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Retail Management and Development Inc., the real-estate division of the DeMoulas Market Basket supermarket chain, will reportedly launch a $15 million construction project to tear down and rebuild the company's Bridge Street shopping plaza in Lowell, Mass. this fall.
RMD v.p. Michael Kettenbach said at a press conference at Lowell's City Hall that the plan was to reopen the Market Basket store there by about Christmas 2009, the Lowell Sun reported.
The project would reduce the size of the plaza to about 110,000 square feet from its current 130,000 square feet of retail space. However, the Market Basket store at the site will grow to 66,000 square feet from 46,000 square feet. As well as razing an empty department store long considered an eyesore in the community, the scheme would create 15,000 square feet of space for new tenants.
The Bridge Street site has featured a Market Basket store since 1957, making it the second oldest location in the Tewksbury, Mass.-based supermarket chain, according to Kettenbach, who was unavailable for further comment.