Flatiron Crossing redevelopment takes shape

Demolition on sections of Flatiron Crossing shopping center is set to begin this fall, with developers looking to transform parking lots into a walkable community center with offices, stores, restaurants, homes and parks.

Representatives from mall owner and operator Macerich presented an update on the $400 million redevelopment project to Broomfield City Council this week, providing additional details on the multi-year project that will bring offices, multi-family developments, a hotel, restaurants, retail space and a parking structure to Flatiron Crossing.

“Regional retail requires a significant investment and a significant annual reinvestment in order to stay relevant,” said Jacob Knudsen, vice president of real estate development for Macerich. 

While the mall’s existing buildings would largely remain the same, the company wants to construct additional shops, housing, restaurants and parks near the AMC movie theater where there are currently parking lots. 

Macerich wants to build four flexible outside spaces to draw in the community, Knudsen said, including a 2.5 acre park that can be used for movies on the lawn, farmers markets, fitness events and festivals.

“That all leads to the goal of a community gathering place,” Knudsen said.

Councilmembers inquired about affordable housing and timelines but generally expressed support for the project. Macerich has agreed that 20% of new housing will be available at 80% of the area median income, which translates to approximately 120 affordable housing units.

“This is a great-looking project and I think something that will really activate that sense of community,” Councilmember Deven Shaff said. “I have heard from residents that the mall looks like it’s dying, and I think this is something that will be a shot in the arm to energize that space.” 

Suburban shopping malls are rebounding faster after the pandemic compared to their urban counterparts, Knudsen said, and sales are on track to increase by 7% this year. 

Demolition is set to begin this fall, with crews taking a break in November for the holiday shopping season, according to Knudsen. Full construction will begin in early 2023.

Macerich also plans to submit a master site plan to the city this fall