The owners of Holiday Village Mall are asking the city to subdivide the property into five separate lots.
On Monday, the Great Falls Planning Advisory Board recommended the plan be approved. The proposal will now go to the City Commission for a final decision.
Holiday Village Mall currently sits on a 30.074 acre parcel. The minor subdivision the applicant is requesting consists of:
- Lot A-1A: 4.253 acres
- Lot A-1B: 5.538 acres
- Lot A-1C: 0.801 acres
- Lot A-1D: 14.299 acres
- Lot A-1E: 5.1083 acres
According to a report submitted by mall ownership, separate lots for anchor buildings and outparcels will allow for investment by new owners.
They say it will also allow for reinvestment in the mall interior, which they cite as needed to meet changing needs of the retail environment.
Through the plan, property maintenance and city services will be managed under a reciprocal easement agreement.
The Planning Advisory Board documents state:
The mall contains several anchor stores as well as many smaller stores. The applicant is proposing to subdivide the property into five lots. This will enable the owner to separate the various existing building ownership groups. The reasons for the subdivision request fromthe applicant are as follows and have been provided in an attached narrative document:
1. The creation of separate lots for the anchor buildings and outparcel will allow investment in these parcels by new owners.
2. This will allow capital to be reinvested in the interior mall building which is necessary to meet changing needs in a dynamic retail environment and insure the long-termviability of the property.
3. Management and operation of the property as a shopping center will continue to be carried out in a cohesive manner by the mall owner under a Reciprocal Easement Agreement (REA) between the parties.
Click here to view the full report.
-Reported by Joe Huisinga/MTN News
