Greendale Mall

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Greendale Mall
Greendalemall logo.png
Greendale Mall, Worcester MA.jpg
Greendale Mall interior, 2012
Greendale Mall
Location Worcester, Massachusetts, United States
Coordinates 42°17′48″N71°48′03″W / 42.2967°N 71.8007°W / 42.2967; -71.8007
Address7 Neponset Street
Opening date1982
Closing date2021
OwnerFinard Properties
No. of stores and services37
No. of anchor tenants 4 (all vacant)
Total retail floor area 432,000 square feet (40,100 m2)
No. of floors1 with partial lower level
Websitenone

The Greendale Mall was an enclosed shopping mall located near the intersection of Interstates 290 and 190 in Worcester, Massachusetts, United States. The anchors were Best Buy, Big Lots, DSW, and a combination of TJ Maxx and HomeGoods.

Contents

History

The mall first opened in 1987, anchored by Lechmere and Marshalls stores. [1] [2] TJ Maxx 'N More was later added in the late 1990s and it later became a TJ Maxx and HomeGoods combo store. Lechmere closed in 1997 and later became Best Buy. Marshalls closed in 2007 and became Big Lots in 2010. [3]

Simon Property Group purchased the mall in 1999. The company stopped paying the debt on the mall in October 2015 and the noteholder took ownership of the Mall. [4] At the time of the takeover by the note holder, the mall was performing very poorly. In November 2015, the mall was appraised at $14.7 million but had a loan value of $45 million. [4]

In June 2016, the mall was sold at auction to Chicago law firm Seyfarth Shaw LLP for $11.8 million, the mortgage holder of the property, after no other bids were received. [5] In September 2016, Burlington-based KeyPoint Partners, the company representing the new owners and managing the building, announced that Worcester's only enclosed shopping mall would remain open. [6]

On December 19, 2018, it was announced that Big Lots would be closing in January 2019. [7]

On September 9, 2019, it was announced that Best Buy would also be closing in November 2019. [8]

On December 16, 2019 a Boston developer bought the rundown Greendale Mall in Worcester and the new owner plans to demolish the 33-year-old shopping center and replace it with a mix of retail, apartments, and office space. [9] Plans were later changed and the mall will now be demolished and replaced with an Amazon distribution center. The mall closed permanently in 2020. [10]

On October 23, 2020, it was announced that TJ Maxx/HomeGoods would be relocating to Lincoln Plaza on April 24, 2021 leaving the mall entirely vacant and officially closed for good. It was demolished in Summer 2021. [11] [12]

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References

  1. ↑ "Lifestyle: I Went to the Greendale Mall on Black Friday".
  2. ↑ "Greendale Mall; Worcester, Massachusetts". Labelscar: The Retail History Blog. 22 September 2006.
  3. ↑ "Marshalls at mall closed". Worcester Telegram & Gazette. January 15, 2008. Archived from the original on January 18, 2008. Retrieved 2012-08-31.
  4. 1 2 BONACCI, SAM (February 25, 2016). "Greendale Mall's value plummets 77%, foreclosure possible". American City Business Journals .
  5. ↑ "Greendale Mall sold for $11.8M; future uncertain". Worcester Business Journal. Retrieved 2017-12-14.
  6. ↑ Quinn, Tom (2016-09-29). "Greendale Mall to remain open under new ownership". Worcester Mag. Archived from the original on October 3, 2016. Retrieved 2017-12-14.
  7. ↑ "Big Lots in Worcester closing, leaving Greendale Mall even more empty". Mass Live. 19 December 2018. Archived from the original on December 20, 2018.
  8. ↑ "Best Buy at Greendale Mall closing in November".
  9. ↑ Grillo, Thomas (December 17, 2019). "Greendale Mall to be demolished, turned into apartments & medical offices". Worcester Business Journal.
  10. ↑ Cariaga, Vance (April 9, 2021). "Amazon Is Buying Dead Malls – and the Reason Why Is Fascinating". AOL . Retrieved 2021-04-16.
  11. ↑ "Final chapter". Worcester Telegram & Gazette. October 23, 2020.
  12. ↑ "Popular clothing retailer TJ Maxx relocates, opens in Lincoln Plaza". Worcester Telegram & Gazette. April 25, 2021. Archived from the original on April 25, 2021.
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