Public-Private Mall Redevelopment Project Hitting Marks

LONGMONT, CO— NewMark Merrill Companies , one of the nation’s premier retail builders and shopping center owners, says it has completed development of Phase I of the Village at the Peaks (formerly the site of the Twin Peaks Mall ), a $90 million , 500,000-square-foot lifestyle center located here.  Phase II totaling up to 40,000 square feet is currently being marketed for lease.

A partnership with the City of Longmont has created a $90 million asset where there had been a half-vacant mall.

NewMark Merrill originally purchased the 50% vacant mall in 2012 for $8.5 million .  The firm formed a public private partnership with the City of Longmont .  Formation of a a metropolitan district lead to the issuance of a $32 million public bond, which netted $27.5 million to eligible costs.  Construction on Village at the Peaks started in August of 2014 . “We have achieved our vision to create a state-of-the-art venue to provide a world-class experience for the community to enjoy year-round,” said Allen Ginsborg , NewMark Merrill mountain states managing director.  “Throughout this entire construction process, we have received tremendous support from the city and community with more than 500 participating in the demolition party and more than 10,000 people attending events leading to our grand opening, which drew 8,000 to see the American Ninjas compete.” Located at Hover Road and Ken Pratt Boulevard in Longmont, and situated just 15 minutes from Boulder County ‘s thriving tech corridor, Village at the Peaks offers mountain views in an open-air environment with places for people to play, relax and recharge. In the past two years, NewMark Merrill has achieved over 90% occupancy, signing new leases with 30 local, regional and national retailers, restaurants and services including anchors Whole Foods Market, Sam’s Club and Regal Cinemas .  In addition to the retailer grand openings, Village at the Peaks has hosted several events and activities throughout the year including Kids Club , concerts, holiday experiences and charity fundraisers netting over $75,000 to the community. Established in 2006 and based in Longmont, NewMark Merrill Mountain States operates under the guidance Ginsborg, who is also a principal in the firm, and an accomplished commercial real estate professional and long-time Northern Colorado resident. Led by Ginsborg, NewMark Merrill Mountain States continues to grow and develop approximately two million-square feet of Colorado holdings in the targeted areas of retail real estate ownership, third-party asset management and development. The company is a division of NewMark Merrill Companies. Under the leadership of founder and CEO Sandy Sigal , NewMark Merrill manages a portfolio of more than 75 shopping centers across three states, representing over $1 billion in assets, 10 million square feet in retail space and over 1,500 tenants. With almost 30 years of experience, NewMark Merrill is based in Woodland Hills, CA . The company also supports regional offices located in Orange County, Ventura County, Sacramento, San Diego County, Colorado and Illinois .