Greenwood Village-based Alberta Development Partners broke ground today on Foothills, a $300 million redevelopment of the old Foothills Mall in Fort Collins.
The redevelopment project is kicking off with the demolition of the old Mervyn’s department store at Monroe and Stanford on the southeast side of the mall. The entire redevelopment will boast 660,000 square feet of retail space, including a 10-screen Cinemark all-digital movie theater, and 400 to 800 apartments. The project is expected to be completed by the 2015 holiday season.
“This re-imagining is one of the single largest re-development efforts in the country today,” said Don Provost, principal of Alberta Redevelopment Partners. “The partnership with the city and community has created the opportunity to realize the vision."
The project is expected to restore a long-term decrease in the mall’s sales tax revenue. Net taxable sales at the mall have declined 61 percent over the last decade.
“This groundbreaking is a major milestone for the City of Fort Collins and the Midtown area, and has been over 10 years in planning,” said Fort Collins City Manager Darin Atteberry. “We look forward to watching the redevelopment unfold over the next 18 months.”
Foothills Mall will remain open during the redevelopment. A portion of the mall has been closed permanently to allow for more outdoor community and gathering space.