Ray Jackson, the principal of Stonewall Capital in Timonium, Maryland confirmed the agreement to PennLive on Friday afternoon.Jackson said George Connor, the executive director of Dauphin County Economic Development, encouraged him to look at the property.
In a letter to the township obtained by PennLive, Stonewall Capital said it plans to create a mixed-use community that will include retail, restaurants, apartments, for-sale condo units, a medical office building and a hotel. The company said in the letter that it plans to keep as many existing mall tenants in place as possible during demolition and construction.
“It’s very important to me personally and to my company to protect the integrity of the existing tenants,” he said.The Boscov’s store is owned separately from the mall. Jim Boscov, CEO of Boscov’s, said the planned purchase and development was good news.Boscov said the 37-year-old store at the Colonial Park Mall will remain open and the location is doing very well.Michael Kohan, the owner of the Kohan Retail Investment Group, could not immediately be reached for comment.