HLC and Conifer Realty bought the property for about $9 million, according to Hart. The acquisition closed on July 28, Lara Schwager, executive vice president of development + acquisitions at Conifer Realty, told CNYBJ during the telephone interview.
The acquisition follows the settlement of a lawsuit about the purchase agreement.
The Hart Lyman Companies is a real-estate investment and development firm with more than 50 years of commercial real-estate development and leasing experience. Conifer Realty, LLC is a real-estate company specializing in the development, construction, management, and ownership of high-quality, affordable housing communities.
Plans call for a “town center” project with medical offices, entertainment spaces, and hundreds of residences, per a news release about the acquisition. The vision for the mall site aims to establish a “dynamic and walkable environment, where people can seamlessly integrate work, leisure, shopping, and living experiences.”
Construction is anticipated to start next year after “further refinement” of the project’s concept and site planning, per the news release. When asked about the project cost, both Hart and Schwager said it’s still to be determined.
The news release about the purchase indicates, “the immense scope of the project will require a substantial investment in the hundreds of millions of dollars, reflecting the commitment to addressing the housing shortage and accommodating expected growth from the Micron project.”
Onondaga County Executive Ryan McMahon commended the completion of the deal.
“We’re excited to see a local developer take the reins on this ambitious project, breathing new life into Great Northern Mall and the surrounding region. This redevelopment aligns with the county’s vision to accommodate the influx of thousands of workers expected at Micron Technology, as well as the tens of thousands of supply-chain jobs. This represents a significant step towards achieving our goals of fostering unprecedented growth and opportunity,” McMahon said in the news release. “As a growing community, it is critical that any development in our County reflects the high-quality standards we deserve and this proposed redevelopment of Great Northern does just that. Thank you to Conifer Reality and Hart Lyman for making this project a reality.”