BOULDER – Dillard's Inc. attorneys won't get any extra time to make an appeal to keep the Longmont department store, following a court ruling Thursday.
The Dillard's store stands in the way of a planned $80 million to $85 million redevelopment planned for the Twin Peaks Mall site, since the company owns the building and has veto power over any redevelopment. The new Village at the Peaks shopping center is slated to open in early 2015 on the former Twin Peaks site.
Longmont officials can take title to the Longmont store following an eminent-domain court case, according to an Aug. 26 ruling from Boulder District Court Judge D.D. Mallard. Dillard's Inc. (NYSE: DDS) has 20 days to appeal the ruling. Dillard's attorneys had asked for an indefinite delay to the ruling, a request denied by Mallard on Thursday.
Dillard's attorney Leslie Fields was not immediately available for comment after normal business hours on Thursday. Eminent domain is the legal right for a public entity – in this case, Longmont city officials – to take a property after compensating the owner.
A 100,000-square-foot Sam's Club, a 30,000-square-foot Whole Foods Market (Nasdaq: WFM) grocery store and a movie theater have signed on to anchor the Village at the Peaks.
City officials offered to purchase the Dillard's property for $3.6 million earlier this year, but Dillard's has requested $5 million. An appraisal done by the city in November valued the property at $3.03 million.
A three-person board of commissioners may decide the price for the Dillard's department store, based on a previous ruling from Mallard. Dillard's Inc. representatives and the Longmont Urban Renewal Authority each have named three prospective commissioners in court filings. No date has been set for a board of commissioners hearing.