SAUGUS — The biggest question in town right now is what is going into the Saugus Plaza Shopping Center?
The mystery is gaining more traction as work appears to be nearing completion on a new supermarket, which is expected to open next year at the 208,500-square-foot shopping center.
While a new supermarket was announced in February by JLL Capital Market, which said at the time that it had arranged for a $33.5 million refinancing for the shopping center, those involved in the project still won’t divulge what the new store will be.
Under the supervision of Boston-based management company Finard Properties, which worked with JLL to place the fixed-rate loan, the shopping center is set for a promising future. In the center right now is a Petco, Kohl’s, Carters, Dr. Dental, TITLE Boxing Club, and Work-N-Gear; Planet Fitness has also confirmed its addition to the center.
The loan was used to build out the grocery space for a national credit grocery. The agent is HarborOne Bank and Salem Five is listed as a co-lender.
“While the pandemic has created significant challenges in the retail market, it is important to note that the availability of capital remains intact for well-located, anchored retail,” said JLL Managing Director Brett Paulsrud, who oversees the team working with Saugus Plaza. “The strength of the Finard sponsorship, historic performance of the center, and diverse mix of tenants generated strong interest from the lending community.”
It’s been months since plans to refinance the center have been announced, but JLL still won’t comment on what is being built in the former Big Y location; the Big Y closed in March and construction has been steady at the site in past months.
Back in July, during a Saugus Board of Selectmen meeting, Finard representatives came in asking for extended hours for Planet Fitness. During this meeting, Selectman Debra Panetta asked what would replace the Big Y and Rite Aid stores, which have now been combined into this mysterious building. Finard representatives declined to inform the town of its plans, saying that the company had signed a non-disclosure agreement.
Despite the secrecy, rumors have been circulating around the shopping center, particularly among its existing tenants, that the new supermarket will be an Amazon Fresh store.
Those visiting the site who are familiar with this chain will notice that the appearance of the new store, particularly its siding, colors, design layout, and even doors, resembles other Amazon Fresh locations. In addition, a search of popular job websites shows listings for work at an Amazon Fresh location in Saugus.
If the rumors are true, this would be a massive deal for Saugus; the store would be the first Amazon Fresh in Massachusetts and first north of Washington, D.C.
Still, even town officials remain in the dark about this potential economic-enhancing opportunity that could be coming to the Saugus Plaza Shopping Center. On Tuesday Panetta said she still has not been told what the new supermarket will be.
Hannah Chadwick can be reached at [email protected].
