Major impact projects shaping future of downtowns
In the midst of a real estate cycle that has seen a number of substantial downtown development projects taxiing on long runways to get off the ground, some of the Northern Colorado projects with the longest runways finally are coming to fruition. These represent several of the most significant high-density developments throughout the region, all fueled by strategic public-private partnerships. Strong overall market dynamics have led to a flurry of activity, taking these projects from conception to construction.
In what has been one of the most contentious and publicized project debates, Colorado State University alumni, citizens, the city of Fort Collins and university officials have engaged in an ongoing dialogue since early 2014 on the construction of a new on-campus stadium. In September, plans for the $220 million, 644,132-square-foot stadium and $18 million, 82,975-square-foot academic space finally progressed with the project’s official groundbreaking. With construction well under way and tracking a September 2017 opening, the stadium is being solely financed by investors and donors and does not require any tuition or state funding.
Driven by an increase in tourism and business throughout the region and in the midst of a surge of hotel construction across Northern Colorado, a pair of noteworthy downtown hotels have taken shape.
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In downtown Greeley, a $31 million, 147-room Doubletree by Hilton hotel and convention center predominately funded by a group of private investors broke ground in April and is slated for completion next summer. Led by well-known Greeley businessman Scott Ehrlich, the group includes Colorado Rockies co-owner Dick Monfort and Greeley developer Arlo Richardson. Stemming from a Downtown Development Authority study that dates back to 1998, the city has agreed to an $8 million loan and the DDA has authorized $1.5 million to fund parking improvements.
In Old Town Fort Collins, The Elizabeth, a boutique hotel developed through a joint venture between Bohemian Cos. and McWhinney Inc. has just gotten under way after more than three years of feasibility studies. The five-story, 164-room hotel will feature a conference space, lobby bar, rooftop bar, restaurant and retail space. An $11.5 million parking garage for hotel guest and public use will receive two-thirds of its funding from the city and Downtown Development Authority.
According to Stu MacMillan of MacMillan Enterprises, “There have been a lot of feasibility studies done over the years. They are all very helpful, however, with a project like this, it is all about the future and a commitment to the community.”
Tracking a fall 2017 completion, the hotel will be run by Sage Hospitality.
On the heels of the success of the North Catalyst redevelopment, the second phase of downtown Loveland’s “Catalyst” will come full circle over the course of the next few months. The city is in exclusive negotiations with Brinkman Partners on the design for the three-city-block South Catalyst site. As proposed, the $55 million to $60 million mixed-use development will include offices, a movie theater complex, retail, restaurants, urban living and a multi-level parking garage. Targeting a phased completion that will begin in 2017, the South Catalyst is part of the City’s significant downtown revitalization plan that was derived from their 2010 vision book.
All of these projects have been profoundly influenced by an overall commitment from local community leaders to enriching the downtown experience in these cities. Business and civic leaders have worked together for years to conduct the necessary due diligence, bring the right people to the table and put the infrastructure and funding in place to make these often challenging projects work. Patience and perseverance have guided the progressiveness of each to ensure that they not only fill a need but do so in a way that is distinct, memorable and fits into the larger community fabric.
Heather Matz and Joshua Guernsey are with Brinkman Partners.
