Both within and beyond the Route 128 loop, older retail space is being refreshed, rehabilitated and in some cases completely repurposed. As is the case across the country, this repositioning effort is occurring quite visibly among Class B malls in suburban locations. Many of these projects call for smaller retail footprints in lieu of flexible spaces that imbue the property with a sense of being a lifestyle destination.
PREP Property Group recently unveiled plans for the redevelopment of the Hanover Mall, a shopping and dining hub located south of the city that was built in the early 1970s, into an open-air development. Project costs are valued at $250 million. An 80,000-square-foot Market Basket grocery store will anchor the development, which will also include approximately 300 multifamily units.
In a true testament of the metro Boston market’s push for quality over quantity, the retail component of the redeveloped property (dubbed Hanover Crossing) will be about 150,000 square feet smaller than that of the original mall. Preliminary plans instead call for 30,000 square feet of open green space for communal gathering, socializing and event-going.