DeWitt (WSYR-TV) – Although Central New Yorkers shouldn’t expect dramatic changes overnight, the new owners of ShoppingTown Mall say they plan to bring the shopping center back to life.
Moonbeam Capital Investments closed on ShoppingTown last week after submitting the winning bid in an online auction last month.
And while its much more heralded neighbor has grown beyond just a mall into a top attraction in Upstate New York, ShoppingTown has been in decline for several years.
After it ended in foreclosure in 2011, the mall wound up on the auction block.
Moonbeam Capital, which takes distressed properties, sees a real opportunity at ShoppingTown.
“The mall is strategically located, it's a good part of town. We love the seasoned shopper base that exists here. We like the potential opportunity to lease it up,” said Moonbeam Capital Investments CEO Steven Maksin.
Maksin says they plan on bringing exciting tenants to the mall and, they say, entertainment will be key to the resurgence.
"We definitely see this as a retail opportunity longterm. It increases sales tax base for the town, it also brings value to the shoppers but we need to balance it with what the community needs at this point,” Maksin said.
One point of concern – the DeWitt Library – will remain at ShoppingTown, Maksin said.
He added that they plan on staying with the new acquisition for the long haul.
According to Moonbeam, it will take six to nine months to develop a plan for ShoppingTown’s revitalization. They will meet with several stakeholders in the meantime to formulate the plan.