Lennar has purchased a stadium in Colorado, but it's not planning on getting into the sports business. It is planning 600-700 homes on the land upon which Hughes Stadium in Fort Collins, Colorado sits. The Rocky Mountain Collegian reports:
The Colorado State University Board of Governors made the decision to sell the old Hughes Stadium land to Lennar, a corporation that builds homes and offers mortgage financing, Feb. 7, according to a press release sent out by the BOG.
Since the decision to demolish Hughes Stadium was made Oct. 5, 2017, the BOG of the Colorado State University system has worked to decide what to do with that land.
“CSU was looking for an innovative developer that would be able to creatively transform the Hughes property in a way that allows our Board of Governors to discharge their fiduciary responsibility to the citizens of Colorado and truly serves our surrounding community,” said CSU President Tony Frank in the release.
Under the agreement, the BOG is selling Lennar 161 acres of property for $10 million, which is subject to change with the factoring in or the number of homes approved by the City of Fort Collins and the market conditions as homes are sold over three to five years.
Lennar will also receive a credit up to $400,000 in development costs as the company works with the City on zoning and entitlement details.
