Westdale Mall Under New Management, First Step in Redevelopment of Property

For more information contact                                                           For Immediate Release

Todd Nelson                                                                                           January 4, 2013

Frew Development Group

319/739-4040

Westdale Mall Under New Management

First Step in Redevelopment of Property

Denver, Colorado:  Frew Development Group, LLC (www.frewdevelopment.com), announced today it has completed an 11-month effort to acquire the management and development rights to the Westdale Mall in Cedar Rapids, Iowa. 

Effective January 1, 2013, and pursuant to a long-term ground lease with an investment group that recently acquired the property, the 743,000 sf, 72 acre property will be managed and operated by Westdale CR Ventures #1, LLC, a subsidiary of Frew Development Group.

“We are pleased to have completed this transaction and look forward to repositioning this property that has played such a significant role in the history of the Cedar Rapids area,” said FDG President and CEO John Frew.  “We have retained the senior mall management to operate the retail portion of the facility and have assigned FDG Executive Vice President Todd Nelson to oversee the redevelopment of the site.  FDG Project Manager Kathleen Kennedy also will transition to the project.”

The $90 million redevelopment project will be financed through a combination of private financing and a commitment from the City of Cedar Rapids to provide tax increment financing.

Opened in 1979, Westdale Mall is anchored by JCPenney and Younkers (two of the four anchor spaces and approximately 70% of the in-line mall is vacant).  Frew Development Group will reposition the site into a multi-use destination featuring retail, commercial, housing, green space and a hotel.

About Frew Development Group:

Frew Development Group, LLC is a private real estate development company based in Denver, Colorado, with an office in Cedar Rapids, Iowa.  Founded in 2003, Frew Development Group offers project management, construction management and owner’s representative services.

# # #

Tags: , , ,