The new mall owner plans to boost leasing and tackle maintenance as their first priorities after taking control of one of Connecticut’s largest indoor malls — in foreclosure since 2021.
Town officials in Manchester said they met with a representative of the new owners of The Shoppes at Buckland Hills — Namdar Realty Group and its partners — on Monday, about three weeks after the new owners completed a $27 million acquisition of the 1.3 million-square-foot mall. The officials said they came away with the impression that the immediate plans were to fill empty storefronts and focus on maintenance, particularly landscaping, that had been ignored in recent years.
“We’re taking a wait-and-see approach, but we are certainly hopeful by the response so far,” Gary Anderson, Manchester’s director of planning and economic development, said. “They were responsive when we reached out, and they were certainly open to meeting with us.”
With the acquisition of Buckland Hills, New York-based Namdar now controls a large chunk of Connecticut’s indoor mall market — including Meriden Mall, Trumbull Mall, Enfield Square Mall and Crystal Mall in Waterford. Each of the malls was struggling when Namdar purchased them.
Real estate experts say Namdar is generally not interested in redeveloping mall properties, but does sell them to companies that will.
Namdar has an agreement to sell the Enfield Square mall to a developer that plans to demolish most of the mall and redevelop it with hundreds of apartments, two hotels and new retail space. The project comes with a $250 million price tag and was recently approved for a $10 million investment by the state.
In the months leading up to the purchase of the Buckland Hills mall, officials in Manchester said they have been wary of Namdar’s intentions as owner.
In late January, Manchester Town Manager Steve Stephanou told The Courant that the Manchester prides itself on being a business-friendly community, working to increase economic vibrancy and commercial activity for the benefit of businesses and residents.
“However, we are very troubled by a business model that, rather than invest in Buckland Hills for its revitalization, or work on long-term redevelopment, simply cut costs in order to squeeze every last dollar out as long as possible and leaves dilapidated and blighted properties in the aftermath,” Stephanou said.
Namdar has come under criticism for buying at rock-bottom prices, investing the bare minimum and squeezing out profits, while the properties steadily decline.
In an email Tuesday, Stephanou struck a more optimistic,— but still firm — tone: “Yesterday the town and the new management met and had a productive conversation. I stressed that the town is committed to seeing the Buckland Hills mall thrive and reach its full potential. We are hopeful that the new owner shares that vision.”
Justin Roberts, the mall’s new general manager, said Namdar is committed to changing the narrative of neglect that has hung over Buckland Hills in recent years.
Roberts said he hit the ground running on hiring contractors to improve landscaping and outdated heating and cooling systems. In addition, Roberts said he already has a line on potential tenants for empty spaces and is considering non-traditional entertainment options.
The cost of the initial investment has not been fully determined, Roberts said.
“The plan for this property is to have this as a thriving mall,” Roberts said, noting that he was not aware of plans for redevelopment.
Roberts said he has close ties to the mall, growing up in the area. He also was a Game Stop store manager two decades ago and “so the return as the new general manager and being part of its revitalization is a particular exciting opportunity for me.”
The stakes for Manchester tied to the mall are high, both for future economic development and property tax revenue.
The Shoppes at Buckland Hills, which spawned the growth of a retail mecca in Manchester and neighboring South Windsor in the 1990s, rose to become the second largest taxpayer in the municipality. The mall now generates $3 million annually in property taxes, according to the town.
The town of Manchester also sees redevelopment options in the future for Buckland Hills: fewer stores, more apartments, restaurants and entertainment, plus recreation — all coming together to essentially form a new neighborhood on the north side of town.
“This is still one of the premiere properties in Greater Hartford, right?,” Anderson said. “The town has a lot of interest in seeing that the property be successful. There’s, I think, a lot of different ways that could go and what that could look like in the future.”
Anderson acknowledged Namdar’s strategy for boosting leasing and updating the 60-acre property.
“And that’s fine,” Anderson said. “I think ultimately, the property will look somewhat different in the coming decades, and the town is supportive of seeing that property get to its highest and best use. And we’re happy to assist and help in any way we can.”
Kenneth R. Gosselin can be reached at kgosselin@courant.com.