Developer Asher Luzzatto just wrote a $28 million check for a big slice of The Streets at SouthGlenn, locking down roughly 100,000 square feet of retail along a three-block run of South York Street. The haul includes the Whole Foods-anchored building plus national names like Sephora and Old Navy. He is calling it a diversification move and says his portion of the center is fully leased, with an eye toward layering in more “experiential” tenants as spaces eventually open. For neighbors and regulars, the deal keeps long-simmering questions about the mall’s future very much on the front burner.
According to BusinessDen, Luzzatto closed on the property on Tuesday for about $28 million. The outlet reports that his new holdings cover about 100,000 square feet spread across three blocks that front York Street and that his section is currently 100% leased. Luzzatto told reporters he still believes in a Whole Foods-anchored retail core even as traditional anchors change and said he wants to plug in more “experiential” operators when vacancies appear.
City Plans And The Master Development Push
The City of Centennial has already tagged the north end of the mall for potential redevelopment, and Alberta Development Partners last summer asked to revise The Streets at SouthGlenn master development plan to bump the cap on residential units from 1,125 to 1,675, according to the city’s project page. City of Centennial materials spell out the steps that any major change must follow, starting with pre-submittal outreach, then staff review, planning commission hearings, and finally a City Council vote. That sequence will shape how and when big-box footprints could shift to housing or other mixed uses.
What Luzzatto Actually Bought
The purchased stretch includes the Whole Foods building along with inline storefronts and national chains such as Sephora and Old Navy along the main promenade, according to BusinessDen. The seller, Greenwood Village-based Alberta Development Partners, declined to comment to the outlet. Luzzatto has described his vision as a more walkable, “livable” retail district and says he wants to recruit destination-style tenants that can pull shoppers from well beyond the immediate neighborhood. He has also framed this Centennial buy as a complement to his downtown projects rather than a pivot away from urban assets.
Anchors, Vacancies And The Push For Housing
The south side of the center has been sitting on a major hole since Sears closed in 2018, and Arapahoe County records and local coverage indicate Sears’ real estate was sold to Northwood Investors in 2017. Colorado Community Media reported on both the sale and the longtime store’s closure. City project pages also note that Macy’s exited the north end in 2022, with that property now specifically flagged for redevelopment. Those former anchors are a big reason talk about adding housing and revisiting what is allowed at SouthGlenn has dragged on for years.
Why Investors Still See Value
Luzzatto has already made a name for himself in Denver’s distressed office arena, snapping up downtown towers with plans for residential conversions, a track record local coverage has tied to his comfort with repositioning large, complex properties. The Denver Gazette has detailed some of his earlier buys and the conversion strategies attached to them. Marketing materials for The Streets at SouthGlenn emphasize strong foot traffic and the pulling power of its grocery anchor, which helps explain why an investor would double down on a Whole Foods-centered lineup even while redevelopment scenarios keep swirling around the site.
Any sweeping overhaul at The Streets at SouthGlenn would still have to run through the city’s formal master-plan amendment and public hearing process, and the City of Centennial posts schedules and meeting documents for the project on its website. City of Centennial officials state that the property continues to be marketed for future housing opportunities while existing retail stays open. For now, Luzzatto’s $28 million bet simply hands one of south metro Denver’s largest retail hubs to a new owner and keeps the redevelopment debate squarely in the middle of Centennial’s planning conversations.
