Finard Properties, who specializes in retail, office, and hotels, said in an announcement Monday the mall’s location at the junction of Interstates 290 and 190 near downtown, makes the property a prime candidate for redevelopment.
Built in 1987, Greendale was once a popular spot for shoppers with nearly four dozen retailers
anchored by Best Buy. But changes in consumer behavior, and newer, open-air malls like Lakeway Commons in Shrewsbury, have rendered the property with
multiple store vacancies and a facility in need of much repair.
Today, the Greendale Mall website lists 15 stores operating at the 309,000-square-foot property, anchored by TJ Maxx, Greendale Furniture, DSW, and Reliant Medical Group. The City of Worcester has assessed the property at $11.4 million.
In the announcement Monday, Finard said it will create a mixed-use destination on the 22-acre site. Finard Properties has partnered with Prellwitz Chilinski Associates, a Cambridge architect and design team, and Bohler Engineering of Southborough on the project.