Loveland Feed & Grain building restoration gets boost from $862,577 federal grant

LOVELAND — An $862,557 grant from the federal government will help Minneapolis-based Artspace Projects Inc. continue its rehabilitation of the historic Feed & Grain building in Loveland into a creative arts business incubator.

The grant, announced Monday by the U.S. Commerce Department’s Economic Development Administration, will help restore the 120-year-old structure at 130 W.Third St. and turn it into Artspace Loveland, which will create 27 jobs, save an additional 22 jobs and help the community rebuild after devastating floods in 2013, according to a government statement.

Artspace, which creates arts incubators nationally, last year announced that it was building a combined artist living and working space in the Feed & Grain building, a project that is expected to cost $8.9 million. The city of Loveland is a development partner.

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“EDA is committed to supporting regionally focused and regionally driven economic development projects,” said U.S. Assistant Secretary of Commerce for Economic Development Jay Williams, in the statement. EDA’s investment will help to rehabilitate Loveland’s historic Feed & Grain building into a facility to house and support entrepreneurs and early-stage businesses focused on the creative industries as part of a strategy for economic diversification, resiliency and growth.

In 2013, severe flooding along Colorado’s Front Rage killed eight people and caused $2 billion in damage, and the Big Thompson River experienced peak flow rates near Loveland. Subsequently, 1,500 homes and 200 businesses were destroyed in the area, and an additional 4,500 homes and 500 businesses were damaged. According to Artspace, substantial rebuilding and recovery is needed to help restore the community.

The planned incubator at Artspace Loveland will serve the city and Larimer County. Several businesses and organizations have expressed interest or committed to being tenants and creating jobs for the region, according to the statement.