In its project statement to the zoning board, the foundation notes that the mall has not been updated in 32 years, when it was first developed. It also points out that the town's board of selectmen asked the foundation to investigate the possibility of adding affordable housing at the mall. "The proximity to public transportation and the retail center make the South Lincoln area an ideal location for additional housing," says the foundation in the statement.
The concept is an idea that is becoming more common in a number of municipalities. Recently Chicago-based General Growth Properties proposed adding a residential component to its expansion of the Natick Mall. Also, Governor Mitt Romney's administration has been promoting his "smart growth" initiative, which encourages housing and retail developments near existing transportation centers.
The current mall totals 33,600 sf. The foundation wants to increase the size of the mall to 41,850 sf as well as another 18,500 sf for 16 to 20 units of housing. The plan would increase the mall's office space, community space and the post office which is housed in the mall. Donelan's, a supermarket that is in the mall, would also be expanded by 5,300 sf. The current 165 parking spaces would be increased to 207 spaces. Revenues from the mall go toward funding the foundation's land conservation projects.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.