![]() ![]() Three of the proposed outparcels include a restaurant and retail pads west of Ollie’s and a hotel on a vacant lot near the former Best Buy. ![]() “These outparcels will serve as the catalyst for future tenants and the greater redevelopment plan,” according to the plan. “We anticipate the preparation of each site and construction of a white-box building to cost approximately $2 million per site,” the developers’ plan stated. Potential uses would include full-service and quick-service restaurants, pharmacies, grocery stores or other retail uses. Phase I of the project could include development of three peripheral areas or outparcels for commercial use. The road which circles around the mall property also could be repaved. Work on the parking lot, including milling, grading, repaving and applying striping, is estimated to cost $5.2 million. Part of the plan addresses the deteriorating pavement on the parking lot and surrounding roadway. “A portion of this redevelopment in a future phase is contemplated to also include senior care and medical facilities sorely needed in the area,” the developers stated in their plan. The redevelopment plan calls for that portion of the building to be transformed into a “mixed-use work/live/play site.” The application said “based on the planning level project cost opinion, the overall building demolition project cost could be $3,323,000.”ĭemolition of part of the mall would create an approximately 6.8-acre parcel where the developers are considering developing a mixed-use retail/restaurant/office space during a later phase in the project, according to the application.įollowing the demolition, the main mall building will be approximately 550,000 square feet. In terms of the demolition of portions of the main mall structure, approximately 300,000 square feet of the mall building is slated to be demolished, according to an application to the state Redevelopment Assistance Capital Program, for which the Sun-Gazette filed a right-to-know request with the Open Records Office for the state’s Office of the Budget. The mall is composed of the main structure, which houses retail spaces, and certain auxiliary retail sites along the road circling the mall. The initial phases will include changes to the existing infrastructure by adding new transportation assets demolishing and refurbishing existing buildings adding new utility assets and constructing new buildings,” Jahanshahi stated recently echoing the words of his associate, Ara Kervandjian, who is listed as the manager, vice president and secretary of the company, when he spoke at the Lycoming County Commissioners’ meeting last month. “As you are aware, it will be a multi-phase project creating a new, mixed-use development on the property. That said, we are continuing discussions with potential commercial and hospitality prospects, and the plans for residential housing and recreational space are being developed,” he added.Ĭlosing on the mall property is expected in early spring. “Our goal is to provide an environment that is attractive to potential tenants however, the mix of potential tenants remains fluid. ![]() We continue to work with local stakeholders to maximize this public/private partnership and are committed to an outcome that will be both beneficial to the local community and serve as an economic driver for the entire county,” Jahanshahi, President of FAMVEST Partners and also Executive VP of Acquisition for HFL Corp. “At this time, FamVest is focused on the purchase of the parcel and then the initial site work. Jahanshahi of FamVest Partners LLC cautions that plans are still fluid and it’s too early for anything to be set in stone, an application to a state redevelopment program offers glimpses into the potential future for the Lycoming Mall.
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