NewHavenBIZ

16 n e w h a v e n B I Z | N o v e m b e r 2 0 2 1 | n e w h a v e n b i z . c o m Malls Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … www.borghesibuilding.com Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … www.borghesibuilding.com Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. Stevens Manufacturing, Milford, CT Building Ideas That Work … www.borghesibuilding.com © 2011 BlueScope Buildings North America, Inc. All rights reserved. Butler Manufacturing™ is a division of BlueScope Buildings North America, Inc. 2155 East Main Street • Torrington, Connecticut 06790 Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. Contact us at 860-482-7613 or visit us on the web. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … www.borghesibuilding.com © 2011 BlueScope Buildings North America, Inc. All rights reserved. Butler Manufacturing™ is a division of BlueScope Buildings North America, Inc. 2155 East Main Street • Torrington, Connecticut 06790 Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. Contact us at 860-482-7613 or visit us on the web. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, our goal simple: To provide our complete design, planning construction services industrial and retail buildings. on years of experience, competitive and offer When the strictest attention is critical to your success, always count on Borghesi From concept to occupancy, is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … and a desire to see a new anchor store in the space. Levin, whose company has won approval for similar mall transfor- mations in Illinois and California, said he was "extremely disappointed" by the decision. He said he is unsure what the company, which wanted to invest $120 million in the project, will do next. "ese properties cannot stay the way they are," Levin said. "ey are too big today. A 1.4-million-square-foot retail property is not what works today. What we are doing and what we are proposing we believe very strongly is the right approach." Other uses e 900,000-square-foot Meriden Mall, among the state's most distressed shopping centers with numerous empty storefronts and two empty anchor sites, is headed in a different direction. In October, Yale New Haven Health announced it would buy the old Macy's store there and turn it into a healthcare facility. But that $2.8 million deal, while good news, was negotiated with Macy's, which owned its own store, not the mall owners, Namdar Realty Group and Mason Asset Management, both based in Long Island. Namdar, which has a history of buy- ing distressed malls at bargain prices, has yet to lay out a plan publicly to revive the struggling complex and did not return calls for comment. Meriden Mall, which Namdar purchased in 2020, is about to lose yet another major tenant, Best Buy. Joe Feest, Meriden's economic development director, is nonetheless upbeat. He noted that a dinner theater recently announced plans to open a 13,500-square-foot entertainment ven- ue inside Meriden Mall in space once occupied by Ann Taylor Lo, Enzo's Clothiers and Parade of Sports Novel- ties. He is in regular contact with the mall manager, although he said he'd like to work with the owners more closely to stabilize the facility. "ey're a little slow getting stuff done for people who are in there cur- rently," Feest said. "But they seem to be getting it done." In 2019, Namdar also bought the struggling Enfield Square Mall for $11.4 million via auction. at 786,000-square-foot mall had a 57% occupancy rate at the time of the sale, according to pub- lished reports. e future of the struggling 1.2-mil- lion-square-foot Brass Mill Center in Waterbury, which is also dogged by va- cancies and greatly reduced foot traffic, is likewise unclear. Naugatuck Valley Regional Develop- ment Corp. CEO omas Hyde said he agreed that malls need to transform themselves but was unaware of Brass Mill owner Brook- field Properties' plans for the property. e company did not return calls and emails seeking comment. Earlier this year, the Hartford Busi- ness Journal reported that brokers for the owners of the Corbin Collection shopping center in West Hartford and the shuttered Lord & Taylor store at Westfarms mall just over the border in Farmington were working to find tenants who would repurpose tens of thousands of square feet of vacant retail space into office and other uses. e bankrupt Lord & Taylor closed its Westfarms store in the past year, leaving vacant a 120,000-square-foot building once considered key anchor tenant space. Canada-based Hudson Bay Co., which owns Lord & Taylor's real estate nation- wide, has been marketing the property through CBRE as a high-end office rede- velopment or for medical offices. e Corbin Collection is a relatively new shopping center that debuted in 2018. New York-based Seritage Growth Properties redeveloped the site, which was the former long-time home of Sears before the retailer closed in 2017. Overall, the shopping plaza in the Corbins Corner section of West Hart- ford has been successful in luring re- tailers such as REI, Saks OFF Fih, Buy Buy Baby, Cost Plus World Market and Shake Shack. It also has a Go Health Urgent Care clinic. But 45,000 square feet of space remains unoccupied and Seritage hired brokers to market it as potential office or medical space, or creative los. While Connecticut's malls can reinvent themselves, Centennial CEO Levin said he believes the window of opportunity for some properties is closing. Forces undermining traditional malls are unrelenting, steadily eroding their viability. Municipalities and owners must act now before things get worse, he said. "People say we'd like to see this, we'd like to see that," he said. "e reality is, you can't wait for something to show up. e reason you can't wait is the tradi- tional mall is declining." n Continued from page 14 Hudson Bay Co.'s vision for a high-end office environment in former Lord & Taylor mall space. RENDERING/CONTRIBUTED

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