A project in Fort Collins plans to turn a performance venue into affordable housing. The building is an old movie theater that houses the Midtown Arts Center.

On Thursday, the building sold for almost 3 million. The new owner, a group called Housing Catalyst, plans to build 60 affordable units for homeless residents and disabled veterans. But it has some work to do.

"We have a lot of financial pieces to put together to even get to the point where we can begin thoughts of design and construction and all of the permitting process," said Kim Iwanski, a spokeswoman for the group.

In the meantime they'll lease the space back to the arts center through its 2019 season. Next, the agency will apply for state and city funding and get community feedback. And the Midtown Arts Center will now search for a bigger home better suited for theater.