Loveland, Colo. McWhinney and RED Development, LLC have announced a partnership to develop additional retail throughout Centerra, a 3,000 acre, master-planned community in Loveland, Colo.
McWhinney and RED said they expect future retail sites at Centerra will range from single stores to large centers with multiple tenants. The first retail development is slated to occur on land immediately east of The Promenade Shops at Centerra and is expected to feature a mix of uses including retail, office and residential.
Currently, large retail projects at Centerra include the 680,000-sq.-ft. Promenade Shops at Centerra and the 500,000-sq.-ft. Marketplace at Centerra.
“We’ve just scratched the surface, as far as retail at Centerra goes,” said Chad McWhinney, CEO of McWhinney. “We see an opportunity to develop a significant amount of retail over the next 10 years. While the initial focus will be east of The Promenade Shops, our goal is for development to occur throughout Centerra.”
RED Development, with offices in Kansas City and Phoenix, develops, leases and owns shopping centers throughout the nation. “We maintain contacts throughout the national retail community and our sources tell us there’s an incredible level of interest for new retail at Centerra,” said Dan Lowe, Managing Partner of RED Development. “People see how well Centerra has weathered the recession. There’s huge potential for McWhinney and RED Development to grow together.”
Centerra is a project McWhinney began in 1991. At 3,000 acres, it is one of the largest master-planned communities in Colorado. Projects include a 303-unit apartment complex, recent completion of an I-25/Crossroads Boulevard interchange and an update to the I-25/US 34 interchange, which will serve as the gateway to Loveland when completed in early 2011.
Centerra introduced Northern Colorado’s first lifestyle center, The Promenade Shops at Centerra, as well as is home to Medical Center of The Rockies, a regional hospital on track to be one of the only LEED Gold-certified hospitals in the nation, and features The Marketplace at Centerra, a large-format shopping center.