Alliance Residential Company has acquired the former Macy’s department store at The Streets at SouthGlenn in Centennial for $11 million and secured $82.2 million in construction financing for its planned redevelopment of the property.
German commercial bank Helaba provided the construction loan for the proposed 358-unit multifamily development, which will replace the long-vacant department store at the northern end of the mixed-use shopping center. The acquisition was completed last week, according to public records, and the financing was reported on November 10 by Commercial Observer.
The redevelopment will replace the vacant department store with a new multifamily community, adding 358 apartments to the existing retail and residential mix at SouthGlenn…