Longtime Denver developer Jordon Perlmutter & Co. is developing the Marketplace, a $50-million undertaking that's been under construction for more than two years. Jordon The project is located on the site of the former Northglenn Mall, which Perlmutter originally had developed more than 40 years ago. Bed Bath and Beyond plans to open in July.
It is being built in a building that originally had been designed for a Mann movie theater. When the Mann chain ran into problems, it had refused to pay the rent, which led to a lawsuit filed by Perlmutter. Jonathan Perlmutter, Jordon's son, has declined to say how the suit was settled, but told GlobeSt.com they've retrofitted the former theater space to make way for Bed Bath and Beyond.
"A determination was made to convert the building intended to be a theater into retail because the movie industry was not performing well, not only in the Denver market, but also around the country," says Jordon Perlmutter, president and company founder. The firm owns a 2.5-million sf commercial real estate portfolio in the Denver area.
Bed Bath and Beyond is the fist tenant in the northern part of the 72-acre site. All told, Perlmutter either has signed or has letters of intents for a total of 110,000 sf of new retail space. Perlmutter has letters of intent with three other soft-good users for an aggregate 30,000 sf. Once these users sign leases, the development will be 94% occupied.
Jordon Perlmutter & Co. also has begun construction on three new buildings totaling 30,000 sf that flank the former theater building. Atlanta Bread, a bakery and sandwich shop, will be among the first tenants to open at the same time as Bed Bath and Beyond.
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