Luxury apartments proposed for shopping mall property
IMAGE | Courtesy Centennial Real Estate
This aerial image of the Connecticut Post Mall site shows the location of a potential residential development on a corner of the property.
Come to the mall to shop, eat, and now — live just steps away?
The owner of the Connecticut Post Mall is proposing to invest $70 million to build a luxury residential community on the mall’s Milford property.
The Milford Planning & Zoning Board has started its initial review of the proposal, which would require an amendment to the local zoning regulations to proceed.
The board is scheduled to continue discussions at a meeting on Tuesday, Oct. 6 at 7 p.m., when there will be an opportunity for public comment.
If approved, the residential project would be built on a corner of the parcel, not inside the existing mall’s footprint.
Dallas-based Centennial Real Estate bought the mall in 2015.
Jon Meshel, senior vice president, development for Centennial, called the proposed project “critically important for the future of the Connecticut Post Mall.”
“We are anxious to get it approved,” he said. “Malls were facing headwinds before COVID, which has only exacerbated the situation. The malls that will be successful will have to become modern mixed-use projects.”
As consumers have turned to online shopping, a trend worsened by the coronavirus pandemic, malls around the country have been struggling.
According to Centennial, the Connecticut Post Mall has experienced a 20% drop in visitors over the past five years. The goal of the project is to ensure the property’s viability and transform it into a modern, mixed use property.
The mall is home to anchor stores such as Target, Macy’s and Boscov’s, but like many shopping malls, it has seen tenants leave. Sears closed its store there, as did JC Penney, for example.
Centennial asserts that its proposal will help maintain the mall as a leading taxpayer and job creator in the area.
The proposal is for 300 apartments in a 4-story residential building located on the southeast corner of the mall’s parking lot. The plans call for approximately 135 one-bedroom units, 135 two-bedroom units and 30 three-bedroom units.
On a special website which Centennial has created to outline the project, Centennial asserts that it would help ensure the mall’s long term viability, while also creating “attractive new housing options for younger Milford residents.”
The proposal has been getting mixed reactions from the community, according to letters sent to the board. Supporters anticipate that the project would bring new visitors, business and energy. Opponents have raised concerns about density and traffic.
If the project is approved, Centennial anticipates construction would take approximately two years. While the website has sample architectural representations for what the project might look like, no designs have been finalized.
For more information on the project, visit the website on the proposal HERE. Click HERE for a link to the Zoom meeting.
Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.
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