Twin Peaks Mall deconstruction to begin
NewMark Merrill is converting the 550,000-square-foot mall at 1250 S. Hover St. into an outdoor shopping village that will include a modern movie theater with at least 12 screens and be anchored by a 100,000-square-foot retailer. The new shopping center will have approximately 470,000 square feet of retail space.
The food court will be the first part of the mall to be stripped for reusable and recyclable materials, according to a release from the mall's owners, NewMark Merrill Mountain States. Existing retailers will continue to operate.
Deconstruction work will emphasize re-use, recycling and landfill diversion, the release said. Construction is set to begin this fall.
The estimated cost of the redevelopment of the nearly 30-year-old mall is $80 million, according to a tax incentive agreement between Longmont and NewMark Merrill. Construction must be completed by Dec. 31, 2015, according to the agreement.
Longmont City Council voted Jan. 8 to issue $27.5 million in public money for the project. The debt is to be repaid by sales and property taxes generated by the redeveloped mall.
NewMark Merrill bought the property in 2012 for $8.5 million.
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