Junction Business Park planned for Loveland

LOVELAND – A Loveland-based real estate developer plans to transform a current eyesore along the city’s main business thoroughfare into a business park.

Loveland Commercial LLC. intends to redevelop 27 acres of land surrounding the Amalgamated sugar factory along Madison Avenue into the Junction Business Park. The company currently has three of the four parcels associated with the land under contract and officials with the sugar company seem receptive to making improvements to their current facility.

The land and buildings are part of a county enclave, which would need to be annexed into the city of Loveland to receive financial support from the Loveland Urban Renew Authority.

“This is quite possibly the last opportunity to assemble these separate legal parcels for annexation to enable clean up of an eyesore and hazard in the center of the city for a long, long time,´ said Eric Holsapple, a principle with Loveland Commercial.

Estimates for the acquisition, demolition and clean-up are $5 million. The cost of new infrastructure and redevelopment of the site will not be known until the business park development plans are finalized, which could take a year or more. Following the receipt of all necessary governmental approvals, bonds will need to be issued and secured by adequate revenue to assure repayment to bondholders to enable the acquisition of the properties.

“We will have to create an incentive for businesses to want to locate here at a time when commercial land is in surplus up and down the Front Range,” Holsapple said. “Our proposal envisions an affordable business park targeted to local ownership that will serve as an economic engine to create jobs and revitalize mid-town Loveland.”

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