Deal sealed to begin work on The Foundry in Loveland

LOVELAND — The city of Loveland and Fort Collins-based Brinkman Shared Services Inc. on Friday signed closing documents that will usher in the redevelopment of 2½ blocks of southern downtown Loveland as a multiuse project called The Foundry.

The agreement binds Brinkman and the city in a shared $76 million development project that will transform the area bounded by Lincoln and Cleveland avenues on the east and west, Opera Alley in the mid-block between Third and Fourth streets on the north, and First Street on the south.

Elements of The Foundry project include:

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• A city-owned 460-space, five-level parking garage at the southeast corner of Lincoln Avenue and Second Street.
• 155 rental apartments in three buildings fronting Cleveland and Lincoln avenues.
• 14,000 square feet of retail space.
• A five-screen, 625-seat movie theater on Lincoln Avenue between Opera Alley and Third Street.
• A large, central public plaza for community events and activities.
• A 53,000-square foot hotel, accommodating 90 to 100 rooms, on the project’s southern portion.

The city agreed to provide the land for the project, waivers of use-tax and development fees, and the investment of $17.6 million in public improvements, including the parking garage.

Brinkman will build the project and assumes ownership and leasing rights for the retail, housing, entertainment and hotel portions of The Foundry.

Loveland residents have already seen construction activity on and near the site of The Foundry, with traffic-calming measures built on Cleveland Avenue between Fourth and First streets, and recent excavation work that will lead to construction of the parking garage.

Work on The Foundry will proceed over the next two years, with the parking garage scheduled for completion by summer 2018.

While the city and Brinkman agreed in principle to their collaboration on the project months ago, construction details delayed the closing of the formal agreement until June 23.