Chapel Hills Mall facts for kids
|Location||Colorado Springs, Colorado, United States|
|Developer||General Growth Properties|
|Management||Mason Asset Management|
|Owner||Namdar Realty Group|
|No. of stores and services||154 (as of 2008)|
|No. of anchor tenants||6 (4 open, 2 vacant)|
|Total retail floor area||562,733 sq ft (52,279.6 m2)|
|No. of floors||2 (3 in Dillard's)|
Chapel Hills Mall is a shopping mall located in Colorado Springs, Colorado, United States, with 562,733 square feet (52,280 m2) of gross leasable area. It is anchored by Dillard's, Macy's, Dick's Sporting Goods and a 13-screen AMC movie theater.
The mall opened in 1982, 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 m2) store until it moved to a larger 40,000 sq ft (4,000 m2) store formerly occupied by Westwood Furniture in Erindale. Dick's Sporting Goods opened a 50,000 sq ft (5,000 m2) 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 is set for October 2020.
Chapel Hills Mall Facts for Kids. Kiddle Encyclopedia.