A Plymouth property developer plans to spend $130 million to build affordable senior- and family-housing units on land now occupied by the long-shuttered Four Seasons Mall, city officials confirmed Tuesday.
Dominium's plan calls for developing three apartment buildings with 430 units, commercial space and parking on the 17-acre site.
The 117,000-square-foot Four Seasons strip mall boasted 26 stores when it opened in 1978 on Lanchester Lane, just southwest of County Road 9 and Hwy 169. In 2010 Walmart bought the ailing site to build a store, but it soon scrapped those plans after receiving public input. The mall shut down for good in 2012. Walmart began trying to sell the property about four years ago.
Last year's efforts by Rock Hill Management to redevelop the site into two hotels and stores fell through because of financing trouble.
Now, Dominium is stepping forward with fresh plans to convert the old mall into affordable housing that could accommodate both senior citizens and families with limited incomes. Dominium is seeking several government subsidies to help transform its vision into reality. Dominium officials were not immediately available for comment Tuesday.
According to the city, Dominium's project would house a $58 million five-story senior-apartment building with 210 units. It also calls for two four-story buildings with 220 units that would cost about $65 million combined. The housing units would include more than 500 surface and underground parking spaces for tenants.
As currently conceived, apartment rents across the proposed complex would mostly range from about $1,100 to $1,500. Tenant annual incomes would be capped at $56,500 for a family of four, city officials said.
Separately, the complex calls for a 229 slot "Park & Ride" ramp that would be accessible to the public. Lastly, the project includes commercial space that could eventually become small retail stores or offices, a bank, two drive-through restaurants and a health care clinic.
