Retail is about reinvention. That's certainly the case for the site of the formerly dying Twin Peaks Mall in Longmont, which was reborn recently as a 500k SF lifestyle center, Village at the Peaks.
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"Throughout the process, we received tremendous support from the city," NewMark Merrill Mountain States managing director and principal Allen Ginsborg, who oversaw the redevelopment, tells us. The community was interested as well, he says, with more than 500 participating in the demolition party and more than 10,000 people attending events leading to the grand opening of the first phase, which drew 8,000 to see the Wolfpack Ninjas from American Ninja Warrior compete (Allen's snapped with a few of the ninjas.)
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NewMark Merrill purchased the 50% vacant mall in 2012 for $8.5M. The firm formed a public-private partnership with the City of Longmont to facilitate its redevelopment; a $32M public bond netted $27.5M toward eligible costs. Now the property is 90% leased, with a mix that features local, regional and national retailers, restaurants and services, including anchors Whole Foods Market, Sam’s Club and Regal Cinemas.
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