Mall developer: We can pay for Dillard’s
“NewMark Merrill plans an $80 million to $85 million redevelopment of Twin Peaks Mall into the open-air Village at the Peaks, which is slated to open in early 2015. Boulder District Court Judge D.D. Mallard awarded the title of the Dillard’s Longmont store to the Longmont Urban Renewal Authority last week in the eminent-domain case. LURA is made up of Longmont’s elected city council members. Eminent domain is the legal right of a public entity to take private property after compensating the owner.
Attorneys for Dillard’s Inc. (NYSE: DDS) will appeal the court ruling, they said in a court document filed Tuesday. But unless Mallard or an appellate judge decides to stop the title transfer, NewMark Merrill can proceed with the mall redevelopment. Dillard’s also has requested that a jury trial be set to determine the price of the store. No jury trial date has been set, however. Boulder District Court representatives did not return a call requesting comment on Thursday.
In the meantime, an independent, three-person board of commissioners may set the price for the Dillard’s store, based on the court document filed in conjunction with Mallard’s ruling. Allen Ginsborg, managing partner at NewMark Merrill, said Thursday that he expects to “post the funds” for the store once the price has been set by a board.”
Potter, Beth. Boulder County Business Report 5 September 2013.