Burlington, a national off-price retailer, will open for business in Village at the Peaks Shopping Center in Longmont next spring. The store, which will occupy 35,032 square feet, is one of the three businesses that recently signed a lease at the mall, according to a news release from mall owner NewMark Merrill Mountain States.
The other two new mall leaseholders include Bank of America, which signed a lease for 4,725 square feet, and Nothing Bundt Cakes, which leased 2,253 square feet.
The bank also is slated to open next spring. The cake store will be operational in the fall. “The new leases bring the center to 99% leased,” according to the release.
Allen Ginsborg, managing director and principal, Mark Merrill Mountain States, said in a statement, “We continue to carry out our vision of creating a state-of-the-art venue to provide a world-class experience for the community to enjoy year-round. We are creating a destination that brings the community together with the right tenant mix and events in an inviting environment.”
The company owns or manages a portfolio of over 70 shopping centers valued at more than $2 billion.
In 2012 the shopping center, then called Twin Peaks Mall, had about 50% occupancy rate when NewMark Merrill Mountain States bought the property from Panattoni Development Co. for $8.5 million. Soon after, NewMark announced plans for a $90 million redevelopment plan, of which the city would kick in $27.5 million through certificates of participation.
After a five-year development process involving a public/private partnership with the City of Longmont, the center was reinvented as a lifestyle center, Village at the Peaks. It opened in 2016, representing almost $100 million in investment, generating over 500 new jobs.
The shopping center currently is undergoing a second phase of development.
By Pratik Joshi