McWhinney breaks ground for Lake Vista at Centerra

LOVELAND – Ground was broken Wednesday for Lake Vista at Centerra, a new “luxury apartment community” project that will feature 303 units in the McWhinney-owned Centerra development in east Loveland.

About 50 people attended the event marking the beginning of construction for the $45 million project, which is expected to be ready for occupancy in late fall or early winter 2010, according to Mike Hill, head of McWhinney’s newly created multi-family development team.

“We’ll be providing a lifestyle and a sense of community that will make our residents proud to call Lake Vista home,” Hill said, noting the project’s 16 different floor plans and variety of apartment sizes, from studio to three-bedroom. The development will also include a welcome center, 25-meter pool, 24-hour fitness center, community garden and access to shopping and recreation on nearby trails.

Douglas Hill, McWhinney principal and COO, said getting the project to the groundbreaking point was “a journey that’s taken over a year, with many bumps, bruises and hurdles along the way.”

“In these challenging times it was a stretch for a lot of folks,” he said. “But it’s going to be a living environment for rental homes in Northern Colorado that will be second to none.”

Hill thanked all those who had helped make the project a reality, including Loveland city planning staff, the city council and former Mayor Gene Pielin. He also thanked Wells Fargo for financing the project and the federal Housing and Urban Development for insuring the loan.

“This project is a true community effort,” he said. “The impact of this project on the Loveland community is readily apparent.”

Hill said Denver-based Shaw Construction will be the general contractor for the 22-building project on 15-acres. About 25 sub-contractors will be involved in construction with about 200 jobs created during the construction period.    

Rental costs for the various units have not yet been finalized, but Mike Hill said they would range between $800 and $1,700 depending on the size of the unit. Hill added that the project is expecting to secure LEED certification through energy-efficient design and materials.

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