Several years ago developers were putting the finishing touches on their plans to build 215 luxury condos adjacent to the Neiman Marcus and Nordstrom department stores which were already under construction in Natick.  The single-level condos would be priced in range from $379,900 for an 800-square-foot unit to $1.5 million for 2,200 square feet. 

It was all part of a plan to transform the Natick Mall to a shopping and living Mecca which would include 65 new stores, four restaurants, two twelve-story living towers and a world class fitness center.

The $170 million Nouvelle in Natick is now set to be an all-inclusive club with a luxury atmosphere and upscale amenities including video security monitoring, guest reception areas with fireside seating and a 1.2 acre rooftop garden.

The concept of an integrated housing and shopping center has caused some people to ask, "Why would you want to live at the mall?" 

Proponents say they like the idea of city living while still being in the suburbs.  Life at the Nouvelle offers convenience and close proximity to restaurants and shops with everything you need within walking distance.

But, downtown life in a city usually includes the closeness of cultural offerings like museums and theatres.  Apart from the General Cinema Movie Theatre, there is nothing cultural about the commercial Route 9 area and the scenery surrounding the area is anything but pretty.

The stores at the mall, now called "The Natick Collection," have been suffering under these troublesome times.  Also, a recent article in the Boston Business Journal reported that General Growth Properties, Inc, the developer of the Nouvelle, is in financial difficulty.  Of the 215 units planned only 31 have been sold or reserved showing some trepidation from the buying public.

In all fairness, buyers who look at properties like the Nouvelle have a vision of a hassle-free lifestyle that includes the benefit of luxury accommodations along with easy access to all of life's necessities.  There is some appeal for those who can comfortably afford the high unit price tag along with condo fees that start at $600 per month.

It is just my take that, given the current economic climate and the potential instability of this project that would-be condo buyers should proceed with an abundance of caution before making the leap to a life at the mall.

Copyright 2009 - Claudette Millette, President, TheBuyersCounsel -  800-392-1446, E-mail    

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