A Denver company with a history of retail redevelopment has purchased the nearly empty Lakeside Center shopping mall, although plans for the once- bust ling center have not been disclosed.
Chandelle Development paid $8.5 million for the Lakeside Center near Interstate 70 and Harlan Street in Lakeside. Seller Sevo Miller, which confirmed the sale, had owned it since 1992.
“It was just time for us to step aside and let someone else come in and take over the center,” said Ray Perry, senior vice president at Sevo Miller.
Officials from Chandelle Development, headed by developer Chuck Woods, and the town of Lakeside did not return messages Tuesday.
Although the center has two large anchors – Target and the Avanza grocery store – its aging interior is a sea of empty storefronts. Companies that still operate in the mall include American Family Insurance, Discount Liquor Mart, Dollar Mall, Grace Christian Chapel and Sally Beauty Supply.
“Business is soft here,” said Larry Pierce, owner of Lakeside Fine Gifts, who has been making plans to leave the center since before the sale. “The management has been very nice, but I can’t make a living here.”
Tenants were notified of the sale by certified mail this week, though the letters did not indicate whether redevelopment is planned. One tenant said there has been talk of redeveloping the center to include a big-box store, possibly a SuperTarget.
Target officials did not return messages Tuesday, but an employee at its Lakeside store said there are plans to close or relocate the existing store in 2007.
Representatives for Avanza owner Nash Finch did not return messages. The company said in 2004 that it was seeking a buyer for all three of its Denver stores.
Since 1979, Chandelle Development, formerly Chandelle Properties, has developed more than 3 million square feet in the Denver area.
Its redevelopment projects have included the Bear Valley shopping center in southwest Denver and Tiffany Plaza at East Hampden Avenue and South Tamarac Drive. The company also developed the Tattered Cover Book Store’s building in Cherry Creek.
Staff writer Kristi Arellano can be reached at 303-820-1902 or karellano@denverpost.com.
