Alliance Residential Company has acquired the former Macy’s department store at The Streets at SouthGlenn in Centennial for $11 million and secured $82.2 million in construction financing for its planned redevelopment of the property.
German commercial bank Helaba provided the construction loan for the proposed 358-unit multifamily development, which will replace the long-vacant department store at the northern end of the mixed-use shopping center. The acquisition was completed last week, according to public records, and the financing was reported on November 10 by Commercial Observer.
The redevelopment will replace the vacant department store with a new multifamily community, adding 358 apartments to the existing retail and residential mix at SouthGlenn.
The former Macy’s, which closed in 2022, is part of a property owned by a joint venture associated with PCCP. Alliance Residential plans to redevelop the approximately 5.24-acre site with a five-story apartment building featuring a mix of studio, one-, two- and three-bedroom residences, as well as two-story townhome-style units.
According to Commercial Observer, the project is targeting completion in September 2029.
Multifamily Development Plans
The proposed development will include approximately 557 structured parking spaces within a garage integrated into the building. Residential units and architectural elements will screen the garage from surrounding streets and public spaces.
Vehicle access to the parking structure is planned from South Vine Street, while the primary residential entrance will be located along East Briarwood Avenue.
Amenities will include landscaped courtyards, a swimming pool, a coworking space, a fitness center and a rooftop deck. The plans also preserve the existing public plaza along East Briarwood Avenue and add a pedestrian passage connecting the apartments with nearby shops and restaurants.
The development will incorporate the existing publicly accessible plaza along East Briarwood Avenue and introduce enhanced pedestrian connections throughout the property. Plans include a landscaped pedestrian passage, or mews, designed to reconnect the site with surrounding shops, restaurants and public spaces.
Santulan Architecture is leading the building design, with Norris Design serving as landscape architect. The architectural plans call for a combination of masonry, including brick and stone, stucco and cementitious siding, with building setbacks, balconies and varied materials intended to break up the scale of the five-story structure.
Project Moves Through City Review
The City of Centennial received a formal development application for the project April 30, 2026. The proposal is undergoing the city’s administrative planning review process, which includes a site plan, final plat and civil construction documents.
The city does not anticipate a city council approval process for the development, provided the proposal meets the requirements of the existing planned unit development and applicable development standards.
The project generated significant community feedback during the city’s public engagement process, which received 436 comments. Residents raised questions about traffic, parking, infrastructure and housing affordability.
The proposed apartments are market-rate residences and are not required to include income-restricted affordable housing.
According to project materials, demolition of the existing Macy’s building was anticipated in fall or winter 2026, with site construction expected to begin in winter or spring 2027 and vertical construction following in spring 2027. The schedule remains subject to the city’s review and approval process.
Broader Redevelopment at The Streets at SouthGlenn
The former Macy’s redevelopment is one of two major opportunities for residential development at The Streets at SouthGlenn.
At the southern end of the property, the former Sears site is also being marketed for residential redevelopment. However, the city has not received a formal development application for that property.
The broader SouthGlenn development is permitted to accommodate up to 1,125 residential units. The existing Portola at SouthGlenn apartment community contains 214 units.
The former Sears property at the southern end of SouthGlenn is also being marketed for residential redevelopment, although no formal application has been submitted to the city. The broader development is permitted to accommodate up to 1,125 residential units, including the existing 214-unit Portola at SouthGlenn apartment community.
