After two years without an owner – the Greeley Mall has finally been sold during an on-line auction. But the final price is far less than the mall’s one time value.
The near 30-year old mall was valued at over $41-million back in 2006. It’s now under contract to an undisclosed buyer for just $6.1 million. Bruce Biggi is Economic Development Manager for the city of Greeley. He’s hoping the new owner will create a multi-use development project.
“Which hopefully would contain any number of mixed uses. Retail, commercial, office, housing, whatever elements make sense in a re-development effort.”
Biggi says the area encompassing the Greeley mall is in a “Tax Increment Financing district”, which could be utilized to create a successful public private finance initiative. The contract process could take up to 30 days, and the bidder -and their plans for the mall- may not be known until then.