Rhode Island Mall purchased for $38M

WARWICK, R.I. (WPRI) – Big changes are coming to the historic Rhode Island Mall.

The 450,000 square foot shopping space was purchased by Winstanley Enterprises and Surrey Equities for $38 million.

The new owners are planning both interior and exterior renovations that will create larger store spaces for anchor stores in addition to the three anchor stores still open.

The remaining stand-alone retail space is home to Sears, Wal-Mart and Kohls.

The Rhode Island Mall opened as the Midland Mall back in 1967 and was known as the first two-level enclosed shopping mall in the area. The mall portion which is 225,000 square feet was closed in April of 2011.

“There is a rich history with this property, and we are very excited to breathe new life into the development by putting together a plan that will once again position the mall as a vibrant part of Warwick’s retail hub,” said Adam Winstanley, a Principal of Winstanley Enterprises.

The project is expected to produce about 225 construction jobs, and about 150 permanent and part-time retail jobs once the new stores open.

“We look forward to working with the business and local community as well as city officials to create new jobs as this project moves forward,” said Edward Silvera, president and principal of Surrey Equities.

Shoppers are excited about the possibilities.

“Well, I hope it works. I hope they make it nice again because it was a nice place to go,” said Fred Harrison, a shopper. “I hope it does come back.”

"We need jobs in Rhode Island, so, anytime a new business comes in and creates jobs and it's good for the economy,” said May Lodge. “It is good for me as a shopper. I like choices.”

Preliminary concept design work and permitting is scheduled to continue in the next six to nine months.