HOLYOKE — The long-vacant Kmart and Shop Rite on Northampton Street was OK’d for demotion in a unanimous vote by the City Council Tuesday night, paving the way for new retail space.
A special permit was granted to Cypress Acquisitions LLC to demolish the structure as part of its plans to rebuild at 2201 Northampton St., also known as the Kmart Plaza. While rumors have circulated that it may be Lowe’s Home Improvement moving in, Director of Planning & Economic Development Eric Nakajima said this is merely speculation.
Nakajima confirmed that current plans include demolishing everything to the right of Holyoke Liquor Mart and repaving what is now a pothole ridden parking lot. He said this will equal millions of dollars of investment in the city.
“When we have a shopping plaza or land that lies vacant, it starts to feel almost symbolic of progress,” he said. “This is proof of the fact that it is a great place to do business and a great place to live.”
The move will also benefit the city by creating jobs, increasing tax revenue, he said.
Mayor Joshua Garcia celebrated the City Council’s vote saying the demolition will prove to be “transformative” by bringing in a quality anchor tenant, revitalizing the plaza, improving the appearance of the space while encouraging future investment in the city.
“This project represents exactly the kind of responsible redevelopment we need,” he said in a Facebook post. “It will eliminate a long-term vacancy and strengthen our tax base through significant reinvestment in Holyoke.”
In its special permit application with the city, Cypress Acquisitions LLC, represented by attorney Daniel Glissman of MacDermid, Reynolds & Glissman in Hartford, said it intends to multimillion dollar redevelopment of the site will mean a “first-in-class” building and make the property viable for potential anchor tenants, though none were named.
“The Applicant’s core objectives are to remove a long-vacant and blighted structure, improve the overall appearance and functionality of the plaza, and create a site that promotes longevity and future investment,” the application stations.
Demolition is expected to begin in December and last 60 days. This process will involve removing the entire building and associated parking areas.
Cypress Acquisitions is affiliated with Cypress Equities, a Dallas-based commercial real estate developer and investment company with billions in projects nationwide, focused on retail, mixed-use, residential and hospitality developments.
Even after its closing in 2020, the plaza is still colloquially referred to as the Kmart Plaza, traditionally serving as an anchor at the far right of the strip mall that also includes a Stop & Shop. The location was also distinguished as the largest Kmart retail in the country when it went up in the mid 1960s.
The plaza parking lot is also where parade floats gather for the annual St. Patrick’s Day Parade.
