Capetown Plaza Redevelopment: 2 Proposals Submitted

HYANNIS, MA – Two firms have submitted proposals to redevelop Capetown Plaza, a 26-acre property on Rt. 132 in Hyannis. The bids were submitted by WS Development, a Chestnut Hill-based firm that currently holds the lease to the site, and The Wilder Companies of Boston in partnership with Manhattan's O'Connor Capital Partners.

According to the Cape Cod Times, WS Development's $45 million proposal is called "The Landing at Hyannis" and would include more than 300,000 square feet of retail, restaurant, residential and open space. It could also include office space in some buildings to promote job creation.

Under the proposal, Kmart would stay through the end of its lease, and the space could remain as-is for another anchor store or be subdivided for smaller tenants, the Times reported.

The second proposal, estimated at close to $97 million, would tear down the 65,000 square feet of retail space where Cardi's furniture, Famous Footwear, IHOP and the former Sports Authority are located. Four new buildings would be built in its place and feature 92,600 square feet of retail space and 100 new residential units, with 10 percent allotted for affordable housing, according to the Times. Kmart would be turned into smaller spaces for a specialty anchor, an entertainment business, retailers and a fitness center.

Read more from The Cape Cod Times

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