Old Navy signing another step forward for a Waterville shopping center
Courtesy / Grossman Development Group
Redevelopment of the 151,000-square-foot JFK Plaza in Waterville since 2019 included new facades, parking lot, roofs and leases.
After undergoing significant redevelopment over the past three years, the JFK Plaza in Waterville has signed a long-term lease with Old Navy.
The plaza’s developer, Framingham, Mass.-based Grossman Development Group, said the national retailer will take 12,500 square feet of space in early 2023.
Peter Belsito of Strategic Retail Advisors represented Old Navy in the transaction.
It will be Old Navy's first location in the Waterville area. Old Navy, an apparel and accessories brand owned by San Francisco-based Gap Inc. (NYSE: GPS), has other Maine stores in Bangor, Augusta, Freeport, South Portland and Kittery.
JFK Plaza's redevelopment
Old Navy is the newest lease at JFK Plaza, with additional announcements planned for Q1 2023.
“We look forward to filling the remaining space with complementary uses and delivering even more value and an improved retail experience to the community,” said Jeremy Grossman, principal of Grossman Development Group.
Grossman Development and its partners, the New Haven Group and WI Waterville LLC, acquired the 151,000-square-foot shopping center, on 14 acres, in 2019. The group has invested almost $4 million in new facades, the parking lot, roofs and other improvements.
At the time the group bought the shopping center in 2019, it had 33,175 square feet in vacancies, about 20% of the total retail space.
The property is now owned by Winter Street Partners, with Grossman Development continuing to handle leasing and construction management.
JFK Plaza is located less than a mile off Interstate 95 along the heavily traveled Route 11 corridor in Waterville. Other tenants include T.J. Maxx, Tractor Supply Co. and JOANN, alongside Hannaford, the plaza's grocery anchor.
Grossman Development Group, led by Howard Grossman and Jeremy Grossman, specializes in retail and mixed-use development, redevelopment and acquisition, with projects throughout New England and in Montana.
The timing of the redevelopment coincides with other major development activities in Waterville, including an $11.2 million downtown revitalization and Colby College’s investment of roughly $100 million in the downtown, most notably the 100,000-square-foot Alfond Commons mixed-use building. In addition, the Lockwood Hotel recently opened, and, in partnership with Waterville Creates, the $18 million Paul J. Schupf Art Center is set to open Dec. 17 as a hub for Waterville's visual and performing arts, arts education and film.
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It’s nice to have more businesses open on this side of Waterville
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