PUBLIC MEETING HELD ON CENTERRA SOUTH PROPOSAL
Mcwhinney Real Estate hosts meeting on updating plans
A proposal to bring a mixeduse development and grocery store drew a curious crowd to east Loveland to the Mountain Cowboy on Wednesday for a public meeting hosted by Mcwhinney Real Estate Services. More than 100 locals heard an update on the plans and then stayed to quiz the Mcwhinney team on the details.
Though the development and its proposed financing has generated some vocal opposition in recent weeks, Wednesday’s crowd was largely polite and the conversation was friendly.
The 149-acre Centerra South property is located between Rocky Mountain Boulevard and
Hahn’s Peak Drive on the south side of U.S. 34. It is the home of the former Mcdonough farm, and has been mainly used for agricultural purposes in the past.
Mcwhinney is proposing a mix of retail and commercial buildings for the north half of the property, highlighted by a 40,000-square-foot Whole Foods grocery store. The south half of the development will comprise a combination of multi- and single family housing.
The Mcwhinney team revealed new details about the plans that have been added since its initial presentation to Loveland City Council in January. In addition to 249,000 square feet of retail space, there will also be a 139,000-square-foot hotel and a 70,000-square-foot office for a yet-to-be revealed but very “exciting”
new employer, according to Mcwhinney Vice President Karen Mcshea.
“We shared this plan with an employer who’s currently located in Northern Colorado, but not in Larimer County or Loveland,” she said. “They’re very excited about this plan. And not only are they excited about the plan and being part of it, but they want to come to Centerra South in a very sustainable way.”
Also in the plans is central green space that Mcshea called the “heart of the community.” There will also be a “walkable” park and trail connecting the development to Loveland Sports Park, which is adjacent to the west.
Mcshea emphasized that Centerra South will be “walkable” and “safe” with numerous opportunities to recreate. She said the development will also have plenty of spaces for community gatherings, such as a museum and a performing arts center in the renovated Mcdonough barn.
“We envision that children who are practicing football or soccer during the week along with their families can either walk to Centerra South or they can ride their bikes,” she said. “We want this to be a place that is safe for children to meander.”
During the question and answer session, many residents were curious about why Whole Foods was chosen as the grocery store. Mcwhinney told the crowd that the organic grocer tends to attract other retail and commercial tenants along with it, and would make the
perfect anchor to the new “regional” development.
Others had questions about the potential financing arrangement for the plan. The Centerra South parcel is also included in the Centerra urban renewal plan, a 2004 agreement between Mcwhinney and the city of Loveland that helped finance the original development with tax-increment financing. That agreement will expire in 2029.
Plans to develop the South Centerra property more than a decade ago failed to materialize, CEO Chad Mcwhinney told the crowd, but with recent growth in the region, the opportunity to build on the land has never been better. However, the property has little or no existing infrastructure, making its development a very costly enterprise.
With the original master finance agreement set to expire in four years, there isn’t time left for Centerra South. But without a new urban renewal agreement,
he continued, the development will be very difficult to build.
“I will also say that projects like this, if you look up and down the state of Colorado, do not happen without public-private partnerships,” he said. “If you look at look at any major mixed use retail development up and down the front range, almost all of them involve some type of significant public-private partnership where they just don’t get done.”
The only disagreement of the night came after the public question and answer
session, when several members of the crowd pointed out that the development team did not address the fracking proposal on Mcwhinney property that is adjacent to Centerra South.
Marcus Pachner, who facilitated the meeting on Mcwhinney’s behalf, apologized for the oversight, and later spoke to members of the crowd individually.
The Centerra South proposal is up for a vote at Loveland City Council on April 18. To see the presentation, visit Centerrasouth. com.