Hanover, MA PREP Property Group has presented plans for a $250 million redevelopment of Hanover Mall into an open air, mixed-use project. PREP will rebrand the mall as Hanover Crossing.
The project will include 297 multifamily units, 30,000 s/f of green space and an 80,000 s/f Market Basket supermarket. The retail component of the project will be 150,000 s/f smaller than the current mall. Additional retail tenants will include Dick’s Sporting Goods, Petco, Trader Joe’s, Office Max and Macy’s.
PREP, which focuses on repositioning retail real estate, acquired Hanover Mall in 2016 for $39.5 million. The project’s design team includes architect Richard L. Bowen + Associates Inc. and general contractor Rycon Construction Inc. The residential component of the project will be developed by Hanover Co.