FAQs

Centennial is a national owner of major shopping, dining, entertainment, and mixed-use destinations. Rooted in retail since 1997, Centennial is focused on shaping the evolution of American retail by creating a superior multi-faceted shopping experience. What makes Centennial properties unique is our ability to create dynamic places of commerce that support a place of community. For more information, visit CentennialREC.com.

Centennial is proposing to develop a residential community with approximately 300 luxury, market rate apartments located on the southeast corner of the Connecticut Post Mall property.  Adding a residential community will harness the amenities and infrastructure currently in place and begin the process of transforming the mall from a traditional retail space to a modern, mixed-use property.

Centennial has owned the mall since 2015 and has consistently invested in keeping the property’s retail and restaurants fresh, adding national names as well as neighborhood favorites.  We have also developed a robust event calendar to attract shoppers while engaging the community.  However, these changes are not enough to outweigh the larger downward economic trends impacting the broader retail industry.

The rise of e-commerce and changing consumer preferences have resulted in an overall decline of shopping at malls and brick and mortar retailers around the country. Retail industry analyses show between 25% and 50% of existing enclosed malls will no longer be economically sustainable in the coming years.  The Connecticut Post Mall is not immune from these new challenges and has experienced a steady decline in shopping resulting in:

  • Growing vacancy rates and store closures including anchor and smaller tenants
  • A 20% drop in visitors over the past five years
  • Drop in taxable assessed value from $176,000,000 in 2010 to $149,000,000 in 2019

Further, the rise of COVID-19 will bring additional challenges to the Connecticut Post Mall as well as the retail industry across the country.

Centennial is confident that the addition of a residential community will serve as a catalyst, advancing the property towards its mixed-use future.  This will in turn ensure the long-term viability of the Connecticut Post Mall, sustaining its role as an economic engine and the city’s top tax payer.

 

The proposed residences at the Connecticut Post Mall will be a vibrant addition to the community that will attract new residents while also providing new housing options for current residents who would like to live in Milford but may not want or need a single-family home.

Additionally, the project will create hundreds of new jobs and once completed, will generate an additional $1.25 million in real and personal property tax revenues every year.

The residential community will provide an option for younger residents and families who want convenient access to entertainment, recreation, and shopping.  This will be a modern, walkable, mixed-use environment providing Milford residents with a unique place to live.

The Connecticut Post Mall property is currently zoned Shopping Center Design District, which permits multi-family residential development.  However, to move forward, RCP will require a regulation change in order to create a residential community that meets the current market’s expectations for an upscale environment, and at a density that can have a positive impact on the mall and the Property’s assessed value.   Centennial will submit an application to the City of Milford’s Planning and Zoning Board which has jurisdiction over these types of regulation changes.  While RCP is optimistic that the Mayor, the members of the Board of Alderman, and all city officials will support the regulation amendment application, only the Planning & Zoning Board has jurisdiction over the application.

Centennial’s proposal for RCP will generate substantial positive economic impacts, including over $1 million in new annual tax revenues and the creation of hundreds of new jobs.

Increased Tax Revenues

The Connecticut Post Mall is Milford’s largest taxpayer, contributing $3,870,272 in tax revenues in 2019.   Once completed, Centennial estimates that RCP will generate $1,101,772 in new real estate property taxes and $113,472 in personal property taxes, bringing the total annual tax revenue paid to Milford to $5,085,516.

Creating New Jobs

During construction, RCP will be a significant job creator, generating and sustaining an estimated 372 new jobs and $34.8 million in wages in the first year. Starting in the second year, we estimate the residential community will create and/or sustain 117 jobs.

 Increasing Consumer Spending

The 300 households in the residential community at Connecticut Post Mall will generate an estimated $4,950,000 in total discretionary spending.  We conservatively estimate that 25% of household discretionary spending takes place in the local community, resulting in $1,237,500 in consumer spending at local Milford businesses.

 

The Connecticut Post Mall is Milford’s largest taxpayer, contributing $3,870,272 in tax revenues in 2019.   Once completed, Centennial estimates that RCP will generate $1,101,772 in new real estate property taxes and $113,472 in personal property taxes, bringing the total annual tax revenue paid to Milford to $5,085,516.

During construction, RCP will be a significant job creator, generating and sustaining an estimated 372 new jobs and $34.8 million in wages in the first year.

Starting in the second year, we estimate the residential community will create and/or sustain 117 jobs.

We anticipate the residential community will have little to no impact on city services. Our analysis estimates that the proposed residential community will generate $280,710 in annual general government services costs.  Most importantly, the development will generate the tax revenues required for the services it uses. RCP will generate an estimated $1.25 million in new real and personal property tax revenues every year, more than paying for any general government costs incurred.

The plan calls for luxury, market rate apartments in a five-story building with an anticipated mix of 135 one-bedroom units, 135 two-bedroom units and 30 three-bedroom units.

Since most of the proposed units (90%) are either one or two bedroom units, we anticipate that RCP will draw a mix of predominantly empty nesters and young professionals, with a high proportion of single residents.

Centennial’s vision calls for a best in class project with classical modern architecture that will both complement the existing mall and set the tone for the future redevelopment of the property.

The expected traffic impacts will be minimal at most.  Traffic is evaluated based upon the peak hour that a particular use generates.  For retail uses, the peak hour is late afternoon on Fridays and mid-afternoon on Saturdays.  The peak hour for residential is the morning commute and the evening commute.  As a result, not only will the two uses enhance each other, but the traffic generated by the two uses will dovetail nicely.

The Mall is under the jurisdiction of the Office of State Traffic Administration (“OSTA”).  Any changes to the Mall property that has the potential to generate additional traffic must be reviewed and approved by OSTA.  Because of the reduced traffic to the mall, and because of the minimal traffic impacts from the residential use, it is anticipated that there will be little or no need for any off-site traffic improvements.

In addition to dedicated parking for the RCP, the property will still offer ample parking with more than 4,500 spaces on site.

RCP is proposed for an approximately eight acre section of the Connecticut Post Mall parking lot.  Utilities, including power, water, and sewer are all currently in place on the property and will not need to added.  There is also in place roadway and parking infrastructure that would more than accommodate residents’ vehicles.  As such, we are confident that there would be little to no impact on the environment from RCP. 

Sustainability, efficiency, and the environment are an integral part of our corporate social responsibility plan. In the last five years, our recycling, building smart building automation, and lighting initiatives have cut carbon emissions across our properties by more than 4,000 tons, the equivalent of powering 532 homes for a year or taking almost 1,000 cars off the road for a year.  We are committed to incorporating environmentally-sustainable practices at every Centennial property including Connecticut Post Mall.

Upon approval of the requested regulation amendment, Centennial will be required to obtain a special permit and site plan approval from the Milford Planning & Zoning Board.  If those applications are approved, the project can commence construction upon the issuance of a building permit.

The Mall is under the jurisdiction of the Office of State Traffic Administration (“OSTA”).  Any changes to the Mall property that has the potential to generate additional traffic must be reviewed and approved by OSTA.  Because of the reduced traffic to the mall, and because of the minimal traffic impacts from the residential use, it is anticipated that there will be little or no need for any off-site traffic improvements.  No other approvals from the State will be required.

Once final approvals are granted, we estimate that construction will take approximately two years.

Centennial is committed to minimizing the effects of construction and will develop a plan to address dust, noise, and traffic impacts on the property and its visitors. Since construction will be contained on the mall site, we do not anticipate any impact to the community.

We encourage members of the community to visit our website for regular updates.  Also, feel free to get in touch with questions or comments through the contact form on our website.