Foundry, Scheels top 2017 business news in Loveland area 

Loveland, a growing city with a growing economy, had no shortage of significant business developments in 2017. Here is a list of 10 of the biggest stories of the past year.

1) The Foundry

The Foundry redevelopment project is well on its way to remaking two square blocks of downtown Loveland.

In a partnership with the city of Loveland that was finalized in June, Fort Collins developer Brinkman is building a $76 million project between Lincoln and Cleveland avenues, from the north side of First Street to the alley between Third and Fourth streets.

The city’s part of the project includes spending $5 million to buy every property in the area except three in the northwest corner, waiving use taxes and development fees and paying for $17.6 million in public improvements, including a 455-space parking garage.

In addition to the city-owned parking structure, The Foundry will feature:

• Two five-story buildings along Lincoln and Cleveland avenues that will have 14,000 square feet of retail on the ground floor and 155 apartments above.

• A public plaza south of Third Street between the two multiuse buildings.

• A five-screen, 625-seat movie theater at the northwest corner of Third and Lincoln.

• Eventually, a 53,000-square-foot hotel with 90 to 100 rooms at the southern end of the development.

Work on the Foundry will continue over the next year and a half, with the parking garage scheduled to be finished by next summer.

Although the official groundbreaking took place in July, work already had begun by then, and now one of the project’s five-story buildings has taken shape, with the parking garage and other multiuse building underway.

2) Scheels

The Sept. 30 opening of the 250,000-square-foot Scheels All Sports store in Johnstown’s 2534 development adjacent to Loveland thrilled shoppers but is causing some anxiety for Loveland officials and retailers.

Scheels features 80 separate “shops” selling much more than just sporting goods, and its Ferris wheel, mini bowling and shooting games, cafe and other attractions make it a destination for entertainment as well as shopping.

City of Loveland budget writers looked at the impact of new Scheels stores in other states and came up with the “Scheels factor” — an expected drop of 25 percent in sales tax revenue next year from Loveland’s sporting goods stores.

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