NEW MALL TO FEATURE HIGH-END DISCOUNTERS

Byline: Hassell Bradley Wright

DENVER — Off 5th and Last Call, discount outlets for Saks Fifth Avenue and Neiman Marcus, respectively, have signed as tenants in Colorado Mills, the newest version of retail and entertainment centers created by the Mills Corp., an Arlington, Va.-based developer.
The announcement was made Tuesday at the official groundbreaking for the $250 million high-end discount project, located on 130 acres in Lakewood, Colo., a western Denver suburb. When fully leased, the center will have 200 tenants.
With 1.2 million square feet of gross leasable area, Colorado Mills center will open in fall 2002 and will offer shopping, entertainment, recreation and community events similar to other Mills properties around the U.S. The mall is located 10 miles west of downtown Denver and along the primary route to most of Colorado’s top ski resorts. Colorado Mills will feature an outdoor component as well as indoor shops. There will be about 18 anchors, 200 specialty stores, themed restaurants and specialty stores, plus a museum.
Originally, the museum was to be outfitted by the Harmsen Collection of Western Art, but the collection pulled out of the project, so a new theme has yet to be determined.
On Tuesday, the U. S. Bureau of Economic Analysis in Washington, D.C. said personal incomes in Colorado rose 10.8 percent last year, pushing past California’s 10.5 percent growth rate. David D’Onofrio, Mills’ director of corporate communications, said some 15 million visitors are expected annually. The City of Lakewood has estimated Colorado Mills will generate about $4.58 million of net tax revenue to the city, based on more than $300 million in taxable sales at the center.
The Mills Corp. has 12 Mills and one Block project in the U.S. Its 13th project, Discover Mills, will open in November near Atlanta. Colorado Mills will be the 14th Mills project. Partnering in Colorado Mills will be Greg Stevinson, president of Denver West Realty Inc., a joint venture partner. Joining Mills and Denver West is Mills’ equity partner, Kan Am, an investment advisory company based in Munich, Germany, with a U.S. headquarters in Atlanta. Kan Am owns approximately 35 percent of the Mills Partnership, of which the Mills Corp. is the sole general partner.

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