Thursday July 28, 2016
The University Mall is facing foreclosure. But Todd Finard, CEO of Finard Properties LLC, a Boston based family-held business and owner of the 55 acre property, is still optimistic about plans for revitalization which he announced in January of this year.
The mall is in default on a $92 million loan, which had been placed into special servicing in order to rework the loan with development plans in mind. The revitalization strategy revealed plans to implement mixed use opportunities with a modern look at retail to include entertainment,dining, residential, office use and hospitality.
Finard Properties will continue to manage the property through the foreclosure process.
“The Finard family opened the University Mall in 1978 and since then has continued to operate the property. Our commitment to the University Mall and the South Burlington Market is unwavering - then, now, and in the future. We have managed our way through many economic cycles in the past, and we are resolute in our effort to redevelop this property. We will develop a modern entertainment-focused mixed use project that will transform and transcend the shopping experience for the South Burlington community and beyond. More details to come,” said Finard.