LOVELAND — Natural Grocers may break ground this fall for a new store near downtown Loveland, with a planned opening in 2023.

Natural Grocers is a division of Vitamin Cottage Natural Food Markets Inc. (NYSE: NGVC), a Lakewood-based company that got its start in 1955.

Planned for Loveland is a 14,005-square-foot store at 745 N. Lincoln Ave. on property owned by Ward West LLP. The store would be located on the southwest corner of Lincoln and Eighth Street. This location is on the block immediately south of the block that holds the downtown Safeway store.

The Natural Grocers store would have its main entrance on the south side of the building with parking south of that.

A city of Loveland newsletter said that development would be a $5.2 million project.

The development is under planning and zoning review, said current planner Emily Tarantino.

A spokesperson for Natural Grocers did not respond to phone messages.

Sean Hawkins, executive director of the Loveland Downtown District, said the downtown association recruited Natural Grocers, which had been looking around the community for a suitable site.

“That site had not produced any sales tax since June 2008,” Hawkins said. A sales-tax rebate was offered to help the grocer with improvements that the city had wanted for that location — improvements such as burying utilities, using brick on the facade and providing outdoor seating.

Hawkins said the DDA will keep the first $150,000 in sales tax generated by the store, then provide up to $500,000 in a rebate over 10 years.

The store will employ about 40 workers, Hawkins said.