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.

In the press release, Frank said that the proceeds from the sale of the Hughes land will go into a reserve fund for Canvas Stadium to assure the stadium is not funded through students’ tuition.

Lennar has proposed to pursue building 600 to 700 homes with designs from standalone to multigenerational homes and is planning to price the homes below the market median. Lennar will finalize details such as zoning and developing plans with the community’s input, according to the press release.

Lennar will have opportunities for public input, like public comment and information sessions, in order to share their ideas on how the property can best be used. Although places and times for input opportunities haven’t been set yet, that is the next step in this process, said Mike Hooker, director of public affairs and communications for CSU.

“Those are the sorts of things that will be mapped out now … when meetings will happen and opportunities for input will happen, and that’s all part of a required process with the City of Fort Collins,” Hooker said. “Those are the next steps that we’ll start to see unfold with the city process as we move forward.”

With this proposed plan, Lennar and CSU are keeping community issues of affordable and attainable housing and preserving open space as a part of the discussion of the development approval process, according to the release.

Julia Trowbridge can be reached at news@collegian.com or on twitter @chapin_jules.