{"id":1317727,"date":"2020-01-16T21:08:00","date_gmt":"2020-01-17T04:08:00","guid":{"rendered":"https:\/\/www.postindependent.com\/arizona-company-interested-in-buying-glenwood-springs-mall\/"},"modified":"2020-01-17T10:45:33","modified_gmt":"2020-01-17T17:45:33","slug":"arizona-company-interested-in-buying-glenwood-springs-mall","status":"publish","type":"post","link":"https:\/\/alwaysmountaintime.com\/kske\/local-news\/arizona-company-interested-in-buying-glenwood-springs-mall\/","title":{"rendered":"Arizona company interested in buying Glenwood Springs Mall"},"content":{"rendered":"
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Many of the store fronts in the Glenwood Springs Mall remain empty, including the old Movies in the Mall location, which closed in 2013.<\/strong>
\nKyle Mills \/ Post Independent<\/em><\/figcaption><\/figure>\n

The predominantly vacant Glenwood Springs Mall has an interested buyer.<\/p>\n

According to a settlement agreement, which the city\u2019s urban renewal authority approved Thursday, CenterPointe Development, LLC has \u201centered into a contract to purchase the mall.\u201d<\/p>\n

Far from finalized and by no means a done deal, Thursday\u2019s settlement agreement laid the groundwork for what could be the redevelopment of the mall properties at 51027 Highway 6 and 24 in West Glenwood.<\/p>\n

In December 2018, the Glenwood Springs City Council unanimously approved the West Glenwood Springs Urban Renewal Authority Plan to encourage redevelopment at the mall, which opened in the early 1980s.<\/p>\n

The plan stated that Ross had a lease agreement that made it \u201call-but impossible\u201d for mall owner Frank Woods to \u201cfreely manage the mall properties\u201d due to the \u201cextraordinary control\u201d the lease afforded Ross.<\/p>\n

When Ross entered into that lease agreement in 2011, the mall\u2019s anchor tenants at the time included K-Mart, JC Penny and Staples \u2014 all of which have since left.<\/p>\n

Ross stated in the settlement agreement that it was \u201csupportive\u201d of the parties\u2019 wishes to revitalize, re-tenant and\/or redevelop the mall so long as its own investments were protected.<\/p>\n

Ross invested $1.8 million into the 23,700 square foot space it operates in the mall.<\/p>\n

Frank Woods still owns the property, and a few details still need to be resolved before CenterPointe would close on the properties \u2014 namely the lease with Ross.<\/p>\n

\u201cCenterPointe seeks to finalize a mutually acceptable lease with Ross before it completes its purchase of the mall,\u201d the settlement agreement stated.<\/p>\n

According to the agreement\u2019s terms, Ross Stores, Inc. \u2014 one of the mall\u2019s few remaining tenants \u2014 and CenterPointe Development have entered into a letter of intent \u201csetting forth the key terms of a new lease agreement.\u201d<\/p>\n

It isn\u2019t immediately clear what those terms could be, however. According to Glenwood Springs City Attorney Karl Hanlon, CenterPointe Development has worked with Ross before.<\/p>\n

\u201cI view CenterPointe\u2019s willingness to enter into a binding lease agreement with Ross is a pretty good indication that they are comfortable with their ability to attract tenants,\u201d Hanlon said. \u201cOtherwise they wouldn\u2019t be engaging in this.\u201d<\/p>\n

However, Ross and CenterPointe must move from a letter of intent to an actual lease agreement by Feb. 24, or the entire sale could fall through.<\/p>\n

\u201cMy understanding is that it is scheduled to close late spring, early summer,\u201d should all of those details get worked out, Hanlon said.<\/p>\n

Aside from abiding by the city\u2019s development code, what tenants would ultimately go into the mall would largely be up to CenterPointe.<\/p>\n

Headquartered in Scottsdale, Ariz., CenterPointe Development was founded in 2006 and has worked on development projects predominantly in the southwest region of the U.S.<\/p>\n

\u201cFrom the city\u2019s standpoint, along with keeping Ross there and seeing the [urban renewal authority] move forward \u2026 it would also mean that the lawsuits would go away,\u201d Hanlon said. \u201cThen we can really focus on the business of redevelopment rather than the business of litigation.\u201d<\/p>\n

mabennett@postindependent.com<\/a><\/p>\n

via:: Post Independent<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Many of the store fronts in the Glenwood Springs Mall remain empty, including the old Movies in the Mall location, which closed in 2013. Kyle Mills \/ Post Independent The predominantly vacant Glenwood Springs Mall has an interested buyer. According to a settlement agreement, which the city\u2019s urban renewal authority approved Thursday, CenterPointe Development, LLC […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[160],"tags":[],"class_list":["post-1317727","post","type-post","status-publish","format-standard","category-local-news"],"acf":[],"publishpress_future_action":{"enabled":false,"date":"2026-09-06 05:06:57","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"KSKE Ski Country","distributor_original_site_url":"https:\/\/alwaysmountaintime.com\/kske","push-errors":false,"_links":{"self":[{"href":"https:\/\/alwaysmountaintime.com\/kske\/wp-json\/wp\/v2\/posts\/1317727","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alwaysmountaintime.com\/kske\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alwaysmountaintime.com\/kske\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kske\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kske\/wp-json\/wp\/v2\/comments?post=1317727"}],"version-history":[{"count":1,"href":"https:\/\/alwaysmountaintime.com\/kske\/wp-json\/wp\/v2\/posts\/1317727\/revisions"}],"predecessor-version":[{"id":1317739,"href":"https:\/\/alwaysmountaintime.com\/kske\/wp-json\/wp\/v2\/posts\/1317727\/revisions\/1317739"}],"wp:attachment":[{"href":"https:\/\/alwaysmountaintime.com\/kske\/wp-json\/wp\/v2\/media?parent=1317727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kske\/wp-json\/wp\/v2\/categories?post=1317727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kske\/wp-json\/wp\/v2\/tags?post=1317727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}