Dear fellow Hanoverians:
PECO Real Estate Partners (PREP), owners of the Hanover Mall, are holding
an open forum on Thursday, July 19, 2018 for people to learn about the
Hanover Crossing revitalization project.
The forum will be held on July 19 at 6:30 p.m. in the former JCPenney
building at the front of Hanover Mall. It is open to all local residents
who are interested in learning more about the revitalization project and
asking questions of project officials.
Town Meeting voters overwhelmingly approved a tax increment financing (TIF)
measure in June 2017 that paved the way for the Hanover Mall to be
redeveloped into an open-air lifestyle center, following years of
decreasing customers and empty stores. PREP was then approached by The
Hanover Company – a private real estate company specializing in the
acquisition, development and management of high quality multifamily
residential properties – to potentially construct 297 residences on nine
acres within the mall’s footprint.
PREP will be seeking the approval of zoning variances to move the project
forward.
“Mixed–use is so desirable these days because when you apply the
“Live, Work, Play” mindset you have people who want to live there
because of the retail amenities and retailers that want to set up shop
because of the built-in customer base,’ said Lloyd Sova, vice president
of development at PREP. “One really does fuel the other.”
The residential component will be high-end units marketed to everyone from
young professionals up through empty-nesters and seniors who want to
downsize but still stay in Hanover.
The potential residential component would be built by The Hanover Company,
which has developed other projects across the state including in
Foxborough, Cambridge, Andover and Hanover at The Pinehills in Plymouth.
Representatives from The Hanover5 Company will join PREP personnel at the
July 19th meeting to answer all questions.
Please see the attached flyer for more information or contact Ed Callahan
at ed.callahan@preppg.com.
For “Around Town on the Web”,
Cathy H-B
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