Colorado Real Estate Journal - September 16, 2015
Having assembled land for a long-planned redevelopment to spark new activity in downtown Loveland, City Council is moving toward issuing a request for proposals for a development partner. The Downtown South Catalyst project encompasses about 2.75 acres from Back Stage Alley to East Second Street, between North Cleveland and North Lincoln avenues. Larimer County potentially could develop a new facility for some of its offices on 1.14 acres directly to the south. City Council has directed staff to present a proposed RFP for a vote at its Sept. 15 meeting. Loveland Economic Development Manager Mike Scholl said the city is looking for mixed-use development on the property and knows there is considerable interest in multifamily because of the city’s low vacancy rates and escalating rents. However, “I think what we’re trying to do is solicit input from developers to hear their vision as well.”
“The South Catalyst project is critical to the ongoing revitalization of our downtown district,” he said. “The project will bring added retail, new jobs and new residences that support our existing retail. The project also demonstrates to the development community that downtown Loveland is a good place to invest. We look forward to completing a successful project,” he said. If council authorizes the RFP this month, a developer could be on board, at earliest, by the end of the year, said Scholl. Although the city has been discussing the South Catalyst project for more than five years, it just completed the final land acquisition for the project in late June.