MCWHINNEY AND RED DEVELOPMENT PARTNER TO DEVELOP ADDITIONAL RETAIL THROUGHOUT CENTERRA
LOVELAND, CO – October 18, 2010 – McWhinney and RED Development, LLC, today announced a partnership to develop significant amounts of retail opportunities in coming years throughout Centerra, the 3,000-acre master-planned community at I-25 and US 34 in Loveland, Colo.
McWhinney and RED officials expect future retail sites at Centerra will range from single stores to large centers with multiple tenants. They indicated the first retail development most likely will occur on land immediately east of The Promenade Shops at Centerra. Because of strong interest from retailers across the country, the initial development is expected to be a mixed-use development that includes retail, office and some residential properties. They anticipate that further development throughout Centerra will follow.
Today, large retail projects at Centerra include the 680,000-square-foot Promenade Shops at Centerra and the 500,000-square-foot Marketplace at Centerra.
“We’ve just scratched the surface, as far as retail at Centerra goes,” said Chad McWhinney, McWhinney CEO. “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 has outstanding, ongoing contacts with national retailers that we don’t have,” he added. “Because of those important contacts and their expertise, our partnership with RED will further establish Centerra as the epicenter of retail shopping in Northern Colorado.”
RED Development, with offices in Kansas City and Phoenix, develops, leases and owns shopping centers throughout the nation.
The strong likelihood of a renewed Northern Colorado economy and steady population growth continues to fuel significant interest in Centerra among retailers across the country.
Dan Lowe, Managing Partner of RED Development, explained, “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. 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, Centerra is one of the largest master-planned communities in Colorado. In addition to retail, the development has brought housing and much-needed infrastructure improvements to the area. Projects include the 303-unit Lake Vista luxury apartments, recent completion of the I-25/Crossroads Boulevard interchange and the current update to the I-25/US 34 interchange, which will serve as the gateway to Loveland when completed in early 2011.
Centerra embodies the Colorado lifestyle by integrating green-built neighborhoods with preserved natural areas, recreation trails, premier shopping and dining, top employers, highway access, medical services, and community-oriented events and activities. Centerra offers Northern Colorado’s first lifestyle center, The Promenade Shops at Centerra; is home to Medical Center of The Rockies, a state-of-the-art 136 bed regional hospital on track to be one of the only LEED Gold-certified hospitals in the nation; and features The Marketplace at Centerra, Northern Colorado’s leading large-format shopping center.
For more information please contact McWhinney at (970) 962-9990.
Headquartered in Loveland, Colorado, McWhinney is a team of talented people who are passionate about creating great places for people and providing fabled experiences to our customers. We develop innovative and sustainable master‐planned communities and awardwinning vertical commercial and mixed‐use projects. Since 1991, McWhinney has planned and developed more than 6,000 acres in several master‐planned communities and over 3.6 million square feet of vertical commercial and mixed‐use properties throughout the Rocky Mountain region and on the West Coast. In 2008, McWhinney moved up from No. 13 to No. 11 on the list of the 50 Best Small and Medium Size Companies to Work for in America. In 2009, the company was named Colorado’s “Developer of the Year” by the National Association of Industrial and Office Properties (NAIOP) for McWhinney’s significant real estate and development contributions in the state. For additional information, visit www.mcwhinney.com.
About RED Development, LLC
RED Development, LLC, formed in 1995, has co‐headquarters in Kansas City, Mo., and Phoenix, Ariz. RED develops, leases, manages and owns shopping centers throughout the nation. RED has more than 30 centers open, in development or under construction, totaling more than 19 million square feet. To learn more about how RED is “REDefining” retail and entertainment development, visit www.reddevelopment.com.