(For more retail coverage, click GlobeSt.com/RETAIL.)
CENTENNIAL, CO-Locally based Alberta Development Partners LLC, in partnership with Walton St. Capital, plans a $250-million redevelopment of the Southglenn Mall, which has long been in the shadow of more vibrant centers, especially Park Meadows. Rumors that it would be redeveloped have been circulating for more than a year.
Demolition of the current mall will begin next spring. It will be renamed as the Streets at Southglenn. Sears Roebuck & Co. and Foley's, which will be renamed as a Macy's, will remain open during the construction. "I think it is pretty cool," a CB Richard Ellis retail broker tells GlobeSt.com. "That's a deal that has been looked at for a long time. It's needed someone with the momentum and horsepower to take it across the goal line, and Alberta is the one."
The Streets at Southglenn will feature a gourmet natural foods market, a movie theater, bookstore, European bistros, sidewalk cafés, and unique women's and men's apparel.
"In addition to offering a wide variety of today's most desired retail shops and restaurants, everything at the Streets at Southglenn will be designed to provide residents with urban convenience in an accessible, suburban setting," says Don Provost, principal with Alberta. "We believe the community will embrace the project; our main goal is maintaining a sense of community while providing a new, improved and diverse shopping experience for residents."
Alberta has brought together two of the leaders in the field, Callison Architects and Shook Kelly to handle the aesthetics of the project. The team's marching orders: create a regional destination with local color, regional draw and universal appeal with 950,000 sf of retail and 350 loft units.
"Southglenn Mall is very important to the overall life and economy of Centennial," says Centennial Mayor Randy Pye. "One of the promises we made when we formed the city was to work with the Southglenn owners and developers, to work in partnership to make it a vibrant gathering place once again. I do think the Streets at Southglenn will become a destination shopping experience and be a major economic catalyst for the area."
Alberta acquires develops and invests in retail real estate throughout the Front Range of Colorado, focusing on regional retail shopping centers and mixed-use commercial projects. The company has completed more than 220 projects with more than four million sf of retail space with a completed value of $1.5 billion.
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