The Foundry Receives 2020 Governor’s Award for Downtown Excellence

Since 2003, the Governor’s Awards for Downtown Excellence have recognized outstanding projects and people in Colorado that demonstrate creativity in the face of challenges, unlikely and enduring partnerships and dedication to community to further downtown initiatives.

This year, The Foundry, a community development led by Brinkman Real Estate, received the Governor’s Award for Downtown Excellence in the Projects with New Building category.

The Foundry turned four acres in the middle of downtown Loveland consisting of unutilized parking lots and abandoned commercial buildings into a sweeping 415,000-square-foot community gathering place. The project, which completed in fall 2019, offers luxury apartments with ground-floor restaurants and commercial space, a seven-screen first-run movie theater, hotel, and public parking garage. A central plaza for year-round community events and entertainment is surrounded by outdoor walkways, seating areas, and firepits.

The Foundry helped to fulfill the City of Loveland’s long-term vision for the revitalization of the historic downtown region by helping to create a catalytic effect to propel economic and social vitality. This project brought in over 600 full-time jobs during construction, creating an economic impact of $80.5 million over the course of two years. Once operational, the project created approximately 120 full-time jobs generating more than $6.2 million in wages annually.

The multi-family buildings are significantly increasing density within the downtown corridor and the public plaza quickly became one of the main venues for hosting family-friendly events for the community. In light of current coronavirus pandemic safer at home restrictions put in place earlier this year, The Foundry plaza has become an area for the surrounding restaurants to expand seating. Through a collaboration with the Loveland Downtown Partnership, free programming is provided year-round including community concerts, movie nights, markets and other community events.

A true public/private partnership, The Foundry was developed by Brinkman Real Estate and the mixed-use buildings and theatre were developed by Brinkman and Brue Baukol Capital Partners. Colmena Group and Brinkman developed the hotel. The City owns and maintains the public parking garage.

The total project cost was $76 million including $27 million in public investment.