No Twin Peaks Mall deal with Dillard’s; Longmont staff requests eminent domain
“The Twin Peaks Mall owners have reached no deal with Dillard’s and the use of eminent domain will be needed to keep the $80 million redevelopment moving, Longmont city staff announced Thursday.
Negotiations have gone on for months between the store and mall owner NewMark Merrill Mountain States, which said it had to have an agreement by April 1 to keep the project moving on schedule. Dillard’s is the only mall tenant that owns its own land and building, making its approval vital.
City staff assisted the talks, beginning in late 2012. The final proposals from NewMark Merrill included a March 20 pitch that would have included Dillard’s as part of the redeveloped mall and a March 28 offer to buy out the store at “a premium over the current market value.”
Longmont economic development director Brad Power said that Dillard’s rejected the March 20 offer and did not respond to the March 28 one by NewMark’s proposed April 2 deadline.”
Rochat, Scott. Longmont Times on Call 4 April 2013.