The Farmington Downtown Development Authority is working with an investment firm that specializes in repositioning old or unused yet promising commercial spaces.
At the same time that the firm, Manifold Ventures, takes over a shopping center that is anchored by TJ Maxx. Other improvements to downtown are unfolding.
Annette Knowles, executive director of the Farmington DDA, says Manifold Ventures
, was attracted by the DDA's offers to contribute funds toward facade improvements to a closed store and by the financial assistance they offered toward the interior renovation.
"Manifold Ventures seeks to acquire buildings that exist in excellent locations but are in need of repositioning or recapitalization," says a statement distributed by Knowles. "The owners believe Farmington matches their vision of creating a walkable community with great potential."
She says as the space occupied by TJ Maxx is renovated Manifold will look for high-quality tenants that contribute to a new vision of downtown Farmington, one that's more walkable and accessible to different transportation options.
Work should begin in early spring 2013 and will coincide with improvements to Grove Street and a project that will add parking spaces to the center of downtown.
“Our vision is to help transform Farmington into a walkable neighborhood community, with integrated shopping, dining, and recreation,” Ricky Singh, Manifold Ventures principal, says.
Writer: Kim North Shine
Source: Annette Knowles, executive director, Farmington DDA