New life planned for plaza in Dunmore
Leasehold acquired for 4.5-acre former Price Chopper site.
A local real estate company acquired a leasehold interest in two parcels that make up the former Price Chopper Plaza in Dunmore.
A single-purpose entity headed by local real estate developers Gerald and Joseph Ferrario, known as 1400 Monroe LLC, acquired a leasehold for the roughly 4.5 acre property for $855,638, according to information at the Lackawanna County Recorder of Deeds office.
The transaction is a complicated one, Joseph Ferrario said. In the next few weeks, he expects the future of the property will be clearer, but declined to offer details.
“We have roots in Dunmore, and naturally we want to develop it,” he said. “We saw it as a good property.”
In 2011, the Schenectady, N.Y.-based grocer closed the small store that served Dunmore’s and Scranton’s Hill and Green Ridge neighborhoods for generations, and as a Price Chopper since 1982.
The officials cited low traffic at the small plaza. A drugstore vacated the site a few years previous. A hair salon followed. Many years ago, the site had been a minor-league baseball field.
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John Cognetti of Hinerfeld Commercial Real Estate sold the lease hold.