WSAR NEWS

Prospective Swansea Mall Property Buyer

There is a prospective, anonymous buyer who has come forward in hopes of acquiring and creating a new plan for the Swansea Mall property. The buyer is a New England-based regional real estate developer with expertise in repositioning large distressed assets who has access to significant capital and a comprehensive redevelopment plan for the property.

 

The buyer is seeking a public-private partnership through a Swansea Redevelopment Authority in which Swansea Selectmen member Chris Carreiro proposed in a presentation at a meeting in January.

 

“It is critically important that the citizens of Swansea support the creation of a Swansea Redevelopment Authority at the Annual Town Meeting on May 20th so that the Town can be active participants in the redevelopment of the Swansea Mall Property," Carreiro said. "The town must be in the driver's seat to fix this complicated economic development problem."

 

The attorney representing the prospective buyer, Attorney George McLaughlin, III of The McLaughlin, Brothers, P.C., explained at last night’s Board of Selectmen’s meeting that his client is “all in” on this acquisition is contingent upon the creation of a Redevelopment Authority. He told the trio of members this is a condition because his client wants assistance in navigating roadblocks and intricacies with the current restrictions set by Walmart.

 

McLaughlin assured the Board of Selectmen, “the Town will not have one dime of financial exposure because his client will indemnify the Town.”

 

The prospective buyer will look to include but not limit the space to a large supermarket, retail establishments, entertainment options, medical facilities, offices, housing and a national state of the art self storage provider.

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