Centerra’s ‘Avenue South’ Progresses as 140-Acre District Debuts New Identity

LOVELAND, Colorado (February 23, 2025) — Realberry, a Colorado-based real estate investor and developer in commercial, multifamily, hospitality, residential and mixed-use assets, today shared significant progress on its newest mixed-use district – the officially rebranded Avenue South – a 140-acre project in the award-winning Centerra community in Loveland, Colorado.

Horizontal construction on Avenue South officially began in December, marking the start of site development for the district, which will expand the Centerra community with a walkable mix of retail, office, and housing at the intersection of Interstate 25 and U.S. Highway 34. Vertical construction on the retail core is currently expected to begin in May, and residential construction is anticipated to begin in 2027.

“Breaking ground on such a significant and complex project is an exciting milestone. It tangibly demonstrates our ongoing commitment to the Loveland community and larger Northern Colorado region,” said Kyle Harris, Senior Vice President of Master-Planned Communities at Centerra. “Avenue South continues Centerra’s vision by creating a complete, connected district where people can gather, shop, dine and enjoy everyday conveniences close to home. From a much-needed grocery store to vibrant public spaces, this project is about delivering a new and unique experience for Northern Colorado families and businesses.”

The first phase of Avenue South is anticipated to include approximately 170,000 square feet of retail and restaurants, 150,000 square feet of office space and more than 800 residences with a mix of apartments, townhomes and single-family homes.

The district will be anchored by a much-needed, 37,000-square-foot Whole Foods. A 3.2-acre linear park and event lawn – The Front Porch – is planned to provide space for concerts, events and community gatherings.

The office component of the project will be anchored by a 120,000-square-foot, four-story headquarters for the general contracting firm, Hensel Phelps.

"Building our new state-of-the-art corporate headquarters at Avenue South represents our commitment to our employees," said Mike Choutka, Chairman of the Board of Hensel Phelps. "This location allows us to strengthen our Northern Colorado roots and continue to serve our clients, partners and the community."

Located in Loveland’s primary growth corridor, Avenue South will serve as a gateway to Centerra while continuing the community’s focus on walkability and connection to nature. Trails and sidewalks will link directly to Loveland Sports Park and the larger Centerra trail network. Realberry is also pursuing Fitwel® certification to guide its sustainability and wellness goals on its new, Northern Colorado office location.

“We’re excited to see new activity at the Avenue South site,” said Loveland Mayor Patrick McFall. “This project helps create new jobs, supports a vibrant and diverse business landscape and includes much-needed affordable housing. Working with our partners ensures growth that strengthens our workforce while staying true to our community values.”

Avenue South builds on Centerra’s 25-year record as a hub for business and community in northern Colorado. The master-planned development is home to more than 150 businesses, 8,500 employees and 4,500 homes, alongside regional employers, dining, retail and recreation. With Avenue South, Realberry continues to invest in Northern Colorado’s long-term economic growth while delivering new choices for residents and businesses seeking a connected, mixed-use environment. The project also follows the company’s recent rebrand and launch of a sponsor-led investment platform, underscoring Realberry’s continued evolution and strategic expansion nationwide.

To learn more about Avenue South, visit Centerra.com/AvenueSouth. For more information about Avenue South and upcoming investment opportunities, visit www.Realberry.com.

About Centerra

Centerra, an award‐winning 3,000‐acre master‐planned community located in Loveland at the heart of Northern Colorado, is a Realberry development that was built on the belief that nature provides the perfect balance to urban planning. As a community designed to enhance all aspects of life, Centerra integrates neighborhoods with recreation, art, shopping and dining, business opportunities and medical services. Centerra and its businesses offer more than 8,500 part-time and full-time jobs. This unique community is home to Northern Colorado’s first lifestyle center, The Promenade Shops at Centerra; UCHealth–Medical Center of The Rockies, a state‐of‐the‐art 187-bed LEED gold‐certified regional hospital; and The Marketplace at Centerra, one of Northern Colorado’s largest contiguous shopping centers. Centerra is also home to High Plains Environmental Center, which manages 483 acres of wetlands, open space and reservoirs within Centerra and Chapungu Sculpture Park, a 26-acre park with more than 80 stone sculptures throughout. In 2018, Centerra became the first certified National Wildlife Federation (NWF) Community Wildlife Habitat in Colorado. In 2022, Centerra was designated the state’s first Sustainable Landscape Community by the Associated Landscape Contractors of Colorado, a designation recognizing the community’s commitment to water conservation and sustainability. Named Development of the Year by the National Association of Industrial & Office Properties’ (NAIOP) Colorado Chapter, Centerra embodies Realberry’s purpose of creating great places and fabled experiences for people.

For additional information, visit www.centerra.com.

About Realberry

Realberry is a diversified real estate investment, development and management firm headquartered in Colorado. The company invests in, develops and operates real estate across the hospitality, multifamily, commercial, mixed-use and master-planned community sectors throughout the United States.

Founded in 1991, Realberry applies a disciplined approach to portfolio management focused on long-term value creation, financial discipline and responsible development. The company partners with institutional and accredited individual investors through a sponsor-led investment platform designed to provide access to real estate opportunities nationwide.

Realberry’s integrated platform includes in-house capabilities spanning acquisition, development, asset management and operations. The company’s strategy emphasizes transparency, rigorous oversight and alignment with investors and communities. For more information, visit www.realberry.com. Nothing in this press release constitutes investment, legal, tax, or other advice, nor should it be relied upon as such. Realberry does not make recommendations regarding any particular security, strategy, or investment.