What Do New Owners Have Planned for Fellsway Plaza?

The new owners of Medford’s Fellsway Plaza told the City Council Tuesday that big changes are on the way.

Charter Realty & Development Principal Paul Brandes said his firm is looking to attract “higher-quality tenants” that are “more up-to-date” with what the community would want.

“We would like to see greater customer traffic at this property, and we think that’s very achievable,” he said in the council’s Committee of the Whole meeting.

Charter Realty & Development, a real estate investment and development company based in Rye Brook, N.Y., and Regency Centers Corporation, a real estate company based in Jacksonville, Fla., teamed up to buy the plaza from its original owners, Berenson Associates of Boston, in May. Berenson Associates had owned it for about 60 years.

Charter, which has a Lexington office, will serve as the face of the property and handle its development, management and leasing, according to Brandes, a Tufts University graduate. He said his firm is very hands on.

CW Price Out

Brandes said Charter is in talks with a number of potential tenants, but he isn’t able to say more until leases are signed, hopefully early in the new year.

He did say CW Price is going to move out in the middle of 2014 though and the space will most likely be split.

“[CW Price] certainly has an appeal to a certain group of customers,” Brandes said, “but we’re trying to take the shopping center in a different direction.”

Although not definitive, Brandes said Casual Male, Hallmark and Payless Shoes possibly may be moving out as well.

New Restaurants?

Charter is planning to build a new building along Riverside Avenue that will be home to three “fast casual” restaurants, according to Brandes.

He also said there are talks with new restaurants for existing spaces in the plaza as well.

Stop & Shop?

As for Stop & Shop, when asked about the grocery store’s further, Brandes said, “Stop & Shop is doing very well and is happy to be here.”

Charter is also planning significant aesthetic improvements to the plaza.

Charter redeveloped Twin City Plaza in Somerville about a decade ago.

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