The Patriot Ledger | By Patriot Ledger staff
A public forum will be held next month on plans to redevelop the Hanover Mall.
HANOVER − The owners of the Hanover Mall are planning a forum next month on plans to redevelop the property.
The forum is scheduled for 6:30 p.m. July 19 in the former J.C. Penny store in the mall.
Officials from PECO Real Estate Partners (PREP), the owners of the mall, will discuss the “Hanover Crossing” project, which includes converting the enclosed mall into an open-air “lifestyle center” along with up to 297 multi-family units within the mall’s nine-acre footprint.
Lloyd Sova, vice president of development at PREP, said mixed-use developments are very desirable in today’s market.
“When you apply the ‘live, work, play’ mindset you have people who want to live there because of the retail amenities and retailers that want to set up shop because of the built-in customer base,” Sova said. “One really does fuel the other.”
A year ago, town meeting overwhelmingly approved a tax increment financing plan for the revitalization project. The mall, which opened in 1971, has been losing both stores and customers in recent years.
Following the approval, PREP was approached by The Hanover Company, a real estate company specializing in multi-family residential properties, with the the proposal for the residential component.
The units will be marketed to young professionals and seniors who want to downsize but still remain in town, Hanover Company officials said.
PREP will be seeking the approval of zoning variances for the project.
Residents will be able to ask questions to officials of both companies at the forum.
The Cincinnati-based PREP purchased the property in October, 2016 for $39.5 million.
Under the tax agreement, PREP will get a steadily decreasing property tax exemption for 16 years, starting with 100 percent for 2022 to 2026 and dropping to 50 percent for 2031 to 2034. The exemption only applies to the increase in the property’s value beyond the purchase price.