Evergreen Devco Inc., a retail and multifamily development company, announced in a news release that it has completed a $5.7 million purchase of the Sears store property at the Chapel Hills Mall, located on the northeast corner of Academy and Briargate boulevards.
Evergreen purchased the vacant property, which included the two-story, 141,000-square-foot building, parking lots and 12.6 acres, from Northwood Investors. The store, built in 1981 and served as the western anchor of the Chapel Hills Mall, was closed by the financially troubled retailer in March 2019 after a 40-year run.
“Evergreen is excited about this unique infill project involving the teardown of the vacant Sears building,” Jeff Wikstrom, principal and regional president of Colorado Multifamily at Evergreen Devco, said in the release. “The new development will add an estimated 500 to 600 persons to the trade area, helping to reinvigorate mall sales, tenancy and additional stores and restaurants.”
Redevelopment plans include the construction of a 300-unit luxury apartment complex to be called Outlook Briargate. The apartments, a mix of one-, two- and three-bedroom units, will be spread across multiple buildings, the release said, adding, amenities will feature a clubhouse, fitness center, outdoor pool, shade structures and barbecue areas.
Construction will begin this month and the first units should be available to rent in 2022, Wikstrom said in the release.