The sale of an old shopping mall has paved the way for future development in central New York.
Hart Lyman Companies acquired Great Northern Mall at 4155 State Route 31 in Clay, New York, from Kohan Retail Investment Group in July 2023 for $9 million, equivalent to $13.03 per square foot. The transaction received a 2024 CoStar Impact Award for sale/acquisition of the year in Syracuse, New York, as judged by real estate professionals familiar with the market.
The land of Great Northern Mall will be used as part of a significant mixed-use town center development in Clay, with plans for an estimated 1,700 apartments, several hotels, upwards of 600,000 square feet of rentable retail space and 790,000 square feet of rentable medical and office space. Construction on the project could begin as early as the fourth quarter of 2024.
The redevelopment of Great Northern Mall into a town center follows semiconductor company Micron Technology's announcement that it intends to build up to four plants in Clay over a 20-year period, creating 9,000 jobs.
About the Project: Great Northern Mall was built in 1980 and sits on a 130-acre lot. Altogether, the mall had approximately 645,000 square feet. The property is located at the intersection of Route 31 and Interstate 481.
What the Judges Said: Judges called the Great Northern Mall transaction "tremendous" for the Syracuse community, adding that the asset is in good hands with "a local, experienced developer."
They Made It Happen: Kyle Fant, senior vice president, SRS National Net Lease Group; Britt Raymond, managing director and market leader, SRS National Net Lease Group