Two ‘402’ projects could advance Tuesday

LOVELAND — The City Council will consider moving forward on annexation and rezoning involving two future developments in its “402 Corridor” highlighted in recent years as an area for growth.

The development closest to a start — developers previously told BizWest they hoped to begin in Spring — is South Village. The roughly 90 acres seeks to deliver 570 homes over the next several years.

Two key amendments to an annexation agreement sought by developers Michael Blumenthal and Bob Quinette look to allow cash-in-lieu payments earmarked for affordable housing instead of building the lower-cost units and reduce required setbacks from abandoned oil wells.

Payments would be 65 cents and $1.61 per square foot for rental units and for-sale homes, respectively, and total about $500,000, Quinette has said. Oil well setbacks would go to 100 feet, rather than a city-required 500.

Loveland affordable housing and planning commissions have recommended approval. This is a first reading before the council; two are required.

A second project, Halcyon Hills, is for about 205 acres and up to 726 homes. Annexation of the land had a first reading at a special council meeting last week. This second reading is on the consent calendar, indicating there is little opposition to the move.

No project particulars have been given apart from the annexation. Owner’s representative John Mathey told BizWest in August the aim is to bring the land into the city and then sell it.

© BizWest Media LLC

on Facebook on LinkedIn