fbpx
 

Redevelopment of the former Tamarac Square Mall into a 135,000 square-foot Target store.

Approval Date

2012

Developer

Target Corporation

Total Project Cost

$20 million

DURA Participation

$5 million in developer reimbursement through TIF

Tax Increment Source

Sales Tax

Term

Earlier of developer reimbursement of the year 2023

Project Highlights

  • Eliminated urban blight from a damaged and vacant shopping center with an inadequate street layout
  • Redevelopment provided need goods and services to the surrounding neighborhoods, and created 15 – 200 new permanent and 200 – 250 temporary jobs

The Tamarac Square Shopping Center was constructed in 1974 as a “specialty center” with 90 shops, restaurants/food court, and a six-screen movie theater. The 175,000 square foot shopping center opened in 1976 despite being only partially leased.

In 1992, the center underwent extensive renovations. But in 1994, a fire occurred and caused significant damage. Retailers suffered major smoke damage, and the overhead sprinklers created approximately $1 million in water damage. Although the center was repaired and reopened, it continued to struggle with high vacancy rates.

In 2001, Developers Diversified Realty Corporation acquired the ailing shopping center. From 2001 to 2011, tenants continue to leave — usually to newer retail developments. In July 2010, only three tenants remained: a restaurant, a non-profit arts center and a movie theater. In early 2011, all remaining tenants vacated the main building, which was demolished later that year.

In May of 2012, Target Corporation acquired the property and developed plans to construct a 135,000 square foot Target store, improve the Hampden Avenue intersection to address access and safety concerns and provide for convenient customer parking. At the time, this project represented only the second Target store constructed within the City and County of Denver.

Through the efforts of all stakeholders, this project has reactivated a large infill development site in southeast Denver, was instrumental in attracting new businesses and attracted other retail and restaurant spaces to the project area. The new Target store opened in July of 2013.