Brinkman recommended as developer for Loveland’s Catalyst project

LOVELAND — Brinkman Partners of Fort Collins will be the recommended developer of the Catalyst mixed-use project in downtown Loveland.

The recommendation will be presented at the upcoming city council meeting Tuesday, Jan. 19. Catalyst will encompass the redevelopment of First to Third streets from Cleveland to Lincoln avenues.

“We had two very good proposals, and two very capable developers,” said Mike Scholl, economic-development manager for the city.

The other contender was Prime West Development Inc. of Denver.

Brinkman Partners, founded in 2005, has developed commercial, retail and residential projects throughout Colorado, including the Gallery Flats mixed-use development, also in downtown Loveland.

Jay Hardy, vice president of development of Brinkman Partners, said that while there is much to be finalized, initial estimates are that the project will encompass 300,000 to 400,000 square feet, including a parking structure.

The project could cost in the vicinity of $60 million in public and private funds.

“Brinkman Partners has made significant progress on tenants,” Scholl said. He added that one exciting possibility is a movie theater.

Hardy said that potential tenants would not be announced for some time.

“We are looking at employment drivers, in terms of the office and commercial areas,” he said. “This is such a large impact on downtown that we are looking through a 50-year lens. We want it to be timeless and honor the great history of downtown Loveland.”

Construction likely will not begin until very late this year or early 2017, but Scholl said that the city may begin some demolition in the area in the next two or three months.

Left out of the project will be the corner of Third Street and Cleveland Avenue where Crow Hop Brewery and Taproom and another structure is located. The city and property owners have not arrived at terms to include the corner in Catalyst.

“We’re going to move forward,” Scholl said.

Hardy added that designs will work around that property segment. Brinkman Partners is not ready to unveil any specific renderings, Hardy said, adding that “the jury is out” on bringing in other participants in the project.

“There may be reasons we bring in different partners, be we’ll certainly be the developers,” Hardy said. “We always put our best foot forward and do what we say were going to do.”

The city of Loveland has purchased most of the property in the area and had been working with New Jersey-based Michaels Development Co. for a year and a half on plans for the site. However, the city and Michaels cut ties in August after a dispute over an extension of Michaels’ exclusive right to negotiate with the city.

The council then decided not to seek new proposals until the city concluded negotiations with Larimer County about putting a county administration building on the site. On Oct. 6, county commissioners voted unanimously to reject as “untenable” the terms of a pact that the city had drafted.

— Dallas Heltzell contributed to this report.

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