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Summit Mall Redevelopment To Start With Massive Repairs - City & Region - The Buffalo News

Cocov, whose Zoral Investments is based in Brampton, Ont., presented general plans for turning the mall into a mixed-use destination that may attract tourists, including a tasting room for New York State wines, and other retail and entertainment facilities. Cocov, who has been in the real estate business in Canada for 30 years, declined to provide names of prospective tenants or http://moshewwrs.blog.com types of businesses. Its speculative. Were certainly meeting with tenants, he said, One thing it will not be is a traditional shopping. Cocov, who developed an outlet mall in Kingston, Ont., said it would be counterproductive for Summit to compete with the Fashion Outlets Mall in the Town of Niagara and a new outlet mall in Niagara-on-the-Lake, Ont. Weve determined the local market cannot support another indoor mall, Cocov said. A small business incubator, to be operated with the help of Niagara County Community College, also is part of his plan, But Al Green of AE Media of West Seneca, a consultant to the project, said it will not be part of the tax-exempt development program near State University system campuses that the state is promoting. Cocov said he has a sale contract, not yet closed, to buy 580 acres of land around the mall from Forest City Enterprises, with the possibility of constructing a golf course in the future. He also told the IDA board that he might build a hotel someday on one of the outer parcels he bought from Oberlin Plaza One, the malls last owner, which filed for bankruptcy protection. But first things first. Job One is turning on the electricity. Cocov said when he inspected the mall, he found that seven of the nine electrical rooms had been gutted, apparently by vandals stripping wire. Also, most of the 128 rooftop heating and air conditioning units had been damaged, likely by those seeking to steal metal and sell it for scrap. Thieves who broke into the mall through a roof hatch in early 2013 left it open, leading to frozen and burst pipes and a flood that left six inches of water on the floors. Since the purchase, Cocov said three people have been arrested for entering the mall, despite the installation of new alarms, sensors and surveillance cameras. There is significant infrastructure damage, Cocov told the IDA board. The budget weve proposed will take several years of work. It will be done in phases. However, Green said the mall, built in 1972, is structurally sound. Normally, we would not be inducing retail all by itself, IDA Chairman Henry M. Sloma said. The PILOT will take advantage of an exception in the IDAs policies allowing aid to retail-oriented projects that create a tourist destination. The IDA will hold a public hearing on a date to be announced and is expected to vote on the deal at its Nov. 12 meeting. Cocovs application estimates the creation of 34 new jobs. He said he has transformers on order from National Grid and hopes to work through the winter and open a small portion of the mall to new tenants next summer.
With regard to the primary release including all additional illustrations or photos or videos, check-out Summit mall redevelopment to start with massive repairs - City & Region - The Buffalo News

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