City will talk Tuesday on taking Dillard’s
“Successfully redeveloping Twin Peaks Mall and remediating blighted conditions there is one of the city’s highest priorities, Power said in the document.
Dillard’s Inc. spokeswoman Julie Bull said Thursday afternoon that the Little Rock, Arkansas,-based company had “no comment at the moment” about possible eminent-domain plans at the Longmont site. NewMark Merrill Mountain States project manager Allen Ginsborg was not immediately available for comment. NewMark Merrill owns the mall and is redeveloping the property.
Dillard’s Inc. owns its own 94,000-square-foot store at the mall site, along with about seven acres of surrounding land. LURA paid $8,500 for a recent appraisal of the property. The value determined by that appraisal has not been made public.
On March 27, Dillard’s rejected an offer from NewMark Merrill that would have allowed the store to remain open during construction, according to the agenda document. As part of the offer, NewMark Merrill gave an “opt-out” provision in which the developer would buy the store after the redeveloped shopping center opened. The “opt-out” price was “a premium over the current market value,” according to the agenda document.”
Potter, Beth. Boulder County Business Report 5 April 2013