CREJ - Journal

Page 6

— Retail Properties Quarterly — May 2015

t is time once again for those

of us in retail brokerage to be

a part of the frenzy known as

the ICSC Las Vegas Recon meet-

ings – part of the International

Council of Shopping Centers’ annual

conference.We will be showcasing our

exciting projects to national retail ten-

ants from across the

globe, and there is

not a hotter area to

be working in than

Northern Colorado.

The renaissance

of the Midtown

Corridor, centered

at the intersection

of South College

Avenue and Horse-

tooth Road in Fort

Collins has sensa-

tional new tenants

opening. The Square

shopping center,

formerly an enclosed mall, is being

revitalized by the owner with all new

storefronts facing streets, which elimi-

nates the internal mall.

The new look is anchored by a

12,100-square-foot Trader Joe’s and the

newTJX concept, Sierra Trading Post, a

25,000-sf store. Both stores are new to

Fort Collins and take advantage of the

trade area population, estimated at

625,309, and $87,082 in average family

income within 10 miles. The Square

plan will have two more anchor ten-

ants, junior boxes and small-shop

retail with the feel of a walk around a

city block, combining restaurant space

with patio dining, and retail concepts

that are new to Fort Collins as well as

a mix of local retailers.

The next phase at The Square will

integrate the existing tenants and

fresh retailers with a stimulating new

look and feel. New landscaping, more

parking and highly visible storefronts

allow the tenants high impact to the

intersection as the new redevelop-

ments at The Square and Foothills

Mall are given center stage.

Foothills Mall is being redeveloped

by local developer Alberta Develop-

ment Partners andWalton Capital.

New anchor tenants include Nord-

strom Rack, Sports Authority, Cin-

emark XD, which has 10 screens fit

wall-to-wall and floor-to-ceiling, and

H&M. Bar Louie andWhite House |

Black Market are also new to Foothills.

Existing tenants Macy’s, Ross, Victo-

ria’s Secret, Chico’s, Buckle, Bath &

Body works and Maurice’s are staying

at the project and will be part of the

new image at the center. A new park-

ing garage and the adjacent 24,000-sf

City of Fort Collins Foothills Activity

Center are under construction. The

Foothills Mall is being revitalized with

a unique combination of traditional

indoor retail, street-front shops, open-

air eateries and outdoor amenities,

making it the place to shop, dine, meet

and play.

For more information on the Foot-

hills Mall renaissance, check out

Alberta’s project website,

www.shop

foothills.com, which references ten-

ants that have opened and provides

new tenant announcements.

The Mason Street Corridor Bus Rapid

Transit, also know as MAX, is similar

to light-rail transit, and is Fort Collins’

transportation link from old town on

the north to Harmony Road on the

south. It will operate on the west side

of South College Avenue, along the

railroad frontage. Underneath South

College Avenue, Mason Street Corridor

is being connected with a new under-

ground pedestrian and bike underpass

leading directly to Midtown’s new

Square and Foothills Mall.

Public assistance financing totals

are $53 million from the city of Fort

Collins through a metro district.

The repayment of bonds will occur

through revenue sources created by

Foothill’s redevelopment. The financ-

ing was tied to new retailers joining

the Foothills Mall and a portion of it is

paying for substantial upgrades to the

mall property and infrastructure. The

development plan has 450 residential

uses on the site and construction will

begin this fall.

The expansion of Centerra, a mixed-

use project on the east and west sides

of Interstate 25 and Highway 34 is also

new to the Northern Colorado retail

scene. Colorado-based McWhinney

will develop the project. The addition

of a 117,000-sf Bass Pro Shops retail

store was announced, and it is anchor-

ing 15 acres east of the Promenade

Shops at Centerra. The store will ini-

tially generate at least 250 jobs for the

region and is planned for a summer

2016 opening.

The construction activity and

retail resurgence is brisk in Northern

Colorado and continued success will

drive even more announcements

upon the return from the ICSC Recon

meetings.

Retail in the north moves at a brisk pace

Northern Colorado Update

Debbie Tamlin

Owner, Integrated

Real Estate,

Fort Collins

The Square shopping mall will be converted from an enclosed mall into storefronts facing streets.