IMAX theater construction to begin in July at The Brands in Loveland
Pat Ferrier
Construction on Northern Colorado's first IMAX theater is set to begin in July and be ready for movie-goers in late spring 2019.
The theater is part of The Brands at The Ranch, developer Martin Lind's $500 million project that will bring office, residential, retail and entertainment to both sides of Interstate 25, adjacent to Larimer County's fairgrounds.
Lind's Water Valley Land Company, in conjunction with Stellar Development, announced Monday that construction of the 12-screen "luxury" theater and several new restaurants would get underway within eight months.
It will be the first piece of the 1.2 million-square-foot development that will be closely followed by a multifamily housing and retail building, Lind said. A slate of tenants is expected to be announced in the first quarter next year.
The project got a $258 million finance package from the city of Loveland. The package includes waivers of all building permit fees and material use tax for 25 years as well as a rebate of a portion of city sales tax for the retail piece of the project.
In September, Loveland City Council approved a flexible zoning overlay that allows the developer more flexibility with the 201-acre project.
“The finalization of the metro districts in September pushed this thing into overdrive," Lind said in the announcement. "There is no way we would be able to move this quickly without our public/private partnership with the city of Loveland.”
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The project consists of two areas on the east and west sides of I-25, north of Crossroads Boulevard: The Brands would sit south of The Ranch, the county's fairgrounds and events complex.
The "high-end life-style center" would include a pedestrian plaza, entertainment, restaurants, apartments, offices, retail and hotels, according to city documents.
The Brands West will be adjacent to the Northern Colorado Regional Airport and will include more than 939,000 square feet of retail, restaurants, hotels, offices and "light industrial uses."
A planned gondola would go between the airport to the Budweiser Events Center at The Ranch and to The Brands.
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Rafe Cohen, principal with Galaxy Theatres, said in a statement, “Loveland is a hot part of the country, and Brands at The Ranch will personify the best of Northern Colorado.”
The Brands will get a boost from a tax extension approved by voters that will fund $250 million in improvements at The Ranch, which could include an $80 million natatorium and ice center. Lind donated $25,000 in cash to support the sales tax extension and made a separate $3,240 in-kind donation for billboards.
The vote has spurred tenant interest in The Brands at The Ranch, said Steve Graham, principal with Stellar Development. "The recent vote has definitely gotten the attention of many of the first-to-market retail and restaurant brands we've been talking with," he said. "This will have a huge impact on tourism for all of Northern Colorado."
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The project will include 424,400 square feet of retail space, 780 units of multifamily housing, a 200-room hotel, 129,000 square feet of high-end office space and restaurants.
Lind has previously announced three restaurant tenants, including Zi Imperial Kitchen featuring Chinese, Japanese, Thai and Korean fusion cuisine; Tucanos Brazilian Grill; and Winter Wonderland, a 350-seat restaurant with 2,000 square feet of retail that maintains a winter atmosphere throughout the year. The eateries will be operated by Schussler Creative.