Meeting on future of Hanover Mall rescheduled

HANOVER — A public forum to discuss the major remodel slated for Hanover Mall has been rescheduled for Thursday, Aug. 9. The meeting was originally scheduled for July 19 but postponed when the funeral services of slain Weymouth Police Sgt. Michael Chesna, a Hanover resident, was scheduled for the same day.

Under new management, Hanover Mall is set to become Hanover Crossing — an open-style shopping area similar to Derby Street Shoppes and The Launch in Hingham. The forum in August, which had already been rescheduled from an original April date, will include discussion of how the shopping center will affect schools, water, traffic and a new wastewater plant that could go near the mall.

Hanover Mall General Manager Ed Callahan and Lloyd Sova, vice president of the company that owns the mall — PECO Real Estate Partners — will give a presentation and take questions.

Cincinnati-based PECO is planning to spend $40 million to transform Hanover Mall, a onetime pillar of the town’s economy that now contains mostly empty storefronts. Troy Clarkson, who was Hanover’s town manager at the time of the sale, said the new retail space could generate an additional $1 million in tax revenue and hundreds of retail jobs.

Like other malls around the country, Hanover Mall’s decline has multiple causes, chiefly a nationwide trend away from in-person visits to online buying. In the past decade, the mall’s occupancy has dropped from near-100 percent to barely above half, with many tenants now short-term, local businesses.

The remodel isn’t expected to affect Trader Joe’s, Dick’s Sporting Goods and other stand-alone businesses around the mall, which are doing well. Other stores still remaining in the mall, like Sears and Walmart, aren’t likely to stay, Sova said last year. Demolition and rebuilding is slated to start sometime around 2020.

Hanover Mall was the first enclosed shopping mall of its kind on the South Shore when it opened in 1971. It has been sold five times since then, most recently for $39.5 million in 2016. At its peak, the mall was sold for $99.4 million in 2007.

The meeting will be held at the former location of JC Penny from 6:30 to 8 p.m.

View article: http://www.patriotledger.com/news/20180723/meeting-on-future-of-hanover-mall-rescheduled

By | 2018-07-31T21:42:08+00:00 July 23rd, 2018|About Hanover Mall, Media|