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City of Loveland Approves Business Assistance Agreement with Hensel Phelps

LOVELAND, Colo. –  June 4, 2024 –  The City of Loveland announces the approval of a business assistance agreement with Hensel Phelps for the development of a new global headquarters in Loveland that will be constructed in mid-2027. The agreement—which was approved by a 6 to 3 vote at the May 21, 2024, City Council meeting—will bring $2.17 million in direct economic impact to the City of Loveland and over $100 million in general economic impact over 10 years. The attraction of new primary employers is a top priority outlined by the Economic Development five-year Strategic Plan and the second highest strategic focus area identified in the adopted City of Loveland Strategic Plan.

Hensel Phelps specializes in providing comprehensive building development, construction and facility services across diverse markets, including aviation, government, commercial, mission-critical, healthcare and transportation.

“After an exhaustive search, we are pleased to announce our choice to build our new corporate headquarters at Centerra South in Loveland,” commented Hensel Phelps Chairman and CEO Mike Choutka. “This location keeps us firmly rooted in Northern Colorado, our home for nearly nine decades while providing easy access to our other Colorado operations. In addition, it offers top-notch amenities for both our employees and partners in a vibrant and growing community. We look forward to building a long and valuable partnership with the City of Loveland as we continue changing skylines across the country.”

Per the approved agreement, the City of Loveland will provide up to $1 million in fee waivers and has offered an additional $2,000 cash payment per employee at the Loveland location, up to $500,000, that can be requested by Hensel Phelps three years after issuance of the certificate of occupancy.

In return, over 400 jobs are expected to be added at this location in 10 years paying above Loveland’s current average annual wage. This catalyst project will generate revenue for the City and support significant regional business retention. The strategic partnership marks a significant milestone for Loveland’s economic development and future growth.

“Hensel Phelps has a history of producing incredible projects across the world, participating actively in philanthropy and investing in their local communities, and supporting their workforce with competitive wages, benefits, and ownership in the company,” said Acting Economic Development Director Marcie Willard.  “We look forward to working with Hensel Phelps through the development process and as they scale up as one of the largest employers in Loveland.”

Since 1937, Hensel Phelps has maintained its headquarters in Greeley and touts being one of the largest employee-owned companies in the country. Beginning in 2023, Hensel Phelps conducted a competitive nationwide search for a new global headquarters.

“Having Hensel Phelps choose Loveland promises to bolster local job opportunities, which is important to the health and well-being of our community,” said Acting City Manager Rod Wensing.

The company plans to invest an estimated $69 million to construct approximately 100,000 square feet of Class A office space on a 1-acre parcel anchored in the Centerra South development.