Eaton Peabody

Greg Mitchell Aids in Best Buy Arrival - June 23, 2006

AUBURN – Electronic and entertainment super giant Best Buy will break ground in Auburn, at Mount Auburn Plaza, this summer. Eaton Peabody Consultant, Greg Mitchell, was one member of the development team, which secured  the retailer on behalf of his client developer, George Schott. George Schott also owns the Auburn Mall located across Mount Auburn Avenue from Auburn Plaza.

“We’re excited to report that we have a signed lease with Best Buy to lease a new 20,000-square-foot building adjacent to Ruby Tuesday, Longhorn Steakhouse and TGI Friday,” said Mitchell.

Since 1998, areas surrounding the Auburn Mall have become a hot spot for new retail development. This venture seems to be only the beginning of Schott’s plans. Future tenant announcements, in Mount Auburn Plaza, are expected this summer to include a financial institution and nationally recognized retailers for a new 40,000 square feet building being planned.

“When Mount Auburn is complete our next focus will be redeveloping the Auburn Mall; it’s a logical progression,” Mitchell said.

A transportation improvement plan was submitted to the Auburn City Council, for consideration, last week. Mitchell said “Approval of the transportation plan is needed in order to accommodate retail growth in Auburn Mall area. Once his client’s Mount Auburn Plaza is completed, Mitchell would like to see the Auburn Mall become the center of attention in City of Auburn. According to Roland Millar, Auburn’s Economic Development Director, the estimated $4 million to $5 million transportation plan is consistent with the City Comprehensive Plan. 

The Auburn Mall area, currently, has an estimated value at $62 million, with a projected $16 million in tax rolls once the retail development is completed. Best Buy will create 80 to 120 jobs locally and reserves $19 million annually to support local charities.