Colorado Real Estate Journal -
A Fort Collins company has assembled a diverse portfolio of about 385,000 square feet of properties in Northern Colorado in the last two years and continues to grow. But for Blue Ocean Holdings LLC, it is not about the numbers. It’s about owning real estate that makes the community a better place to live and work, said CEO Kurt Hoeven. “We’re trying to make a long term, lasting, positive impact in the community where we live. We do that with real estate. We do that with job creation. It’s not about the numbers. Itis about participating,” said Hoeven. Blue Ocean Holdings, an affiliate of Blue Ocean Enterprises, gets tangled up in people’s minds with OtterBox, an ever-expanding Fort Collins company that makes cases for cell phones, iPads, Kindles and other electronic devices. Both companies were founded by OtterBox Chairman Curt Richardson and his wife, Nancy. But Blue Ocean Holdings is a distinct investment management company with two portfolios, one in promising business ventures and another in commercial real estate. In addition to owning most (185,000 sf) of the office and industrial space that OtterBox leases, it owns the building housing JeJu Japanese restaurant on College Avenue in Old Town; the 14,000-sf office/residential building Blue Ocean Enterprises occupies at 401 W. Mountain Ave.; the historic Edwards House bed-and-breakfast across the street; a seven-story office building at 315 Oak St.; office and showroom buildings at 151-153 Mountain Ave.; and other assets. Many of Blue Ocean’s properties are concentrated along the Meldrum Street corridor in downtown Fort Collins, where it is developing Canyon Place. The approximately 50,000-sf, five-story Class A building at Meldrum and Magnolia Street will house OtterBox offices. The building also will include a 3,500-sf restaurant space across from the Lincoln Center performing arts complex. “We think it’s a great opportunity for a tenant, for the Lincoln Center and the guests, and for employees,” said Hoeven. Blue Ocean Holdings also is proposing to build a 48,000- sf, six-story Class A building at 111 Meldrum that it and Blue Ocean Enterprises, which provides accounting, legal, administrative and human resources services to affiliated companies, including OtterBox, would occupy, possibly along with other tenants, said Steve Schroyer, director of real estate. The company has submitted a preliminary development plan to the city. If its plans are approved, it could start construction in the first quarter of next year. “We’re taking a building that’s old and tired and adding a lot of value to the neighborhood and community, and redeveloping it into a beautiful, A-plus office building with, hopefully, some amenities next to that,” Hoeven said. “It’s another opportunity where we think we will make a big positive impact on the real estate in Fort Collins. “We’re committed to A or A-plus properties. When we build them or finish them, we’re really proud of them. We want people who live there during their working hours to be proud of them. We want the whole community to be proud of them, too,” Hoeven commented. Consideration also is being given to building a neighboring parking garage with retail/ commercial space, but those plans aren’t solidified. “We’re creating a lot of jobs, and that creates a parking issue. We’re trying to figure out how to work with everybody to help mitigate that.” The Richardsons’ efforts toward community revitalization are multifaceted. Blue Ocean Enterprises recently raised $117,000 in a matter of weeks to build a Habitat for Humanity home that employees, who are given three paid days a year to volunteer, will help build. Job creation also is a big part of the vision. “OtterBox, we understand, has continuing growth expectations. Blue Ocean absolutely has continuing growth expectations in our investments and employment,” said Hoeven. “We’re interested in growing as long as we find really good investment opportunities and opportunities where we can add value,” he said. Part of that is furthering the company’s, and the Richardsons’, aim of being a leader in redevelopment, restoration and renewal of Fort Collins and Northern Colorado. “We live here. We love this town. We want to be contributors. We want to make a lasting, positive impact,” Hoeven said.