Stop & Shop Signs 20-year Anchor Lease at Wayland Town Center for New Prototype Store

Prospective tenants to follow suit as development lauded for "extraordinary efforts" in desigh and layout

WAYLAND, Mass. – A smarter, leaner new prototype of Stop & Shop will be the anchor development in the new mixed-use Wayland Town Center.

The regionally headquartered supermarket company signed a 20-year lease as the anchor tenant, setting the tone for the new center, which will feature a pedestrian-friendly main street layout with high end shops, cafes, walkways, offices, condos and open spaces at the junction of Route 20 and Route 27.

Due to break ground this fall with demolition, site work and construction continuing throughout the year, some stores will open as early as the end of 2009 and a grand opening of the center is planned for the spring of 2010.

“We are thrilled at this announcement and look forward to working with the other tenants who have joined the center as construction begins this fall, “said, Fred Turkington, Wayland Town Administrator.

Modeled after a traditional main street and town center with a mix of exclusive, specialty shops and offices, the Wayland Town Center is a development of Twenty Wayland, LLC, a partnership between KGI Properties (www.kgiproperties.com) and the Congress Group, both of Boston.

“This will not be a typical Stop & Shop,” said Joseph Harnan, Director of Leasing for Twenty Wayland. “It will be about 30 percent smaller than their traditional store with a new fresh design and image to cater to today’s consumer. It will also serve the local community by providing a much-needed full-service grocer. This type of low-impact but high-demand anchor also fits in beautifully with our main street design. Big is not always better – this is the trend we’re seeing in today’s developments throughout New England – leaner, more convenient, with an attractive, traditional appearance.”

The permitted development consists of 155,000 square feet of retail space, 10,000 square feet of office space and 100 residential units. The developer plans to incorporate “New England village-style” architectural features, which will include such items as clapboard, porches and gabled roofs. The overall cost of the project is estimated to be $140 million.

The Stop & Shop store will be approximately 45,000 square feet - compared to their traditional Super Store of 65,000 square feet – and be located near the largest shared parking field in the Town Center with approximately 300 spaces. As the lead tenant Stop & Shop will anchor one side of Main Street while the new 2 acre “town green” will anchor the other side, and a select number of high quality local specialty shops, , restaurants and services – will fill a traditional main street .

“This is an attractive development located at the confluence of the region’s major arteries Routes 20, 27 and 126. Extraordinary efforts have gone into the design and layout – both the developer and the town should be proud of what they have accomplished. We are thrilled to be part of this project and truly look forward to servicing the great community of Wayland,” Deborah Farr said, Director of Real Estate for Stop & Shop.

The developer has plans for a health club, casual dining restaurants, numerous local boutiques, a fine jewelry store, and a number of local professional offices. Developers also anticipate having a full-service pharmacy, a bank, a café, a candy shop, a, day spa/salon, ice cream shop, sushi restaurant, shoe store and a fine antique store.

The project received its Master Special Permit allowing for the overall development. It has also received initial Site Plan approval to allow building construction to proceed and remaining site plan approvals are anticipated within the next 30 days. The developer will contribute over $400,000 to the Town to assist in their costs for consultants to perform peer review and give recommendations on developer’s applications. The developer has also pledged a $3 million gift to the Town of Wayland and $250,000 towards the Town’s bike path from Wayland’s historic district on Route 27 to the project on Route 20.

The Stop & Shop Supermarket Company, based in Quincy, Massachusetts, operates 389 stores throughout Massachusetts, Connecticut, Rhode Island, Maine, New Hampshire, New York and New Jersey.

For more information on the development, visit the KGI website at www.kgiproperties.com, or the Town of Wayland’s website at www.wayland.ma.us.

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