McWhinney plans to push mixed-use as it pursues Foothills mall takeover businessden.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businessden.com Daily Mail and Mail on Sunday newspapers.
Economic developers from Weld, Larimer, Broomfield and Boulder counties expect the new year to be somewhat better than the year just past, but they have caveats.
“We’ll hold the line in 2021, and it could be a reasonably good year if we see similar stimulus activity,” said Josh Birks, economic health director for the city of Fort Collins.
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FORT COLLINS The owners of the Foothills mall have been actively listing the mall since September, just more than a month before it defaulted on its construction loan, court documents show.
A judge ordered the 620,000-square-foot mall’s operations to be taken over by Greenwood Village-based Cordes & Co. LLP late last week, according to state court records.
The order was not contested by Foothills’ co-owners Alberta Development Partners LLC and Walton Street Capital, which both signed a cooperation agreement with MUFG Union Bank N.A. in early December days before the bank
filed suit to place the property into receivership weeks ago.
Foothills Mall lender to file foreclosure demands for remaining $47M debt
This story first appeared on BizWest.com, a BusinessDen news partner.
The Foothills Mall in Fort Collins is heading toward receivership after its primary lender said in court that the mall failed to make scheduled debt payments in the fall.
In a lawsuit filed to Larimer County District Court this week, MUFG Union Bank N.A. claims that just more than $46 million of unpaid principal and interest remains on the original loan of $145 million. The bank claims that Foothills failed to make its scheduled debt payment on Oct. 9.
It’s unclear how much the Mall was supposed to pay in October. The promissory note for the loan is sealed by the court.