There was a time when the only prominent fixture on the northwest side of I-25 and U.S. 34 was the Cloverleaf dog racing track. Oh, how times have changed. And now they’re changing again.
When the Outlets at Loveland opened in 1994, the popularity of the factory outlet mall was an economic boon to Northern Colorado. However, as more developments built on the other three corners of the interchange and the hunger for outlet deals waned, the outlets’ popularity waned as well.
Schuman Companies, a real estate investor based in Windsor, saw potential in the defunct outlet mall and bought the north parcel in November of 2022 for $15 million and the rest in June of 2023 for $12.3 million.
Since then, the name has changed to Loveland Yards, and the new owners and managers of the property have worked to resurrect the spot into a bustling locale. CBRE Brokerage Services is managing the makeover.
A wide range of occupants
Many businesses and organizations expressed interest in relocating to the property the moment it became available, according to Olivia Vallone, a communications specialist with CBRE. “Momentum has not stalled,” she says.
A number of them are already up and running or have at least bought or leased space at Loveland Yards, including the Children’s Museum of Northern Colorado, Mountain Valley Floors, Citipointe Church, RoyCé Spa, Gold’s Gym, Slate Studios, CycleBar, School of Rock and Trek Bicycle.
Vallone says the location was one of the biggest draws for those who have signed on with Loveland Yards. The development features more visibility from I-25 than most commercial sites in Northern Colorado, and it’s centrally perched within 15 miles of 500,000 residents of Berthoud, Fort Collins, Greeley, Johnstown, Loveland and Windsor. Schuman Companies has also invested in significant property improvements, including roofing, parking lots, fresh paint and landscaping.
The combination of not just businesses but also churches and organizations has site managers expecting to see more success than the previous outlet stores. Yet what may really separate this project from the outlets is the property’s newfound versatility.
Each unit is available for rent or sale, and interested parties can rent or buy the units in “as-is” condition. They can opt to have the landlord’s construction company make improvements, or they can hire licensed contractors to upgrade and modify the facility themselves.
“It is a powerhouse location, and that is recognized by the business community,” Vallone says. “They want to have the ability to either own or rent their location at a reasonable cost.”
As of mid-July, 224,775 of the 314,820 square feet available at Loveland Yards have either been sold or leased in the last 18 months. In early August, Vallone confirmed that Loveland Yards is about 72 percent full, with about 20 percent more businesses and organizations planning to open in the next six months.
Places to play
One of the major tenants set to move in to Loveland Yards is the Children’s Museum of Northern Colorado, though they haven’t announced an anticipated or expected opening date, according to executive director Ryan Howard. The museum has been in the planning stages for almost a decade.
Howard says the plan is to open a 14,000-square-foot facility featuring indoor and outdoor exhibits mostly geared toward children ages 0-10 and their caregivers. The museum has also had conversations with other organizations serving older children, and they hope to have some collaboration.
“Planned features include water, agriculture, science, music and construction-themed exhibits with other surprises in store,” Howard says.
He adds that they plan to have classrooms and other spaces usable for private gatherings.
The biggest reason the Children’s Museum picked Loveland Yards was its central location. Museum leaders wanted the facility to feel “distinctly Northern Colorado.”
“What drew us first was the accessibility of all the communities in the region,” Howard says.
It was also somewhat customizable: The museum is converting three previous retail spaces into one large museum space.
“Originally, we wanted to keep modifications to the interior to a minimum, but as we got further into the process, it became evident that scraping the interior of those spaces was the better course of action,” Howard says.
In other words, it was going to be easier to start with a clean slate. Meanwhile, the outdoor play area will be on the north side of the building, which Howard says the owners were amenable to.
“Alex and Philip Schuman were very open to our ideas, particularly in making parking modifications to include outdoor programming,” he says.
Vallone says the local ownership of Schuman Companies and their active involvement in the project is another factor in Loveland Yards’ future success. With new owners, new tenants, a fresh outlook and a different way of leasing and selling units, those involved are eyeing a prosperous rejuvenation of a prime spot.
