Check out market updates

Loveland agrees to sell former county building for $450K

LOVELAND — After several years of effort, the Loveland City Council has voted to sell the former Larimer County office building at 205 E. Sixth St. in downtown Loveland. The property will be sold to PDQ Properties LLC,  a Loveland company that specializes in buying older buildings, rehabilitating them and leasing or selling space within them. The building will be sold for $450,000 with no contingencies or incentives, according to the 8-1 council vote. And PDQ will also lease 40 parking spaces in a city lot directly west of the Pulliam Community Building, about a block away, to be used for parking of employees who will eventually move into the Sixth Street building. The lease is for just short of 10 years and will generate $10,000 a year to be used for lot maintenance. The building has a long history with the city, having first served as the public library and then for many years as the county annex. The city bought the building from the county for $732,000 in hopes of attracting a primary employer to the downtown area. Attempts to sell it twice previously fell through, with the most recent prior offer of $2.1 million significantly higher than the offer that the council accepted Tuesday. Mayor Jacki Marsh objected to the offer price and ultimately voted against the deal. Kirk Johanson, one of the owners of PDQ, said the building brings with it a lot of potential negatives. “We know we’re going to find stuff behind the walls when we start demolishing, so it is priced accordingly,” he said. He also said large common areas not suitable for office use, windows that will need replacement, a heating and ventilation system that “is a beast of a system and antiquated” will all result in expense when the company positions the building for reuse. Few other council members commented on the deal although Andrea Samson said she was excited to see new tenants in the building, and Don Overcash thanked PDQ for its interest in downtown Loveland.
Source: BizWest

Leave a Reply

Your email address will not be published. Required fields are marked *