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In April 2018, ownership of the mall changed hands again, being purchased by the ] for $33.5 million, less than half of the mall's previous sale price only seven years prior. It has been speculated that the loss of several prominent anchors (such as ], ], ], and ]) and the threat of losing others (most notably ]) was a large contributing factor to a steep reduction in price. Namdar also is the owner of ], the other enclosed shopping mall in Colorado Springs.<ref>{{cite web|url=https://gazette.com/business/a-blue-light-special-chapel-hills-mall-in-colorado-springs/article_22f0a7ae-da66-5308-ac54-1a8fb42589a8.html|title=A blue light special? Chapel Hills Mall in Colorado Springs sells for deep discount |date=30 April 2018|work=The Gazette|accessdate=28 July 2018}}</ref> In April 2018, ownership of the mall changed hands again, being purchased by the ] for $33.5 million, less than half of the mall's previous sale price only seven years prior. It has been speculated that the loss of several prominent anchors (such as ], ], ], and ]) and the threat of losing others (most notably ]) was a large contributing factor to a steep reduction in price. Namdar also is the owner of ], the other enclosed shopping mall in Colorado Springs.<ref>{{cite web|url=https://gazette.com/business/a-blue-light-special-chapel-hills-mall-in-colorado-springs/article_22f0a7ae-da66-5308-ac54-1a8fb42589a8.html|title=A blue light special? Chapel Hills Mall in Colorado Springs sells for deep discount |date=30 April 2018|work=The Gazette|accessdate=28 July 2018}}</ref>


On December 28, 2018, it was announced that Sears would also be closing as part of a plan to close 80 stores nationwide. The store closed in March 2019.<ref>{{Cite news|url=https://www.cnbc.com/2018/12/28/sears-closing-80-more-stores-in-march-faces-possible-liquidation.html|title=Sears is closing 80 more stores in March, faces possible liquidation|last=Thomas|first=Lauren|date=2018-12-28|work=CNBC|access-date=2018-12-28}}</ref> There was also a ] at this mall that closed in 2009 and was later demolished for a ], now an ]. On December 28, 2018, it was announced that Sears would also be closing as part of a plan to close 80 stores nationwide. The store closed in March 2019.<ref>{{Cite news|url=https://www.cnbc.com/2018/12/28/sears-closing-80-more-stores-in-march-faces-possible-liquidation.html|title=Sears is closing 80 more stores in March, faces possible liquidation|last=Thomas|first=Lauren|date=2018-12-28|work=CNBC|access-date=2018-12-28}}</ref> There was also a ] at this mall that closed in 2009 and was later demolished for a ], now an ].


In January 2020, Burlington Coat Factory closed at the mall leaving Dick's Sporting Goods, Dillard's, and Macy's as the only anchors left.<ref>{{Cite web|title=Burlington closes store at Chapel Hills Mall in Colorado Springs|url=https://gazette.com/business/burlington-closes-store-at-chapel-hills-mall-in-colorado-springs/article_ebef30e2-484b-11ea-a58a-d321a67ca340.html|last=Laden|first=Rich|last2=rich.laden@gazette.com|website=Colorado Springs Gazette|language=en}}</ref> In January 2020, Burlington Coat Factory closed at the mall leaving Dick's Sporting Goods, Dillard's, and Macy's as the only anchors left.<ref>{{Cite web|title=Burlington closes store at Chapel Hills Mall in Colorado Springs|url=https://gazette.com/business/burlington-closes-store-at-chapel-hills-mall-in-colorado-springs/article_ebef30e2-484b-11ea-a58a-d321a67ca340.html|last=Laden|first=Rich|last2=rich.laden@gazette.com|website=Colorado Springs Gazette|language=en}}</ref>

Revision as of 08:04, 14 February 2022

Not to be confused with Chapel Hill Mall. Shopping mall in Colorado, United States
Chapel Hills Mall
LocationColorado Springs, Colorado, United States
Coordinates38°56′42″N 104°47′42″W / 38.945°N 104.795°W / 38.945; -104.795
Opening date1982
DeveloperGeneral Growth Properties and Homart Development Company
ManagementMason Asset Management
OwnerNamdar Realty Group
No. of stores and services154 (as of 2008)
No. of anchor tenants6 (3 open, 3 vacant)
Total retail floor area562,733 sq ft (52,279.6 m)
No. of floors2 (3 in Dillard's)
Parking5,800 spaces
Websitechapelhillsmall.com

Chapel Hills Mall is a shopping mall located in Colorado Springs, Colorado, United States, with 562,733 square feet (52,280 m) of gross leasable area. The anchor stores are Dick's Sporting Goods, Macy's, AMC Theatres, Dillard's, and H&M. There are 3 vacant anchor stores that were once Sears, Burlington, and Gordmans.

