Loveland moving forward on arts hub.

• Author: Jackson, Margaret
• Position: REALESTATEROUNDUP

$12 million project will transform historic building

LOVELAND HAS LONG BEEN KNOWN AS A THRIVING ARTISTS' community, but recent development activity is taking the town's culture to the next level among creative types.

Minneapolis-based Artspace, which runs a network of 35 affordable arts facilities in 13 states, is transforming the old Feed & Grain building in downtown Loveland into a community asset with the arts as the common thread weaving together affordable housing, community programs and creative entrepreneurship.

The $12 million project will include 30 new affordable residential and work units and transform the historic Feed & Grain building into a commercial arts hub. The development will feature community exhibit and event space, a computer lab, community laundry room and outdoor courtyard.

Artspace was established in 1979 to serve as an advocate for artists' facility needs. By the late 1980s, a more proactive approach was taken, so the group made the leap from advocate to developer. Today, its portfolio is valued at more than $500 million.

"We look at a number of critical factors to determine whether it makes sense to move onto the next step," says Shannon Joern, senior director of national advancement for Artspace. "We talk to local leaders, elected officials, folks in the city's offices and local artists. We're trying to get a sense of the area's financial and funding resources."

The process for the Artspace project in Loveland started in 2008, when the city contacted the organization about redeveloping the Feed & Grain building for residential use. Artspace determined that wouldn't work, but it could develop the adjacent site to complement the Feed & Grain's redevelopment as an arts hub. It wasn't until 2011 that Artspace completed the lengthy process to determine the project would be appropriate.

"We spend a lot of time doing feasibility work to understand whether it's viable," Joern says. "We have to go through the process to understand the market."

In addition to its roles as developer, owner and manager of the properties, Artspace serves as a consultant to communities, organizations and people seeking information and advice about developing affordable housing for artists, performing arts centers and cultural districts, often within the context of historic preservation. The group has worked as a consultant to both Denver and Lakewood, but the Loveland project is its first in Colorado.

When completed, one of the Feed & Grain...