The Westminster Economic Development Authority and the Westminster Mall Company and related entities, owners of Westminster Mall, have announced that the Westminster Mall will be acquired by WEDA for $22 million in early May. The city and mall owners also have settled the litigation brought by the owners last August. The contract for the sale of the mall property was approved by the Westminster City Council and the Westminster Economic Development Authority Board on May 2, 2011.
Located at 88th Avenue and Sheridan Boulevard, just off U.S. 36, Westminster Mall is a 1.5-million-square-foot regional shopping center.
View a map of the property ownership.
The Westminster Economic Development Authority is currently seeking a development partner for a mixed-use, urban-style development on the 105-acre site. Based upon the area's steady growth and the location's access, the property already has generated interest from developers nationwide.
“The acquisition of the Westminster Mall by the Westminster Economic Development Authority is a watershed point in the history of this highly significant piece of land. Our vision for an urban center to our community, with office, residences and retail, has taken one giant step forward,” said Mayor Nancy McNally. “This is a fine example of what can be accomplished by mutual agreement and in response to the wishes of our community.”
“We look forward to a new, vibrant development focused on access to rail and bus rapid transit that allows us to continue to provide vital services to our community,” said Westminster City Manager Brent McFall.
It is anticipated that closing on the transaction will occur on May 10 of this year. Tenants of the mall will be notified of the pending ownership change, and it is hoped that key anchor tenants will remain in operation on the site during construction of a new urban neighborhood.
The Westminster Economic Development Authority previously purchased the vacant Macy’s and Mervyns in the mall as well as the Trail Dust Steakhouse building on the mall property. Before the most recent deal, the city controlled about 20 percent of the mall property. The latest deal acquired the balance of the mall property, except for the Sears building and parking area, the Brunswick Zone and the dental offices on the northeast side of the property. The city now controls about 90 percent of the 105-acre site.
The city’s concept for the future of the entire Westminster Center area has generated interest from developers throughout the country. Get more information on the city's redevelopment vision.