CREJ - Retail Properties Quarterly - May 2015
It 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 meetings – part of the International Council of Shopping Centers’ annual conference. We will be showcasing our exciting projects to national retail tenants 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 Horsetooth Road in Fort Collins has sensational new tenants opening. The Square shopping center, formerly an enclosed mall, is being revitalized by the owner with all new storefronts facing streets, which eliminates the internal mall. The new look is anchored by a 12,100-square-foot Trader Joe’s and the new TJX 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 tenants, 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 redevelopments at The Square and Foothills Mall are given center stage. Foothills Mall is being redeveloped by local developer Alberta Development Partners and Walton Capital. New anchor tenants include Nordstrom Rack, Sports Authority, Cinemark XD, which has 10 screens fit wall-to-wall and floor-to-ceiling, and H&M. Bar Louie and White House | Black Market are also new to Foothills. Existing tenants Macy’s, Ross, Victoria’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 parking 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, openair eateries and outdoor amenities, making it the place to shop, dine, meet and play. For more information on the Foothills Mall renaissance, check out Alberta’s project website, www.shopfoothills.com, which references tenants 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 underground 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 financing 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 anchoring 15 acres east of the Promenade Shops at Centerra. The store will initially 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.