Dillard's $6.3 million appraisal tops city's
Last Updated: 16:35 October 9, 2013
The 94,000-square-foot store and seven acres of land, and what it is worth, stand in the way of a planned $80 million to $85 million redevelopment of Twin Peaks Mall that will be renamed Village at the Peaks.
Longmont city officials offered to purchase the Dillard's property for $3.6 million earlier this year, but Dillard's requested $5 million.
Dillard's Inc.'s attorney Leslie Fields made the new appraisal public on Wednesday. A Longmont city spokesman did not respond to requests for comment about the appraisal. Boulder District Court Judge D.D. Mallard ruled on Aug. 26 that Longmont officials can take title to the Longmont store in an eminent domain case related to the redevelopment. Eminent domain is the legal right of a public entity to take a property after compensating the owner.
The Colorado Court of Appeals ruled Friday that that it will not delay the transfer of the real estate title of the store to the Longmont Urban Renewal Authority while the court reviews the case. Dillard's attorneys have filed appeals with the Colorado Court of Appeals and the Colorado Supreme Court.
Dillard's owns its own property and holds veto power over any changes made at Twin Peaks Mall.
In eminent domain cases in Colorado, a judge, a three-person board of commissioners or a jury can set the price for a condemned property. In this case, the Boulder District Court set an Oct. 21 date for the board of commissioners to meet, according to court documents.
Lawyers on both sides have filed numerous court documents about if and when a trial will be set to determine the ultimate value of the Dillard's property. No court date has been set for a jury trial, which is expected to last five days, based on a court document from Mallard.
Village at the Peaks is slated to open in early 2015. A 100,000-square-foot Sam's Club and a 30,000-square-foot Whole Foods Market (Nasdaq: WFM) grocery store and a movie theater have signed on to anchor the shopping center.
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