Rhode Island Mall to be sold, not turned into outlet
May. 18, 2015
WARWICK, R.I. (AP) — City officials say the owners of the Rhode Island Mall are no longer planning to convert the property into a retail outlet.
Co-owners Winstanley Enterprises and Surrey Equities now plan to sell the property, the state's first suburban mall. The partners were planning to convert the two-story mall into an indoor outlet.
The Providence Journal reports (http://bit.ly/1c0WDmd) the mall's close proximity to other outlets in Massachusetts and Connecticut made it impractical. Karen Jedson, who leads economic development efforts for Warwick Mayor Scott Avedisian, said no new plans for the property have been submitted to the city.
Baltimore-based MCB Real Estate is now planning to buy the property. Company officials say it's too soon to talk about potential tenants, renovations or concepts for the mall.
The 450,000-square-foot mall was last purchased for $38 million in November 2012.
Information from: The Providence Journal, http://www.providencejournal.com