Realberry Has Continued Avenue South Construction

The 149-acre mixed-use development in Loveland progresses as retail tenants secure space.

Updated on Sept. 27, 2026 in Construction

A wide view of a construction site featuring a new concrete roundabout and rising steel building framework under clear skies. — Realberry continues construction on the $1 billion Avenue South development in Loveland, despite delaying the project's residential components until 2027. AI Illustration. Upload story photo >

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Realberry has continued work on the $1 billion Avenue South project in Loveland, which spans 149 acres near U.S. 34 and Interstate 25. The development features 203,000 square feet of retail space, with half already under lease or letters of intent.

Why it matters

The project serves as a significant economic driver for the region, although current housing market conditions have forced developers to delay residential construction until at least mid-2027.

The $1 billion Avenue South development includes a 111,528-square-foot headquarters for Hensel Phelps and an amphitheater with 500-person capacity. Half of the 203,000 square feet of retail space is currently under lease or letters of intent.

The players

Realberry

Realberry is the development firm leading the construction and planning of the Avenue South mixed-use project.

Hensel Phelps

Hensel Phelps is a major construction company that is building its new headquarters within the development.

Whole Foods Market

Whole Foods Market is a multinational supermarket chain that plans to anchor the retail portion of the development.

Loveland City Council

The Loveland City Council is the local legislative body that approved the business assistance agreement for the project.

The details

Crews are actively extending Mountain Lion Drive and Rocky Mountain Avenue through the site while utilizing a staggered construction schedule for new vertical buildings. The site includes completed roundabouts and will eventually house 2,000 planned housing units.

The Loveland City Council approved a business assistance agreement in 2024.
The Avenue South project broke ground in the spring of 2026.
Whole Foods Market is currently targeting an October 2027 opening.
The Hensel Phelps headquarters is scheduled for completion in June 2028.

Market Landscape

This project follows the development requirements established by the 2024 Loveland City Council business assistance agreement. It signals a move toward large-scale mixed-use centers in Northern Colorado as firms compete for prime real estate near major interstate corridors.

Local shoppers and residents will see new retail options emerge as the site progresses toward its 2027 and 2028 milestones. The development will eventually provide 2,000 housing units, offering new living options in the Loveland area once residential construction begins.

The takeaway

Large-scale commercial developments often require phased construction to align with fluctuating market conditions like housing demand. Residents and investors should monitor key milestones in 2027 and 2028 to track how the project impacts the local economy and housing inventory.

What happens next

Residential housing construction may begin in mid-2027, followed by the planned opening of Whole Foods Market in October 2027 and the completion of the Hensel Phelps headquarters in June 2028.