Mall redevelopment clears hurdle

LONGMONT – The legal wrangling is over and work can begin on transforming the beleaguered Twin Peaks Mall into the open-air Village at the Peaks.

Longmont’s elected officials agreed Jan. 21 to pay Dillard’s Inc. $5.5 million for its store and property in Longmont, paving the way for an $80 million redevelopment of the mall as early as Feb. 18.

The Longmont Urban Renewal Authority earlier in January reached an agreement to settle its eminent-domain case against Dillard’s Inc. (NYSE: DDS) for the 94,000-square-foot store and the 7.1 acres around it.

LURA — which is made up of Longmont’s elected city council members — approved measures related to the settlement agreement. The transfer of the Dillard’s title to developer NewMark Merrill Mountain States, a commercial real estate firm based in Fort Collins, is slated to take place on Valentine’s Day — Friday, Feb. 14.

The agreement cancels the need for a jury trial that was scheduled for April that would have determined the price LURA would have had to pay Dillard’s for its store and property in Longmont.
In December, a three-member commission determined a preliminary value of $6.3 million for the Dillard’s store and property, the same amount submitted by Dillard’s appraisers. LURA appraisers had valued the store at $3.03 million.

NewMark Merrill Mountain States will pay $5 million of the total amount, according to the settlement agreement. LURA representatives said the city would pay Dillard’s $500,000 to help the retailer cover its legal costs.

Infrastructure at The Village at the Peaks mall redevelopment project is expected to partially be financed with tax-increment financing. The city has committed $27.5 million from bond proceeds to assist with the project.

Village at the Peaks is a proposed 481,000-square-foot shopping center. It is 50 percent preleased, according to city press release. A Whole Foods Market, a Sam’s Club and a Regal Cinema 12-screen movie theater are planned for the site.

You have 2 free articles remaining this month.
Want to see more? Login or Subscribe.

Leave a Reply

Your email address will not be published.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


Social Network

Facebook Icon
Twitter Icon
LinkedIn Icon
©2016 BizWest The contents of this website are copyright BizWest Media, LLC. All rights reserved.
Use of any of this informatino or media on this site is strictly prohibited withotu express written consent.