The Northglenn Urban Renewal Authority (NURA) and MP Northglenn LLC, a subsidiary of Hutensky Capital Partners (HCP) of Hartford, Conn., entered into a redevelopment agreement for the Northglenn Marketplace.
“NURA has consistently been a catalyst in the center’s improvements over the years,” said NURA Chair Rosie Garner.
HCP purchased 439,000 square feet of the Northglenn Marketplace in late September for $49 million. That's about 67.6 percent of the shopping center, located at Interstate 25 and 104th Avenue.
“The Marketplace has long been the center of the city's retail activity, and this new phase will re-energize and revitalize the center that Northglenn residents and visitors will appreciate,” said Garner.
Through this public/private partnership with NURA, an additional $27.7 million will be invested for exterior improvements to redevelop and stabilize the property into a vibrant commercial center. With purchase and improvement costs, the total amount for the project is estimated to be around $76.7 million.
Efforts will focus on turning the Marketplace into an entertainment-oriented destination. Plans include an entertainment facility, new restaurants, a plaza, pedestrian-oriented areas, signage, branding and more retailers.
“We are confident that the vision of our redevelopment partners will create a thriving entertainment area which will benefit the existing retailers and also attract new businesses to the center,” said Mayor Carol Dodge.
Construction is expected to start in 2018 with completion in 2020.