Worcester Business Journal

4 Worcester Business Journal | January 6, 2020 | wbjournal.com C E N T R A L M AS S I N B R I E F Greendale Mall to be demolished and redeveloped V E R BAT I M Appy meal "I was intrigued by the app's technology when I met with the founder three years ago." Roger Berkowitz, CEO of Boston restaurant chain Legal Sea Foods, on Worcester entrepreneur Derek Canton's smartphone app, paerpay, which allows dinners to split and pay their bills without waiting on a server Goodbye, Beacon Hill "This gives me a different platform to work on issues that are important to me." Former state Rep. Jennifer Benson (D-Lunenburg) on leaving the Legislature to become president of the Alliance for Business Leadership, a coalition of business leaders advocating for social responsibility and economic growth Once, twice, sold "By virtue of the bidding and the ultimate sale price, it shows that the Gateway District is a desirable area and a place where investors want to be." Paul Zekos, owner of the Zekos Group, a Shrewsbury auctioneer, on the $1.1-million foreclosure sale of a manufacturing facility at 95-99 Prescott St. in Worcester N early one year aer the Greendale Mall in Worcester was listed for sale, a Boston real estate development firm paid $7.1 million for the troubled shopping center on Dec. 23. Finard Properties, the new owner plans to replace the 32-year-old shopping center with a mix of retail, apartments, and office space. "It's rare to get your hands on 23 acres in such a perfect location," said CEO Todd Finard. "Worcester is a very exciting place to be, it has lots of energy, and we want to be part of its phenomenal growth." Under a proposal expected to emerge over the next year, Finard said the mall would be demolished to make way for apartment buildings, medical offices, and retail. But don't expect a covered mall. e era of enclosed shopping centers has passed, Finard said. e public has embraced places like Northborough Crossing and MarketStreet in Lynnfield with apartments, a health clinic, medical offices, and retail. e zoning around the Greendale Mall at the junction of Interstates 290 and 190 near downtown allows for buildings up to 100 feet, or six or seven stories. Finard said the precise number of apartments, the amount of square feet for medical office and the mix of retailers has not been determined. But he said he wants the new center to serve the nearby neighborhoods in Worcester. "If we do this right, my hope is what we build will be an amenity for the Greendale neighborhood," Finard said. Popular mall faded away Built in 1987, the Greendale Mall was once a popular spot for shoppers with nearly four dozen retailers anchored by Best Buy. But changes in consumer behavior, and newer, open-air malls like Lakeway Commons in Shrewsbury, have rendered the property with multiple store vacancies and a facility in need of much repair, including its roof. Today, the Greendale Mall website lists 15 stores operating at the 309,000-square-foot property, anchored by TJ Maxx, Greendale Furniture, DSW, and Reliant Medical Group. e City of Worcester has assessed the property at $11.4 million. Finard Properties has partnered with Prellwitz Chilinski Associates, a Cambridge architect and design team, and Bohler Engineering of Southborough on the project. W BY THOMAS GRILLO Worcester Business Journal Staff Writer The Greendale Mall has more store vacancies than operating stores. PHOTO/GRANT WELKER

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