Flatiron Crossing Mall Improvements

Many of us have wondered what is going on with certain parts of the Flatiron Crossing mall’s Village area, and also the old Lord & Taylor building.

There’s some news about what’s coming and how mall owner, Macerich Corp. intends to implement the needed changes. I think you’ll be interested to know that the City of Broomfield intends to kick in some money to make it all happen.

Broomfield City Council approved spending more than twenty five million dollars to assist Macerich with plans for improvements that also include a new hotel.

I’ve noticed that there has been quite a bit of deconstruction at the Lord & Taylor site in recent months as construction workers and equipment continue to buzz in and out of the building that’s been vacant for about three years.

If you have been over to the Village at Flatirons, perhaps to catch a movie at AMC or a meal at the Village Tavern or Bloom, (which represent almost 50% of the remaining tenants at the Village) you may have noticed all the vacant businesses along the outdoor shopping area.

You may have heard various reasons for the vacancies, but soon that will be just water under the bridge now that the City of Broomfield has stepped in to help finance a complete rework of the Village which will include having both the Village Tavern and Bloom restaurant relocate to a different location in the Village. The word is, the overall pedestrian and vehicle traffic flow will be reconfigured.

While the biggest cost is associated with purchasing the building owned by Lord and Taylor so that it can be remodeled for two, or perhaps hopefully three new tenants; the really big news is a plan to build a new hotel at the property. Preliminary information is that the new hotel will cost about 18 million, and its going to be an upscale boutique hotel.

While the estimated costs for the FlatIron projects is almost $60 million, which will be covered fully by Macerich; once certain early phases of construction are finished and there are tenants generating sales-tax revenue, the city will split the 3.5 percent municipal sales tax with Macerich to fund a portion of the costs on the back end.

The roughly $18 million reconfiguration of the Village area is scheduled to be finished by end of 2013. The rework on the Lord and Taylor building is expected by the end of 2011, and the hotel is anticipated to be complete by the end of 2012.

All of these projects seem to tie in nicely with dates we’ve previously heard about ConocoPhillips. With plans to start deconstruction on the old Storage Tek buildings before end of this year, and announcements that construction will be complete on CP’s new alternative energy research and education facility by 2011 or early 2012, I’d say the City of Broomfield and Macerich are timing this fairly well.

If you have any plans to relocate, or know someone that could use some assistance with buying or selling residential real estate please let me know. You can email or call me right now, and we can get started helping you get all the answers you need to make an informed decision.

-Zachary Epps, full-time professional Realtor and EcoBroker

Comments

Got something to say?