More details shown for makeover of mall
Twin Peaks Mall was acquired in February by NewMark Merrill Mountain States for $8.5 million. The 555,000 square-foot, fully enclosed mall at 1250 S. Hover St. has been struggling for many years, but NewMark Merrill is confident it can revitalize the property.
The property will go through a dramatic $80 million makeover, according to a plan unveiled Thursday by NewMark Merrill Mountain States' managing director and principal Allen Ginsborg.
The plan is still preliminary, but it gives NewMark Merrill's vision for the shopping center, Ginsborg said in an interview after the meeting.
"It's all still in the formative stages, but we're farther along," Ginsborg said. "We have a much clearer impression of what we're hoping to build now."
The plan shows Twin Peaks Mall will lose its roof and become what Ginsborg called a four-building "retail village" centered around a central promenade and fountain.
A new cinema will be built, along with a space for a large anchor tenant on the north side of the property. Dillard's, which owns and operates its store, will be converted into a free-standing store.
Ginbsorg said he hopes to start construction in 2013 and have it completed by 2014, but several key pieces remain to be put together.
The first is an anchor tenant. Ginsborg said negotiations with retailers are going well, but NewMark Merrill has yet to get a commitment.
Money for the project also must be obtained. The $80 million price tag is much higher than the $25 million to $50 million NewMark Merrill said it would need to redevelop the mall when it announced its acquisition.
Ginsborg said rising construction costs helped push the price higher.
NewMark Merrill and the city of Longmont have discussed ways the city can help offset some of the costs of redevelopment, Ginsborg said, which will be necessary for redevelopments in other Front Range cities.
"All of the infill redevelopment projects in the region are going to require city participation," Ginsborg said.
Talks with the city on a redevelopment plan have been productive.
"I've been very pleased with the collaboration. They're doing a great job of defending the city's interests, but they understand what the retail market is," Ginsborg said.
Twin Peaks Mall opened in 1985. NewMark Merrill's involvement started in October 2010, when it began managing the mall for its previous owner, the Panattoni Co.
Panattoni bought Twin Peaks Mall in 2007. The mall went into foreclosure in September, after Panattoni fell behind on a $26.5 million loan from Bank of America, according to public trustee's office records.
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