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The anticipated redevelopment will cost between $25 million and $50 million and will include a complete re-branding of the center, the company said.
A foreclosure sale was scheduled for early January, according to Boulder County public trustee’s office. The sale was postponed to give NewMark Merrill and the bank a chance to work out terms of the sale.
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Paperwork has not yet been filed with the county as to the final sale price.
“We are very pleased to add Twin Peaks Mall to our growing portfolio of fine Colorado properties,´ said Allen Ginsborg, managing director and principal, NewMark Merrill Mountain States. “Twin Peaks is a well-known retail crossroads in the heart of this vibrant community, and as the new owner we look forward to strategically repositioning it to offer fresh experiences, including more high-quality shopping, dining, and entertainment choices, for people here in Longmont.”
City officials have talked to NewMark Merrill officials over the past year or so about potential redevelopment funding help, Brad Power, Longmont economic development director, said Monday. The mall is in an urban renewal district, which means the city can generate bonds to raise money to help with public infrastructure improvements, among other things.
However, no specific plan has been decided, Power said. A review process of any new redevelopment plan could take six months to complete, he said.
“We’ve been in touch with them about the issue of how the development review process would work, and we would structure it to be as expeditious as possible,” Power said.
NewMark Merrill’s Mountain States office is based in Fort Collins, and it either owns and/or manages nearly two million square feet of retail in Colorado, including Arvada Marketplace, Waneka Marketplace in Lafayette, Broomfield Plaza, the Fort Collins Marketplace and Citadel Crossing in Colorado Springs. The company also continues to manage Harvest Junction, which Panattoni still owns.