Evergreen Devco, Inc., a retail and multifamily development company, has paid $5.7 million for the Sears store property at the Chapel Hills Mall in Colorado Springs.
Evergreen purchased the vacant property, which included the two-story, 141,000-square-foot building, parking lots and 12.6 acres, from Northwood Investors. The store, built in 1981, served as the western anchor of the Chapel Hills Mall and was closed by the financially troubled retailer in March 2019 after a 40-year run.
“Evergreen is excited about this unique infill project involving the teardown of the vacant Sears building,” said Jeff Wikstrom, principal and regional president of Colorado Multifamily at Evergreen Devco. “The new development will add an estimated 500 to 600 persons to the trade area, helping to reinvigorate mall sales, tenancy and additional stores and restaurants.”
After the teardown of the building, redevelopment plans include the construction of a 300-unit luxury apartment complex to be called Outlook Briargate. The apartments, a mix of one-, two- and three-bedroom units, will be spread across multiple buildings. Amenities will feature a clubhouse, fitness center, outdoor pool, shade structures and barbecue areas. The property has unobstructed views of the mountains to the west and lies just over a mile from the south entrance to the Air force Academy.
“Construction will begin in July 2021, and the first units should be available to rent in 2022,” added Wikstrom.