Norwichtown Mall developer buys R.I. Mall
The developer who is renovating the Norwichtown Mall is part of a partnership that has purchased the Rhode Island Mall in Warwick, R.I.
In May, more than 50 people gathered inside what used to be the main entrance of the Caldor department store to hear Adam Winstanley of Winstanley Enterprises LLC describe the $7.5 million project to tear down the center portion of the Norwichtown Mall and replace it with a smaller plaza with stores that will each have their own entrances.
On Thursday, Winstanley Enterprises, of Concord, Mass., and Surrey Equities, of New York, announced that they have purchased the 450,000-square-foot property in Warwick from a Florida company for $38 million.
Winstanley said in a statement that it is putting together a plan to position the mall as a vibrant part of Warwick's retail hub.
The company plans to redesign the mall's interior to create larger spaces for anchor tenants. Standalone space on the property is occupied by Sears, Walmart and Kohls. The mall opened in 1967 as the Midland Mall.
The project will create 225 construction jobs and about 150 part-time jobs when it reopens, according to the Providence Journal.
The Norwich project will bring about 350 construction jobs to the city and about 75 permanent jobs once the stores open, according to Winstanley.
Concord, Mass.-based Winstanley purchased the mostly vacant mall from Edens & Avant Investment Limited Partnership for $15.75 million last July and received permit approval a month later for the reconstruction plan.
Winstanley Enterprises owns 43 properties in New England and is building a new headquarters for Alexion Pharmaceuticals in New Haven.
Surrey Equities is based in New York and owns real estate across the country, including in Connecticut.
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