Avenue South construction begins, bringing more retail, restaurants, concerts, and homes to Loveland
As featured in Loveland Reporter-Herald:
Vertical construction for Avenue South officially began, breaking ground on a 140-acre mixed-use district in the Centerra Community in Loveland.
Avenue South, which was formerly known as Centerra South, expands the Centerra community with retail, dining, offices, housing, and open space, said Troy McWhinney, co-founder and principal of Realberry, the real estate investor and developer behind the district. The mixed-use space is located near the intersection of U.S. 34 and Interstate 25, also near The Promenade Shops at Centerra and the Centerra Marketplace.
“We need a place that brings new energy and opportunity to this region while building on the foundation that has already been established here at Centerra,” McWhinney said during the Tuesday groundbreaking event, which was attended by involved partners and city officials.
At the event, Loveland Mayor Pat McFall said he was looking forward to Avenue South because of the employment and housing opportunities it will bring to Loveland, while also creating more areas for the community to hang out.
Plans include nearly 2,000 residences: 475 single-family homes and approximately 1,250 apartments, condos and townhomes, according to Centerra’s website. Avenue South will also have 18 restaurants and 33 different retailers, also according to Centerra’s website.
“This project will bring new jobs, expanded housing, and new places for people to work, gather and play,” McFall said during the event.
He added that he is looking forward to bringing Hensel Phelps to Loveland, which is a nearly 100-year-old, $10 billion general contractor and construction management company currently based out of Greeley. President and CEO of Hensel Phelps Brad Jeanneret said moving the company to Loveland will allow for a more central location for employees in Northern Colorado, and Denver, as well as a larger facility.
Jeanneret said he also wanted the company somewhere where employees could get a coffee during lunch, go for a walk, or do some shopping.
“Our employees really like doing that on breaks, so that was important to us,” Jeanneret said during the event. “Avenue South checked all those boxes for us.”
The $1 billion project was approved in a 7-2 vote by the Loveland City Council in May 2023 after months of contentious debate over the use of an urban renewal plan to help fund the privately led development.
At the time, some council members and residents questioned whether the area met the legal definition of “blight,” a requirement for urban renewal, and raised concerns about the use of tax increment financing, which redirects a portion of future sales and property tax revenue to repay bonds used to fund the project.
Supporters argued the tool was necessary to finance infrastructure for the development and spur long-term economic growth.
Realberry Vice President of Development Todd Parker said the heart of Avenue South is the 3-acre “front porch,” which will be an open space with an amphitheater for concerts, events, and for the community to sit back, relax, and do some people watching.
The retail portion of the project will be complete by next fall, Parker said in an interview after the event. One of the retailers includes organic grocery store Whole Foods, said founder and CEO of Prism Places Stenn Parton, which is the company handling Avenue South’s retail leasing and property management.
“Once you look at the architecture, design, merchandising that we are putting together, hopefully you see a place that truly represents that DNA of Loveland,” Parton said during the event.
Parton said he hopes Avenue South is a place where the community celebrates milestones and creates memories.
“Those birthdays, engagements, those graduation parties, those date nights, those first kisses,” Parton said. “Hopefully they happen right here.”