Loveland charter school buys current facility, preps to break ground on new building

September 06, 2016
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BizWest
September 6, 2016

A charter school in Loveland recently purchased its current facility for $6.85 million and plans to break ground this month on a new building for grades 6-12 at a separate site to accommodate growth.

Loveland Classical Schools’ principal Ian Stout said an official groundbreaking ceremony is slated for Sept. 24 for the new 52,844-square-foot building, which will be constructed on a 12-acre parcel adjacent to the King of Glory Lutheran Church that sits at the northwest corner of Wilson Avenue and W. 29th Street.

The school, founded in 2011, bought the Wilson Avenue site for $550,000 from an entity called Famleco RLLLP, which is registered to Clarence Stump, according to public records. Stout said the plan is to have the new building open in time for the 2017-18 school year.

Loveland Classical bought its current facility at 3835 14th St. SW from Kansas City, Mo.-based EPR Properties (NYSE: EPR), a real estate investment trust that invests in entertainment and recreation facilities as well as dozens of schools around the country. EPR bought the property in 2011 and funded an addition of 27 classrooms, expanding its building to 44,000 square feet.

But Loveland Classical is in dire need of more room. While grades K-8 fill up the 14th Street site, grades 9-12 are currently housed at Faith Church, just down the street from where the school is planning its new building. Once the new building is complete, grades K-5 will remain at 14th Street, while grades 6-8 will join the high school in the new facility.

Loveland Classical has a K-12 enrollment of 770 students, and Stout said the new building will allow enrollment to grow to 950, with more room for future expansion at the new site.

“The way this worked out is we’re looking to expand, and it was the best situation as we’re growing to purchase our current building while simultaneously purchasing another site,” Stout said. “There’s definitely room to grow (on the new site).”

Stout said Loveland Classical issued $20 million in bonds to pay for both property purchases as well as the construction of the new building. If voters approve a Thompson School District mill levy and bond issue in November, the school is also slated to receive $1.6 million for construction of a gym at the new site.

The $20 million, Stout said, will be paid back through the school’s regular budget, but the school will need to raise additional funds for the gym if the TSD issue fails at the ballot box.

http://bizwest.com/loveland-charter-school-buys-current-facility-preps-break-ground-new-building/


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