Hanover Mall Named as Major Sponsor for Hanover Day and Road Race

The Hanover Mall, under the direction of their new owners PREP (PECO Real Estate Partners), is a major sponsor in the upcoming Hanover Day and Road Race scheduled for June 24th. In addition the mall is providing free advertising for the event on their electronic billboards located on Route 3.

The Hanover Mall has been a sponsor of many community events over their 46 year history. Most recently they have sponsored events such as the Hanover PizzaPalooza which raised money for the Hanover Special Needs Athletic Partnership, Hanover Boosters Basketball fundraiser, Friends of South Shore Health System, the YMCA and South Shore Chamber Health Fair and the Lion’s Club Golf Tournament.

The Hanover Mall recently made a $15,000 commitment toward a feasibility study into the removal of the Peterson Pond Dam. The manmade dam, which sits on Hanover Mall property, is now one of three obstructing the Third Herring Brook. The recent removal of the Tack Factory Dam has helped to restore the brook to its natural path, allowing river herring to access more of the river and increase their population. PREP will contribute to the feasibility study work in conjunction with the North & South Rivers Watershed Association (NSRWA), an entity also subsidizing the study.

The 46-year-old shopping center is scheduled to undergo extensive revitalization if Hanover residents vote to grant the Hanover Mall a TIF (Tax Increment Financing) at the June 19th Hanover Special Town Meeting. Under the terms of the proposed TIF, PREP will commit to investing a minimum of $40 million in redeveloping the mall – which is the town’s single largest taxpayer – while maintaining the level of property tax payments annually based on its purchase price.

PREP has agreed to pay real estate taxes based on its purchase price of $39,500,000 prior to and during this construction period. In recent years, its assessed valuation has declined. The TIF agreement would stop that slide while allowing the owners the time to invest in improvements and attract new tenants.

The Hanover Selectmen voted unanimously in support of the TIF on May 24 and The Planning Board unanimously voted in support of the TIF at the PB meeting June 6. The TIF is necessary to complete the redevelopment plan PREP has to become Hanover Crossing, the proposed new name for the property once redeveloped. Numerous local businesses and two chambers of commerce have gone on record in their endorsement of the TIF. The redevelopment will provide an estimated 700 full-time, part-time and construction jobs; under the TIF agreement, PREP is required to use best efforts to hire Hanover residents.

“We are proud sponsors of Hanover Day and the many community events that enhance the quality of life in this great town,” said Hanover Mall General Manager Ed Callahan. “Our hope is to continue to invest in The Hanover Mall and the community for many years to come.”

Since 1971, the Hanover Mall has served the shopping needs of Hanover and the region. Hanover Mall supports a number of community activities and causes, and employs hundreds of local residents. Hanover Mall is the Town of Hanover’s largest taxpayer. The mall is located at 1775 Washington Street, Route 53, Hanover, MA. To learn more about the Mall, please visit their Facebook page, https://www.facebook.com/TheHanoverMall/.