The owner of the Midtown Mall said during a Worcester Redevelopment Authority meeting on Friday that he anticipates the space to be 90% occupied within five to seven years.
Felicio Lana, who bought the blighted property at 22 Front St. in Worcester for $4 million last May, provided a status on the Midtown Mall to the WRA on Friday.
Part of the update included that he’s targeted four “major tenants” including two that already have signed letters of intent.
Lana said a market and a rooftop restaurant have signed 10-year letters of intent. An option to renew for another 10-years is available after the first decade.
Neither business has signed a lease, Lana said.
Each is waiting for the current facade on the outside to be replaced with a glass facade, Lana said. Lana has already applied for the permit for the work on the facade, he told the WRA.
“We are anxious just like everyone else to get this going,” Lana said.
Lana also hinted that an arcade may be interested in space on the lower level of the Midtown Mall.
Lana told the authority he sees nothing that would prevent him from reaching his goal of 90% occupancy in the building within seven years.
The Redevelopment Authority had considered taking the building by eminent domain before Lana purchased the property last year.
In his meeting with the WRA on Friday, Lana vowed to update every “square inch” of the space.
Last August, he told the redevelopment authority he had already invested $180,000 into the property since purchasing it.
“It’s not because I’m looking at what it’s going to be worth 5 year from now or 10 years from now,” Lana said. “It’s because I love what I do. I love what i do and then everything else falls into place.”