Colorado-based McWhinney, and its joint venture partner, LA-based Prism Places, has officially purchased the Foothills property in Fort Collins. After formally closing on the property on 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.
About McWhinney
McWhinney is a Colorado-based real estate development and investment firm with offices in Loveland and Denver, comprising a team of talented professionals who are passionate about creating great places. Since 1991, McWhinney has planned and developed more than 6,000 acres of innovative and sustainable master-planned communities and more than 11 million square feet of vertical commercial and mixed-use properties throughout the Rocky Mountain region and the West Coast. Over the years, McWhinney has been recognized for significant real estate development contributions, including being named Colorado’s “Developer of the Year” by the National Association of Industrial and Office Properties (NAIOP), winner of the Urban Land Institute’s (ULI) Global Awards for Excellence, The Denver Business Journal (DBJ) Real Estate Champions – Catalyst Award for Denver Union Station and the Development Deal of the Year for Denver Union Station by NAIOP. McWhinney has been ranked 11 and 13 on the list of the Best Small and Medium Sized Companies to work for in America. For additional information, visit www.mcwhinney.com.About Prism Places
Prism Places provides a new perspective on commercial real estate grounded in the insight that assets should generate value over their lifetime. This value creation is the result of an aligned vision, accountability, and active participation at the property level. Prism brings a robust and integrated operating platform married with a sense of urgency, creativity, and discipline to the daily experiences of each property. Prism was founded by Stenn Parton who brings more than 10 years of experience in real estate development, acquisitions, leasing, and brand building. Prism and its family office partners provide a fully integrated team with a dynamic understanding of the current market blended with a financial fortitude of long dated capital – together the partnerships bring a new perspective on operating and owning real estate today to ensure its success for generations.
“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.
About McWhinney
McWhinney is a Colorado-based real estate development and investment firm with offices in Loveland and Denver, comprising a team of talented professionals who are passionate about creating great places. Since 1991, McWhinney has planned and developed more than 6,000 acres of innovative and sustainable master-planned communities and more than 11 million square feet of vertical commercial and mixed-use properties throughout the Rocky Mountain region and the West Coast. Over the years, McWhinney has been recognized for significant real estate development contributions, including being named Colorado’s “Developer of the Year” by the National Association of Industrial and Office Properties (NAIOP), winner of the Urban Land Institute’s (ULI) Global Awards for Excellence, The Denver Business Journal (DBJ) Real Estate Champions – Catalyst Award for Denver Union Station and the Development Deal of the Year for Denver Union Station by NAIOP. McWhinney has been ranked 11 and 13 on the list of the Best Small and Medium Sized Companies to work for in America. For additional information, visit www.mcwhinney.com.About Prism Places
Prism Places provides a new perspective on commercial real estate grounded in the insight that assets should generate value over their lifetime. This value creation is the result of an aligned vision, accountability, and active participation at the property level. Prism brings a robust and integrated operating platform married with a sense of urgency, creativity, and discipline to the daily experiences of each property. Prism was founded by Stenn Parton who brings more than 10 years of experience in real estate development, acquisitions, leasing, and brand building. Prism and its family office partners provide a fully integrated team with a dynamic understanding of the current market blended with a financial fortitude of long dated capital – together the partnerships bring a new perspective on operating and owning real estate today to ensure its success for generations.
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