BOSTON - Shoppers have witnessed the rapid decline of Worcester’s Greendale Mall in recent years. Now it seems there could be hope for the once-popular destination that has been on the market for more than a year.
The Boston based real estate firm, Finard Properties, has purchased the 300,000 square-foot property for $7.125 million, per Masslive, with plans to renovate the mall into “a modern and unique, mixed-use destination.”
“We’re excited about the opportunity to create an authentic sense of place, meeting the needs of both the immediate neighborhood and Greater Worcester,” CEO Todd Finard of Finard Properties shared of the firm's plans for redevelopment.
“We are committed to the city and know that by enhancing the heart of Massachusetts and providing a unique and exciting destination, we can create a place that celebrates the community.”
Currently, after losing a number of businesses, who relocated or closed down altogether, the Greendale Mall is home to few desirable businesses with main minimal attractions that include TJ Maxx, Home Goods, Reliant Healthcare and DSW.
Finard Properties plans to change this by attracting new retail businesses as well as bringing in other attractions beyond shopping.
“The whole idea is of creating a retail experience that people will get off their couch, or leave their car, or perhaps put down their telephone, and they’ll want to spend time there,” he said.
“Creating gathering spaces that are appealing during all times of the year: a mix of uses that are geared towards entertainment, food, and beverage. Sort of un-Amazonable experiences that you really need to come and see and feel.”
Finard Properties is currently working on what the new Greendale Mall will look like in the future and whether it will be given a new name. The firm plans to share their proposed plans in the second quarter of 2020, according to the Telegram.
“We then will dig in and begin the permitting process, the entitlement process,” he said. “We’ve talked to the city manager. We’ve talked to city officials. We feel very strongly that the city is going to help to guide that process as efficiently as possible, and it’s entirely conceivable that we could have permits and a final plan and permits by the end of this coming year, that would allow us to be intensely under construction for late 2020 into 2021.”
Image via Wikimedia Commons