Dillard's Eminent Domain Case in Colorado Goes to Court on Thursday

An eminent domain battle over a Dillard's department store at a mall in Longmont, Colo., goes to court on Thursday.

It's a situation that's been simmering since last year, when the owner of the Twin Peaks MallNewMark Merrill Mountain States, announced an $80 million redevelopment plan for the property.

According to TimesCall.com:

NewMark Merrill had hoped to break ground on the new mall this fall. But as plans were developed, Dillard's became a sticking point; the retailer owns its own building and has a covenant with the mall giving it veto power on any reconstruction. Talks between NewMark and Dillard's hit a wall by April 1; follow-up talks between the city and Dillard's also proved fruitless and led the city to go to court, asking for a condemnation.

The Longmont Urban Renewal Authority offered has offer Dillard's $3.6 million for the building, but Dillard's wants $5 million. The value of building was most recently appraised at $2.9 million. In June 2010, however, it was appraised at $3.8 million.

Tomorrow, the city will ask a district court judge to give the city immediate possession of the property. Developers are eager to begin redevelopment. Dillard's has said it will not be part of the revamped property.

Please read our comments policy before commenting.
Search

Latest Arkansas Business Poll

Did the Fed make the right call on interest rates?