Colorado Real Estate Journal - August 20, 2014

Twin Peaks Mall is out, Village at the Peaks is in in Longmont

Nearly 500 people showed up to see the long-awaited beginning of Village at the Peaks in Longmont and the end of the old Twin Peaks Mall.

NewMark Merrill Mountain States is redeveloping the mall property with 480,000 square feet of open-air retail, dining and entertainment uses. The $85 million project will generate more than 300 full-time jobs and provide a community gathering place that capitalizes on mountain views.

Village at the Peaks will open in late summer 2015.

“We can build bricks and sticks, but it’s the passion of the community that makes a place like this have heart. We look forward to creating this with the city,” Sandy Sigel, president and CEO of NewMark Merrill, told a crowd at the Aug. 1 groundbreaking. “We’re over 70 percent leased, including Sam’s, a Whole Foods and a brand-new movie theater, which will be state-of-the-art for the state of Colorado, as well as many local and regional tenants.” Village at the Peaks will deliver $175 million in taxable revenue, twice as much as Twin Peaks Mall did in its very best year, according to Allen Ginsborg, managing director and principal of NewMark Merrill Mountain States. “Village at the Peaks will be a premiere place that connects Longmont’s minds and hearts for future generations,” he said.

“I’m really confident that this will be a highly successful mall.

I’m glad to be part of this team and I’m glad that NewMark Merrill had a vision to invest in our community,” stated Longmont Mayor Dennis Coombs.

As part of the groundbreaking, community members were invited to enter a drawing to operate the excavator at the start of the demolition. Christina Edstrom got the honors. There also were helicopter tours for people who bid as part of an online auction, and NewMark Merrill Mountain States donated $5,000, mostly from proceeds of a deconstruction auction, to the I Have A Dream Foundation of Boulder County.

“We are so excited to be here today,” said Longmont Assistant City Manager Shawn Lewis. “We believe the Village the Peaks will be a transformational project for our community. It’s just been so long in waiting, we are all so excited, and we’re looking forward to the Christmas season next year to do a lot of shopping, eating and all the great things that will come to our community because of this project.”