The developers of the Streets of SouthGlenn have completed a $300 million recapitalization of the project that allows it to pay off liens and complete tenant improvements and construction.
The development group, which includes Alberta Development Partners LLC, PCPP LLC and Walton Street Capital LLC, was able to purchase the project’s $217 million in construction loans from Bank of America and eight other lenders at a discount.
“We got our issues at SouthGlenn worked out,” said David Goldberg, principal at Alberta Development. “We’re finalizing negotiations and settlements with a handful of remaining folk.”
The recapitalization enabled the group to secure a 10-year lease for 96,027 square feet with Pearson’s eCollege, which develops online, personalized learning programs for educational institutions worldwide.
Pearson’s eCollege will move its 680 employees into the space in November.
Meanwhile, retail leasing has been strong at the development, with new stores opening in a total of 41,500 square feet this summer and early fall.
New tenants will include the University of Phoenix, Snooze — an AM Eatery, Shine Boutique, Just Pets, Edible Arrangements, Dairy Queen, pet boutique Smooch the Pooch, Pearle Vision and Cheers. Two large restaurants — Hodson T’s and Cantina Laredo — are expected to open this month.
When completed, the Streets at SouthGlenn, on the site of the old Southglenn Mall at South University Boulevard and East Arapahoe Road, will include 1 million square feet of retail space, 140,000 square feet of office space and 202 apartments on 77 acres.
The project’s anchors are Whole Foods Market, Macy’s and Sears.
Margaret Jackson: 303-954-1473 or mjackson@denverpost.com
