Struggling malls hope for new leases on life
Two regional malls are about to undergo extreme makeovers. Developers have revealed plans for the struggling Twin Peaks Mall in Longmont and the equally struggling Foothills Mall in Fort Collins. Both properties will be transformed in an effort to stanch the bleeding of retailers and sales-tax dollars.
In Longmont, Fort Collins-based development company NewMark Merrill Mountain States has unveiled plans to convert the 555,000-square-foot enclosed mall into an outdoor retail village. The redevelopment is expected to cost $80 million.
Farther north, Greenwood Village-based Alberta Development Partners LLC has revealed plans for a hybrid indoor-outdoor shopping environment, razing part of the 760,000-square-foot mall.
The efforts are reminiscent of the transformation of Crossroads Mall in Boulder, which was largely demolished to make way for Twenty Ninth Street, a lifestyle center that is approaching full occupancy, with a mixture of retail and office space.
In fact, Alberta officials told the Fort Collins Coloradoan that they intend to pursue retailers such as Anthropologie, Nordstrom Rack and Trader Joe’s. Foothills also would retain Macy’s
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