A New England based regional real estate developer, with expertise in repositioning large distressed assets, with access to significant capital for the acquisition and comprehensive redevelopment of the Swansea Mall Property, has stepped forward as a prospective buyer and intends to engage in a comprehensive and multifaceted redevelopment plan for this blighted property. The prospective buyer seeks a public-private partnership through a Swansea Redevelopment Authority to ensure the highest and best use of the property is realized for the benefit of the Town of Swansea.
The prospective buyer contemplates this acquisition in anticipation of the Town of Swansea establishing a Swansea Redevelopment Authority to assist in a responsible redevelopment effort to revitalize the Swansea Mall Property and reestablish the property as an economic engine for the Town of Swansea and the Region.
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” with the Swansea Mall Property. However, this acquisition is hinged on the Town of Swansea’s establishment of a Redevelopment Authority to assist the developer in navigating the complexities and obstacles presented with the present Walmart restrictions encumbering the property. McLaughlin assured the Board of Selectmen that “the Town will not have one dime of financial exposure because his client will indemnify the Town.” Attorney McLaughlin is recognized as the top eminent domain trial lawyer in the Commonwealth of Massachusetts, having represented everyone from the Gillette Corporation to local property owners and has tried over 150 jury trials.
Selectman Christopher Carreiro said, “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 also said “the Town must be in the driver’s seat to fix this complicated economic development problem.”
The prospective buyer desires to work collaboratively with a Swansea Redevelopment Authority to formulate a redevelopment plan that will seek to include multiple uses for the site including but not limited to a large supermarket, retail establishments, restaurants, entertainment, medical facilities, offices, housing, and a national state of the art self storage provider. Last night’s Selectmen’s Meeting can be watched on demand at https://www.swanseacabletv.com/watch-us-live/ . For more information regarding Selectman Carreiro’s proposal for the establishment of a Swansea Redevelopment Authority visit www.WalmartRestrictions.com .