Benefits

Benefits 2019-07-23T20:21:19+00:00

The proposed residential component to Hanover Crossing has no shortage of benefits to the Town of Hanover and its residents. They include:

  • An additional $800,000 to $900,000 in annual tax revenue. The residential portion is not part of the TIF, making it fully taxable and a financial benefit for the Town.

    View Financial Impact Statement

  • Additional housing options for Millennials looking for their first place of their own and empty-nesters looking to downsize from single family homes but still stay in town.

  • This represents a substantial investment in the town that will carry fee income (building permits) during the development process, vehicle excise taxes and restaurant/meals taxes. The residential component is estimated at $83 million to build, and the overall investment including the retail is close to $250 million.

  • Having a mixed-use development diversifies the risk for the town because when the next recession comes, the retail and the residential will not necessarily be impacted to the same degree. Both the retail and residential aspects of the project help ensure the longterm viability, survive the “retail apocalypse,” and help secure Hanover’s tax base in future years.

  • The positive evolution proposed is consistent with the stated purpose of the Planned Shopping Center zoning district to allow shopping centers in the district to evolve and change in a commercially competitive manner and avoid commercial blight.

  • Mixed-use development has become the norm and a necessity in most retail redevelopments and new retail projects. Whether you’re talking about an existing mall or a new open-air lifestyle center, it must have other elements such as residential or office/medical space to maintain longterm relevancy.

  • Hanover residents have told us they want higher end retailers and more restaurants in town. According to our leasing agents, retailers want to open stores in projects that have mixed-use components because they are cognizant of the importance of ensuring the longterm viability of the project.

  • A heightened sense of community. This retail center will focus on tenants and be a true “experience.” Hanover does not really have a designated town center, and PREP believes a revitalized Hanover Mall with space for the communities to gather and amenities to gather around, could fill that void.