A Nebraska-based company plans to convert the Enfield Square mall, which has fallen into disrepair and is mostly empty, into a mixed-use development with retail, housing and recreation.
Woodsonia Real Estate Group Inc. has agreed to purchase the 570,000-square-foot mall, contingent upon receiving the necessary approvals, from the existing owner, Namdar Realty Group, based in Great Neck, New York.
The roughly $200 million project, called Enfield Marketplace, will have 450 residential units and two hotels, along with spaces for retailers and restaurants. The newly renovated space will span about 350,000 square feet.
The revitalization effort comes at a time when malls are struggling due to the rise of e-commerce giants like Amazon.
“The enclosed mall business is really a broken business model at this point,” said Drew Snyder, president of Woodsonia. “As we all know, e-commerce, online retail, is here to stay. It’s not a fad. It’s had a huge impact on brick-and-mortar retail, and that would include enclosed malls. But a lot of these mall sites are very well located, so they’re optimal for large mixed-use redevelopments or retailer-led redevelopment projects, things of that nature.”
Synder said that 85% of the mall’s square footage is now vacant.
On Monday, the Enfield Town Council approved a resolution authorizing the town to apply for funding from the Community Investment Fund, through the state Department of Economic and Community Development. The fund can provide up to $175 million each year to municipalities.
The council also approved a local property tax break, giving the property a $7.3 million tax assessment for 10 years along with a credit enhancement agreement. The property is currently assessed at $7.28 million.
Woodsonia owns and manages more than 75 properties with a combined value of $800 million. Its portfolio includes single-tenant commercial buildings, large-scale shopping centers, residential subdivisions and multifamily communities.
Namdar Realty Group purchased the property in 2019 for $11.39 million, according to town records.
Details of Woodsonia’s purchase-and-sale agreement, including the sale price, weren’t disclosed.
