Kmart Plaza - Warwick, RI
The redevelopment of the K-Mart Plaza located in Warwick, RI involved division of a completely vacant K-Mart building into three tenant spaces and enclosing the 4,654 square foot garden center. The Property contains 12.37 +/-acres, a 112,505 square foot building, and 598 parking spaces. The former K-Mart store was subdivided and retenanted with Jo-Ann Fabrics, Bob's Furniture, and Ashley Furniture. It is part of a shopping center that also contains a Michael's, Shaw's, Boston Market, and Friday's. Shaw's originally developed the shopping center and subsequently transferred the parcels associated with these cotenants to various entities. In order to proceed with the redevelopment program, complex title and regulatory matter needed to be addressed. Charter worked with local counsel to correct title issues created due to an improper conveyance of one of the cotenant parcels. An illegal subdivision of the parcels occurred, as a prior approved plan was never recorded. The subdivision required several variances in order to legally create the parcel, which were not recorded. The various approvals were originally issued ten years prior and had since expired and before any transactions could take place, the approvals needed to be reissued and recorded. Charter addressed these issues, received approvals for the new redevelopment program and released the center while managing other co-tenancy issues. The center was sold in 2008.