Evergreen Foundation

From Sears to Shelter

Former Chapel Hills Sears targeted for demolition, redevelopment as apartments

BY RICH LADEN
RICH.LADEN@GAZETTE.COM

It was the end of an era when the Sears department store closed last year after nearly four decades at the Chapel Hills mall in Colorado Springs.

Now, it could be the end of the Sears building — and possibly the start of a major transformation at the mall.

Evergreen Devco, an Arizona-based real estate company, plans to purchase and demolish the two-story former Sears store at Chapel Hills, northeast of Academy and Briargate boulevards on the city’s north side.

In its place, Evergreen plans to develop a 300-unit, gated apartment complex on the 12.6-acre Sears site, which had anchored Chapel Hills’ west side since the mall opened in 1982.

Evergreen has contracted to buy the Sears property from current owner Northwood Investors, a global real estate investment and management firm with an office in Denver. The deal is scheduled to be completed in the fourth quarter, said Robert Place, Evergreen’s multifamily development director for Colorado.

Chapel Hills and The Citadel, Colorado Springs’ two enclosed shopping malls, are owned by New York-based Namdar Realty Group. But Namdar owns mostly interior portions of both malls; anchor spaces — including those for Sears, Macy’s, Dillard’s and J.C. Penney — are owned by the stores or third-party groups.

If Evergreen receives city regulatory approval for its project, it plans to begin construction immediately after it completes its purchase of the Sears property, Place said. The first renters could move into their apartments by fall 2021, he said.

Evergreen plans six, three-story buildings each with 36 apartments; three, three-story buildings with 24 units; and four, two-story buildings with three units, according to a proposal submitted to the city’s Land Use Review Division…

Read more in the Colorado Springs Gazette

http://daily.gazette.com/Olive/APA/TheGazette/SharedView.Article.aspx?href=THEGAZETTE%2F2020%2F07%2F10&id=Ar01501&sk=10FE46EA&viewMode=text

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