History

The mall opened in 1982 as a joint development of General Growth Properties and Homart Development, with renovations in 1985 and 1998. The 1998 renovation included an ice arena, climbing wall, and Borders Books & Music, as well as the addition of JCPenney, which closed in 2014. The space JCPenney used was originally occupied by Service Merchandise. The climbing wall was closed down in 2005. Late in 2006, the ice arena was closed to make room for Dick's Sporting Goods. In September 2006, Macy's replaced the Foley's location like every other department store chain owned by May Department Stores. The Foley's was originally a Joslin's. Woodley's Fine Furniture was located in a 22,313 sq ft (2,073 m) store until it moved to a larger 40,000 sq ft (4,000 m) store formerly occupied by Westwood Furniture in Erindale. Dick's Sporting Goods opened a 50,000 sq ft (5,000 m) store in 2007, and that same year, Burlington Coat Factory took over the former Mervyn's location that had closed in early 2006.

In June 2011, the mall transferred ownership for the first time in its history. General Growth Properties, which emerged from Chapter 11 bankruptcy in April 2009 announced to its stockholders that the Chapel Hills Mall, one of its "underperforming malls," would be turned over to its lender if not sold by summer. A partnership between Coyote Management LP of Dallas and Garrison Investment Group of New York purchased the mall for $71.5 million, $40.7 less than General Growth Properties owed on the mall.

On January 15, 2014, it was announced that JCPenney would be closing as part of a plan to close 33 stores nationwide. The store closed on May 21, 2014.

In April 2018, ownership of the mall changed hands again, being purchased by the Namdar Realty Group for $33.5 million, less than half of the mall's previous sale price only seven years prior. It has been speculated that the loss of several prominent anchors (such as JCPenney, Gordmans, Old Navy, and Borders Books & Music) and the threat of losing others (most notably Sears) was a large contributing factor to a steep reduction in price. Namdar also is the owner of The Citadel, the other enclosed shopping mall in Colorado Springs.

On December 28, 2018, it was announced that Sears would also be closing as part of a plan to close 80 stores nationwide. The store closed in March 2019. There was also a Kmart at this mall that closed in 2009 and was later demolished for a Carmike Cinemas, now an AMC Theatres.

In January 2020, Burlington Coat Factory closed at the mall leaving Dick's Sporting Goods, Dillard's, and Macy's as the only anchors left.

In July 2020, an adjacent 300 unit apartment complex was announced. The shuttered Sears building would be demolished and the mall parking lot shrunk as a result. Demolition began in August 2021, and is currently underway.

Current Anchors

  • AMC Theatres, formerly Carmike Cinemas (former site of Kmart)
  • Dick's Sporting Goods
  • Dillard's
  • Macy's

Former Anchors

  • Borders Books and Music
  • Burlington Coat Factory former Mervyn's
  • Foley's former Joslin's (now Macy's)
  • JCPenney former Service Merchandise
  • Kmart
  • Sears
  • Gordmans

References

  1. http://burnsvillehistory.org/cpg/albums/userpics/10003/Homart_Report_1977_sept.pdf
  2. "Chapel Hills Mall Fact Sheet". CBL & Associates Properties. 2014. Archived from the original on December 20, 2016. Retrieved December 11, 2016.
  3. "Namdar Realty Group". namdarrealtygroup.com. Retrieved 2020-05-23.
  4. Form 10-K, 1998, General Growth Properties. retrieved Aug. 4, 2007
  5. http://burnsvillehistory.org/cpg/albums/userpics/10003/Homart_Report_1977_sept.pdf
  6. "Can new owners invigorate Chapel Hills Mall?". The Gazette. 2 June 2011. Archived from the original on 9 June 2011. Retrieved 3 July 2011.
  7. "Work to revitalize Chapel Hills Mall begins". The Gazette. 1 July 2011. Archived from the original on 29 August 2012. Retrieved 3 July 2011.
  8. Andy Vuong | The Denver Post (2014-01-15). "JCPenney at Chapel Hills Mall in Colorado Springs marked for closure". The Denver Post.
  9. "A blue light special? Chapel Hills Mall in Colorado Springs sells for deep discount". The Gazette. 30 April 2018. Retrieved 28 July 2018.
  10. Thomas, Lauren (2018-12-28). "Sears is closing 80 more stores in March, faces possible liquidation". CNBC. Retrieved 2018-12-28.
  11. Laden, Rich; rich.laden@gazette.com. "Burlington closes store at Chapel Hills Mall in Colorado Springs". Colorado Springs Gazette.
  12. Davant, Jeanne. "Malls optimistic about post-pandemic bump". Colorado Springs Business Journal. Retrieved 2021-05-03.
  13. "Sears at Chapel Hills to be demolished to make room for high end apartments".
  14. "Chapel Hills Mall directoryMap" (PDF). Archived (PDF) from the original on 2012-09-16.

External links

Colorado Shopping malls in Colorado
Current
Former
Media
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