New buildings may be going up, and others demolished, at the site of one of the most well-known shopping centers in northern Colorado.
The Foothills Mall, located at 215 Foothills Parkway, was opened in the fall of 1973 and for decades was well supplied with both customers and tenants.
With less customers and tenants in the last 15 years or so, the ownership of the mall has changed hand several times, while the property itself has yearly brought in less revenue.
Now, the Loveland-based McWhinney Real Estate & Development Company has signed a preliminary agreement to purchase the mall, which comprises some 620,000 square feet of retail space.
According to reports, McWhinney is exploring the idea of building some multifamily housing at the site, as well as new retail and restaurant space.
The new development may require the demolition of parts of the existing mall.
The company is currently engaged in a due diligence process exploring the Foothill Mall’s financials and potential. If all goes well, a final purchase agreement may be announced later this year.
McWhinney previously developed the just over 230,000 square foot Promenade Shops at Briargate in Colorado Springs, as well as a number of other housing and retail projects in Denver, Fort Collins, and Loveland.
By Garry Boulard
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