McWhinney and Prism Places Acquire Foothills in Fort Collins
June 2, 2021 Posted In
McWhinney, together with its joint venture partner, LA-based Prism Places, has officially purchased the Foothills property in Fort Collins, Colo. After formally closing on the property June 1, the group’s immediate plans include supporting the mall’s existing tenants, taking inventory of current operations and engaging stakeholders to gather input on potential future improvements to the property.
“It’s an incredible asset with significant potential, and our first step is to take the time to get fully acquainted with existing tenants and absorb the nuances of current operations,” said Ray Pittman, chief operating officer and president of McWhinney. “As owner of the Cycle Apartments next door, we see this acquisition as a natural extension of our investment in Midtown Fort Collins. We feel this is a once-in-a-generation opportunity to create an exceptional destination that will support and strengthen the entire region. McWhinney is a long-term stakeholder in Northern Colorado and we look forward to taking on this hometown project.”
Recognizing the property’s significance to the community – in its prominent Midtown location, its history and sheer size – McWhinney and Prism plan to take a “listen-first” philosophy to collaborate with business and community partners on a long-term vision for the area. The planning process will include discovery, research and rigorous community outreach to city staff, elected officials, existing tenants, guests, and the surrounding community. The partnership’s goal will be to determine what opportunities exist to enhance the center into a thriving destination for the region and fulfill the city’s vision for Foothills.
Foothills is a 63-acre property located at 215 Foothills Parkway in Midtown Fort Collins and is comprised of 662,000 square feet of retail space, including a 128,000-square-foot Macy’s department store. The property first opened as Foothills Fashion Mall in 1973. McWhinney and Prism are the mall’s fourth owners, and the acquisition includes all of the mall’s assets and buildings with the exception of the parking structure and surface parking fields, which are owned by the Foothills Metro District, and the Foothills Activity Center, which is owned by the City of Fort Collins. McWhinney already owns and operates the adjacent Cycle Apartments – featuring 405 apartment homes – which it developed and completed two years ago. Prism will take over as the mall’s property manager.
While McWhinney has extensive retail holdings, Prism Places brings a focused expertise in retail development, management, and merchandizing. “Foothills is ripe with opportunity to help reenergize the community, and we couldn’t have imagined a more dynamic project to mark our first one in Colorado and first joint venture with McWhinney,” said Stenn Parton, president of Prism Places. “This project is a natural fit for both McWhinney and Prism Places, as we share the expertise and passion for developing experiential places. We are excited to collaborate on how best to support the existing tenants and position the property for long-term success.”
With the company’s roots in Northern Colorado, McWhinney has a deep history in the Fort Collins market. In addition to the Cycle Apartments, McWhinney developed The Elizabeth Hotel in Old Town. The company’s local portfolio also includes The Trails at Timberline apartment community, Lemay Medical Office Building next to Poudre Valley Hospital, the land transaction for Lucky’s Market downtown, and the acquisition and management of HP Building 5 – Harmony Campus.
“McWhinney is committed to a vibrant and sustainable Northern Colorado community,” said Peter Lauener, executive vice president of master planned communities for McWhinney. “We recognize the importance of this community asset. Before even putting pencil to paper, we intend to engage in rigorous community outreach – with the city, existing tenants, guests, and the surrounding community – in order to transform Foothills into a thriving asset for the region.”
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