October 2026 | Loveland, Colorado
River of OZ, the development team behind The Draper, recently met with City of Loveland leadership and representatives of the Downtown Development Authority (DDA) to present updated plans for the proposed mixed-use redevelopment along East Fourth Street in downtown Loveland.
The discussions began on Tuesday, October 13, 2026, with Interim City Manager Brian Waldes and continued with a broader group of City representatives, including leadership from Economic Development, Public Works, Finance, and the DDA.
The meetings provided an opportunity to review the project's updated architectural concepts, development program, and preliminary financial projections. The development team received constructive and favorable preliminary feedback on the schematic plans and financing approach, along with recommendations for advancing the project through the City's review process.
A Revised Vision for The Draper
One of the most significant updates presented during the meetings was a revised parking and development strategy.
Rather than proceeding with the previously contemplated Jefferson Street public parking garage, the project now proposes 69 parking spaces in an underground garage located within The Draper development itself.
The revised approach integrates parking directly into the project and eliminates the need for a separate City-funded parking structure.
The updated development program includes:
57 mixed-income apartments, incorporating affordable and workforce housing opportunities.
Approximately 21,000 square feet of professional office space, designed to accommodate a range of downtown businesses.
Approximately 22,000 square feet of retail and commercial space, supporting shops, restaurants, and other businesses.
69 underground parking spaces, providing convenient on-site parking.
Historic rehabilitation and contemporary new construction, combining the preservation of significant downtown buildings with new architecture.
The project will incorporate the historic Majestic Theater and Moore & Gray buildings, along with new construction and improvements to surrounding properties.
Exploring a Public-Private Partnership
The meetings also included preliminary discussions about potential participation by the Downtown Development Authority through tax increment financing (TIF).
River of OZ presented proposed term sheets outlining possible City and DDA participation in the redevelopment, including affordable housing assistance, public infrastructure coordination, development fees, and reimbursement of eligible redevelopment costs.
Tax increment financing is a mechanism that can direct a portion of future increases in property and sales tax revenues generated by redevelopment toward qualifying project improvements, subject to applicable laws and approvals.
The preliminary discussions explored how future tax revenues associated with The Draper could potentially help support the redevelopment of historic properties, new downtown businesses, and on-site infrastructure.
No public financing commitments or development approvals have been made. The discussions represent an early step in evaluating potential public-private cooperation.
Next Steps in the City Review Process
City staff recommended that the development team schedule a concept review meeting with the Planning Department and undertake a detailed review of applicable development and permit fees.
These steps will help clarify the project's land-use requirements, infrastructure considerations, approval process, and potential development costs.
River of OZ also expressed its goal of working toward a preliminary letter of intent and development agreement framework by December 2026.
The proposed timeline is a development-team objective and remains subject to further review, negotiations, and any required public approvals.
A New Chapter for Downtown Loveland
The Draper is envisioned as a mixed-use destination that preserves historic downtown architecture while introducing new housing, employment opportunities, retail activity, and entertainment.
By combining adaptive reuse with contemporary construction, the project aims to strengthen downtown Loveland's economic vitality and create a distinctive place for residents, businesses, and visitors.
The October meetings represent another step in the development team's efforts to coordinate the project's architectural, financial, and community objectives with the City of Loveland.
River of OZ looks forward to continuing these discussions as The Draper advances through planning, financing, and development review.