Many ‘Dying’ Malls in New York Getting ‘Innovative’ Renovations
"Innovative" plans may once again make a number of malls in the Hudson Valley and across New York "ultimate" destinations.
Pyramid Management Group, which owns a number of malls in New York and the Hudson Valley started a long-term plan to bring what officials describe as "innovative and diversified offerings" such as residential housing within the area of the company’s shopping centers.
The Pyramid Management Group owns and operates malls in Poughkeepsie, Middletown, West Nyack, Plattsburgh, Syracuse, Watertown, New Hartford, Buffalo and two in Albany. Below are photos of what the apartments could look like.
“Staying ahead of the curve is the key to our success and resilience as a company," Pyramid Management Group Stephen J. Congel stated. “The development of a residential complex is really just the beginning of a much broader, portfolio-wide diversification strategy to bring popular, exciting new uses into the mix with our existing assets. We are pleased to be moving forward with other residential projects across our portfolio."
Last month, ground officially broke on a 282-unit residential development which is right next to a mall Pyramid owns in Massachusetts. When completed, the new residential complex adjacent to the Kingston Collection will bring much-needed market-rate rental housing units to the area, officials say.
"Pyramid now plans to replicate this formula throughout its portfolio as the popularity of ‘live/work/play’ destinations continues to increase among the U.S. population, and especially within the Millennial and Empty Nester demographics," the company wrote in a press release.
Last month, Genting Americas announced a proposal to develop and operate Resorts World Hudson Valley, a video gaming machine facility, at the Newburgh Mall in Orange County.
"Our goal is to help transform Newburgh Mall into the ultimate shop, dine, and play destination in Hudson Valley, and we look forward to working with all of our partners to turn that vision into a reality," Vice President of Government Affairs and Public Relations at Genting Americas Meghan Taylor said.
The $32 million project would turn the 90,000-square feet space into a gaming and entertainment destination with approximately 1,300 VGMs and Resorts World’s signature lounge, Bar 360.
"The project will revitalize a dying mall and employ hundreds of permanent, good-paying jobs with an emphasis on hiring from the City of Newburgh," Senator James Skoufis (D-39th Senate District) told Hudson Valley Post. "The Newburgh Mall, a dying property with its best days far behind it, will see a major renovation, receive an enormous infusion of investment, and lay the groundwork for attracting high-quality amenities in the remaining spaces of the mall."
Resorts World Hudson Valley hopes to create approximately 215 new full-time jobs, the large majority of which would be union employees and an additional 200 construction jobs. The average annual wage for full-time employees would be $72,000 per year. The proposed facility would be leased from the mall property owner and Resorts World Hudson Valley would contribute $3 million annually through a Host Community Benefit Agreement and an estimated $65 million annually to support public schools through statutory payments to the New York Lottery Education Fund.