard.

The Preston Center in the Wild Wood Business Park will be the largest class-A, multi-tenant office development under construction in Ft. Collins, says Drew Shearer, vice president of real estate development of Neenan, a construction, development and design firm. The first two buildings will total 120,000 sf and the third will have 20,000 sf, Shearer says. The completed value of the three buildings will be about $19 million, he says. The first 60,000 sf will be built on a spec basis.

Shearer says there is no other multi-tenant building of this size under construction in Fort Collins, which currently boasts a 7% office vacancy rate. A year ago, it had stood at 14%, he says. Big users, such as Hewlett Packard, however, own much larger single-use buildings, he says.