The VF Outlet in Dartmouth will be getting a new look--and some new neighbors--after a change in ownership.

The Faunce Corner Road property was purchased back on May 5 by Paul Downey, principal of Stanley Street Holdings, LLC.

Liz Isherwood, publicist for Downey, tells WBSM News that Downey will be working with existing tenants while also looking for new occupants after updating the property.

"There's quite a bit of empty space there, so he has plans to convert it to something that could probably attract medical offices or other types of offices, and make it a mixed-use building," she said. "I think it will all be compatible with shopping, and depending on who he ends up attracting as tenants, I'm sure that will decide what the interior design will be, so that it will be suitable for everybody to be there."

Isherwood says she believes this was the only remaining VF Outlet in which that company still owned the property, and that they "wanted to get out of the real estate business, and concentrate on what they do best."

"VF Outlet has owned and operated the facility for more than 25 years. Selling this property aligns with our strategy to invest our resources in the areas that best position VF Outlet to meet our business objectives and meet the needs of our customers," said Richard Maloof, Senior Director of Real Estate for VF Outlet. "VF Outlet will continue to lease space and operate the VF Outlet retail store. No jobs of VF Outlet employees will be affected by the sale of the property."

Isherwood said the next step in the process is starting with some exterior redesign.

"(It) will be getting a couple of building permits from the town to do the alterations to the parking lot that Paul wants to do," she said. "And he's going to redo the facade of the building, those will be the next two things. And then there will be a phase two that will depend on who the tenants are."

In a release, Downey expressed excitement about his newest acquistion.

“This project is an exciting opportunity to take a Dartmouth landmark that has served countless families over many years and repurpose the building to a multi-use building,” Downey said. “We are pleased that VF Outlet will be part of the mix, and we will work with other existing tenants while actively looking for new tenants. The building and parking lot will be redesigned to reflect the ever evolving development that has taken place along northern along Faunce Corner Road over the last 15 years.”