Metropolitan Theatre, TownePlace Suites Break Ground at The Foundry
City officials, staff, project team, and community members gathered to celebrate the official groundbreaking of the Metropolitan Theatre and TownePlace Suites by Marriott at the downtown Loveland redevelopment project, The Foundry. The topping out of the Lincoln and Cleveland avenue mixed-use, 155-unit, Patina Flats apartment buildings, ground-floor retailers, and the 460-space public parking garage were also celebrated milestones, which is a tradition held when the last construction beam is placed atop a structure.
The Foundry is a public/private partnership with the City of Loveland, the Downtown Loveland Partnership, Northern Colorado-based Brinkman, and investment partners Brue Baukol Capital Partners and Colmena Group. Formerly known as “South Catalyst,” the groups have been working on the project since late 2015. The parking garage will remain under ownership of the City of Loveland while Brinkman, Brue Baukol, and Colmena own other parts of the project.
The 63,550-square-foot, four-story TownePlace Suites by Marriott is the latest addition to The Foundry and marked the first business announcement for the two-and-a-half city block revitalization project. Catering to business travelers and tourists, the hotel will offer 102 rooms with free wireless internet and pet-friendly accommodations while featuring a lounge, indoor pool, fitness center, and 1,000 square feet of divisible meeting space. This portion of the project is being developed by Brinkman and Colmena Group, a real estate investment and development company headquartered in Salt Lake City.
The seven-screen, 625-seat first-run Metropolitan Theatre will be a flagship of the 43,000-square-foot central community plaza and aims to be one of the main draws for entertainment and arts to Downtown Loveland. The theatre will include a full bar, restaurant, and reclining seats. Movie goers will have the opportunity to dine in the restaurant or “eat at their seat” during the films. This part of the project is being developed by Brinkman and Brue Baukol.
The Foundry is expected to complete in phases beginning in the summer of 2018 with the public parking garage, reaching full completion with the Metropolitan Theatre and TownePlace Suites by Marriott by spring 2019. Pre-leasing for the urban living units, Patina Flats, for fall 2018 is underway and potential tenants can contact Brinkman at patinaflats@brinkmancolorado or 970-672-1013. Those interested in retail space in the Lincoln and Cleveland avenue mixed-use buildings can contact Cushman & Wakefield at email@example.com.