HomeMy WebLinkAboutUNIVERSITY CENTER PUD (UNIVERSITY MALL REDEVELOPMENT) - FINAL - 2-96A - MEDIA -SECTION
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Legal hurdle cleared
for mall makeover
City officials informed project ready to go
gy r OBM I MM million, DPC has esti- nounced they were selling New statements from DPC
The Caoradoan mated. to DPC. indicate the plan could be
Legal bickering over con-
trol of the University Mall
appears to be resolved, al-
lowing DPC Development
Co. to move ahead with
plans to remake the state's
oldest covered shopping
center.
DPC has recently alert-
ed Fort Collins city officials
that it's ready to move for-
ward on the project, which
would convert the mall into
a "big box" center.
DPC, which paid $5.25
million for the mall, also
intends to expand from
150,000 square feet to
200,000 square feet. Rede-
velopment could cost $7
University Mall was
built in 1964, but has
struggled throughout the
1990s to keep tenants.
Plans for the overhaul
have been public since late
in 1995.
Then -owners John and
Marilyn Stodderd initiated
the improvements.
Later the Stoddards put
the mall up for sale, lead-
ing to the legal entangle-
ments.
K&F Development Co.
said it cut a deal with the
Stoddards in the summer
of 1996, to be finalized in
November of that year.
The Stoddards later an-
K&F sued the Stoddards
and DPC for contract viola-
tions; the court action
chilled any work on the
project.
Then last month officials
for DPC resumed talks
with city planning officials,
indicating a settlement in
the case.
Steve Olt, a city planner
working on the project,
said he expects DPC to file
an updated plan for Uni-
versity Center — its future
name —"any day."
Existing plans are to
carve the mall into five
tenant spaces, including
the existing King Soopers.
irvi w ei aPa�.
The University Mall
does not include Montgom-
ery Ward's, which is at-
tached to the mall but
owned separately.
DPC's ownership also in-
cludes the vacant Skipper's
restaurant building and
Bennigan's restaurant.
DPC officials were not
available for comment.
Even if DPC submits its
new proposal to the city
this week, the project isn't
likely to receive a public
hearing from the Fort Col-
lins Planning and Zoning
Board until February, Olt
said.
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