Cranston RE firm buys Foxborough plaza, plans $25M project
Friday, December 4, 2015 by Lori Stabile, Web Editor, Providence Business News
FOXBOROUGH – Cranston’s Saletin Real Estate Group recently acquired Foxfield Plaza here for $5.5 million and is proposing to redevelop the 19-acre site at 369 Central St. into a mixed-use development called Forbes Crossing.
According to Jeffrey Saletin, owner and president of Saletin Real Estate and manager of FM Partners LLC, the entity that bought the parcel, the project is expected to cost more than $25 million. It was purchased from Island Sales Inc. Smith Realty Associates and Swamplands LLC.
The existing plaza, which Saletin called “an old, tired, but very well-located property,” will be demolished to make room for the new development, featuring a 139-room Hampton Inn and Suites by Hilton, expected to open in June 2017, as well as three pad sites for offices and more than 46,000 square feet of retail space. The proposal includes two restaurants, or a bank and a restaurant.
“Our proposal for a mixed-use site will bring activity into the area,” Saletin said in a statement.
The site is on the Foxborough/Mansfield line, near Gillette Stadium and the Xfinity Center.
“The town of Foxborough is truly excited to see the former Foxfield Plaza redeveloped into the ‘new’ Forbes Crossing Development,” Town Manager William G. Keegan Jr. said in a statement. “For many years the town has seen this property considered for redevelopment and the concept and strategy of Forbes Crossing has all of the necessary elements for a highly successful venture.”
Saletin said the project received Planning Board approval Thursday night.
The Saletin Real Estate Group has teamed up with DiPrete Engineering in Providence to complete land surveying and site engineering.
DiPrete Engineering is leading the design team, which includes GZA GeoEnvironmental, Pare Corporation, Studio 401 Architecture and Natural Resource Services, through the permitting process. Sage Environmental in Pawtucket also is working on the project.