PREP Property Group to Redevelop Mall into Mixed-Use Property in Metro Boston for $250 Million

by Alex Tostado

Hanover, Mass. — PREP Property Group has unveiled plans to redevelop Hanover Mall in Hanover, approximately 22 miles southeast of downtown Boston. The project costs are estimated at $250 million.

PREP will rebrand the mall as Hanover Crossing, an open-air, mixed-use project that will feature 297 multifamily units and will be anchored by an 80,000-square-foot Market Basket Supermarket.

Market Basket will feature Market’s Kitchen and Café, a prepared foods department offering a variety of freshly made meals, sandwiches, salads, subs, brick oven pizza and Niji sushi. The location will also provide café seating, complimentary Wi-Fi and large screen TVs. Market Basket expects to hire about 400 employees for the new store.

“We’ve seen tremendous potential in this landmark property since day one and believe the transformation to mixed-use provides unlimited potential,” says Lloyd Sova, PREP vice president of development. “Hanover Crossing will be an exciting location combining an open-air retail experience that is rich in amenities with high-end apartments to provide a sought-after ‘live, work, play’ environment.”

The retail component of Hanover Crossing will be 150,000 square feet smaller than the current Hanover Mall, which was built in 1971. Hanover Crossing will offer 30,000 square feet of green space.

“We’ve heard repeatedly from folks in town that there really is no designated ‘center’ of Hanover, and we genuinely want to be a hub for the community,” says Sova.

Other announced retail tenants include Dick’s Sporting Goods, Petco, Trader Joe’s, Office Max and Macy’s.

PREP acquired Hanover Mall in 2016 for $39.5 million when it was 50 percent leased.

The design team includes retail architect Richard L. Bowen + Associates Inc., general contractor Rycon Construction Inc., traffic engineer Vanasse & Associates Inc., civil engineer Kelly Engineering Group Inc., zoning attorney Marinelli Law Office and hydrogeologic engineer GZA GeoEnvironmental Inc. The Hanover Co. will develop the residential component.

Michael Phillips, co-founder of Phillips Edison Co., founded PREP which focuses on transforming retail real estate by repositioning lifestyle centers, power centers and enclosed malls that are undermanaged and distressed.

— Alex Tostado

You may also like