5:00am

Thu August 22, 2013
Business Report

Looking To The ‘Streets’ For The Future Of Foothills

Many Fort Collins residents are wondering what the renovation of the Foothills Mall will ultimately look like. But the answer to that question may have already been revealed at another site south of Denver.

Formerly known as the Southglenn Mall, the Streets at SouthGlenn in Centennial was opened in 2009. The original property was razed and redeveloped into one million square feet of retail space, 140,000 square feet of office space and 202 apartments.

KUNC’s Brian Larson spoke w/ NCBR publisher Jeff Nuttall about the similarities between The Streets at Southglenn and the Foothills Mall project.

Interview Highlights…

Both are owned by Denver-based Alberta Development Partners and both are receiving similar funding packages.

“The cost of the Streets at SouthGlenn is $335 million, with a public financing package of $77 million, or about 22 percent of the total project cost. Foothills is slated to receive a $53 million package for the $312 million project, amounting to about 16 percent of the total.”

Aside from ownership what are some of the other similarities between the two shopping centers?

“The Streets at SouthGlenn is anchored on either end by Sears and Macy’s, just as the current incarnation of the Foothills Mall. The Streets also includes a tree-filled, park-like area that is very similar to the outdoor areas the redeveloped Foothills will feature. Plans for Foothills also include lawns on the east and west sides and like the common areas at The Streets, these spaces will include seating and fountains, and eventually will serve as public space for events.”

There have been delays in getting the Foothills project up and running. Will it meet its target date for opening at the end of 2014?

“Parts of it will according to Alberta executives who continue to meet with city of Fort Collins and other officials on decisions that have delayed groundbreaking on the project. This phased opening is another thing Foothills has in common with The Streets, which faced a lot of market challenges when it opened.”

Jeff Nuttall is the publisher of the Northern Colorado Business Report.