FOR IMMEDIATE RELEASE
Alberta Development Partners to Remove Tres Margaritas Building
Affiliates of Walton Street Capital and Alberta Development Partners, owners and developers of the Foothills Mall, will begin removing the Tres Margaritas building at 3400 S. College Ave before the end of 2013 in preparation for mall redevelopment.
The City’s Planning and Zoning Board on November 19 approved the Phase One Major Amendment to the Foothills Redevelopment Project Development Plan, which includes construction of a 10,500-square-foot retail building. The building will be constructed on the site of the existing Tres Margaritas building near College and Monroe Avenues. Tres Margaritas closed on November 30.
The City's Land Use Code allows the demolition to proceed, however construction of the proposed retail building cannot occur until the Phase One plans are finalized. Alberta has agreed to recycle and reuse materials from the building as part of the demolition, which will occur at the developer’s cost. Recycled materials will include doors, windows, cabinets, fixtures, concrete and masonry, wood, metals and cardboard.
City Council is scheduled to review the financing agreement for the mall’s redevelopment on January 14.
In May, the Fort Collins City Council approved a $53 million public assistance package including a $45 million base financial assistance package that will revitalize the Foothills Mall and restore essential sales tax revenue. The financial package includes an $8 million investment in City infrastructure, including a new Foothills Activity Center and an underpass for pedestrians and bicycles under College Avenue that connects the mall to the Mason Street Corridor and MAX Bus Rapid Transit.
Alberta returned to the Planning and Zoning Board on December 12 with the Phase Two proposal, further amending the development plan which was approved on February 7. The requested major amendment resulted in an overall decrease in square footage for the mall project. That altered the redevelopment agreement, which required City Council approval. The Council delayed that vote, which was originally scheduled for December 17, to January 14.
The total project cost is projected to be $313 million, including the $53 million public assistance package.
Updates on the mall construction will be available at fcgov.com/foothillsmall where interested residents can also sign up for a regular e-mail newsletter about the project.
The mall is owned by Walton Street Capital, a private equity real estate investment firm, and Alberta Development Partners, a Denver-based real estate acquisition, development and investment firm.
About the Urban Renewal Authority
The Fort Collins Urban Renewal Authority assists with identifying and revitalizing areas of the City deemed blighted and provides a funding mechanism to encourage redevelopment. The main funding tool is Tax Increment Financing (TIF) – the increase in taxes generated by the new development – over a period of 25 years. Qualified projects can receive a portion of property tax generated to be allocated back into the project for the community’s benefit. Public and private investment in the areas further promotes development and redevelopment in a plan area, such as North College or Midtown.