Jax closes on Loveland Kmart property for $5M

LOVELAND — Jax Inc. has completed its purchase of the former Kmart location at 2665 W. Eisenhower Blvd. in Loveland and has begun work toward an Aug. 1 opening of the new location.

Jax used subsidiary Jax Loveland West LLC to purchase the property on April 24 for $5 million from AKMS LP, the previous owner. Jax will retain its existing store at 910 E. Eisenhower Blvd. but will convert that store to a farm specialty store, said Jax president Jim Quinlan.

The new store will be “a full-line Jax,” he told BizWest. “We’ll be able to do a better job than before.”

SPONSORED CONTENT

Business Cares: May 2024

As Mental Health Awareness Month unfolds in Colorado, it serves as a reminder of the collective responsibility to prioritize mental well-being.

The new Jax will be expanded in both space and its product lines. “We’re adding bicycles. We’ll have an ice cream bar, a full-line hardware department, farm stuff and outdoor gear,” he said.

Jax will receive a city incentive to redevelop the property. The Loveland City Council voted March 24 to provide up to $1.5 million in sales tax rebates over 10 years if the new store generates at least $5 million a year in sales. 

Quinlan said his company, which has locations in Fort Collins, Loveland, Lafayette and Broomfield, “saw a dramatic downturn for several weeks” after the COVID-19 virus response hit retailing throughout the state and nation. 

“At this point, we’re seeing a lot of people who are staying home and are now planting gardens, painting and doing other projects around home,” he said, resulting in increased sales for Jax.

Quinlan said the new Jax location may have new neighbors at some point, but not immediately. His original plan for the site was to develop pad sites for other retailers, but those plans will come later after the store has opened.

Quinlan said he will be able to keep existing access to the site with just the Jax development, but additional retail uses on that corner may trigger city traffic officials to add medians and limitations on turning. 

“We don’t want to sacrifice that [full directional access] for pad site development,” he said.