Fort Collins – General Growth Property, owner of the ailing, 753,000-square-foot Foothills Mall, has sold the property to a Denver developer and a real estate investment firm, the city announced Tuesday.
No sales price was released.

Fort Collins Mayor Karen Weitkunat called it exciting news. Indeed, the deal may be key to hopes for a revitalization of the South College Avenue area between Prospect Road and Harmony Road.

Located off College Avenue, the mall has been losing tenants for years. It once had a JCPenny but that department store was torn down. It is now anchored by Macy's and Sears. Other retailers still at the mall include Victoria's Secret, Ann Taylor Loft, Express, The Buckle, Gymboree and others.

A 2010 study by the city identified redevelopment of the Foothills Mall as crucial to the Midtown Corridor's rebirth. The study questioned the mall's continued viability.

"The mall's condition is precarious and action is required soon," the study said. "Modest improvements are unlikely to achieve long-term success. The best approach for long-term viability and improvement is through significant redevelopment."

A revitalized mall would do