LOVELAND — McWhinney Real Estate Services Inc. has backed off plans to develop oil and gas from a drilling pad south of the proposed new Centerra South development.
Doing business as MRG LP, the company said this morning that it has withdrawn its permit request for the pad that would have been located adjacent to the Centerra South development. In its announcement, it said that “increased interest in additional retail, mixed-use and residential development” in Centerra South has caused it to change its mind about oil and gas in that location.
“Our proposal for a drill pad adjacent to Centerra South included a number of features that would make it among the safest and least obtrusive in the state,” Troy McWhinney, MRG LP principal, said in a press statement. “However, due to continued refinements to the Centerra South development plan, we have withdrawn the permit application for that drill pad as we reevaluate our options.”
The proposed Centerra South development, about which the developer has requested an urban renewal area, metro districts and a new master finance agreement to help pay for infrastructure, has yet to be approved by the Loveland City Council. The Thompson School District signed off on a revenue sharing agreement last week, and Larimer County has yet to consider a similar agreement.
The development would be built on land immediately south of U.S. Highway 34 across from the existing Centerra development. MRG’s other application for a well pad, to be located on the east edge of Centerra and on the eastern side of Interstate 25, remains active.