The Glenwood Springs Mall is under contract to be purchased by R2 Partners.
Continue reading the Post Independent article below for the whole scoop.
R2 Partners under contract to purchase Glenwood Springs Mall
The developers of a multi-use development in West Glenwood announced Monday that they are also under contract to purchase the adjacent Glenwood Springs Mall.
“R2 Partners and the Glenwood Springs Mall owner, Frank Woods, jointly announce that a contract is in place to purchase and redevelop the Glenwood Springs Mall in West Glenwood,” the real estate group said in a news release.
A contract sale price was not disclosed.
The Glenwood Springs Mall is an area that has been identified for redevelopment in the city of Glenwood Springs’ comprehensive plan. The city has formed an Urban Renewal Authority to study and help facilitate redevelopment or renovation options.
“R2 Partners will be the lead developer overseeing a revitalized commercial center plan for the Glenwood Springs Mall,” the R2 release states.
Barry Rosenberg, principal of R2 Partners, is also currently seeking annexation and initial zoning/rezoning for the 480 Donegan residential project in West Glenwood, located directly behind the mall.
Rosenberg said in the release that he is pleased to be working with Woods, an Aspen real estate investor, on the transaction. He said he looks forward to working with city and the local community on the master plan, “creating synergies between redevelopment opportunities at the Mall and the proposed residential neighborhood in West Glenwood Springs,” the release states.
Rosenberg said in a follow up interview that the purchase makes sense, noting that when planning and implementing large scale projects, they should be integrated.
“That has always been part of the city’s comprehensive plan, it’s a unique opportunity to see how they fit together,” Rosenberg said.
“I think we have the ability to hopefully create a little bit of a town square village feeling within the mall.”
Rosenberg emphasized his desire to put safety as a top priority.
“There’s a common theme about safety and I couldn’t agree more,” Rosenberg said. “We couldn’t agree more with the people making those comments. There’s a reason why we have engineers, and I think safety first is important, traffic is important. I think there are ways that we can utilize the mall to help with that and we’re going to be looking at that.”
Source: The Post Independent, written by Shannon Marvel