Clay, N.Y. -- A local real estate firm is partnering with the new owner of the former Macy's store at the Great Northern Mall to redevelop the space with restaurants, stores and entertainment.
Syracuse-based Acropolis Development has been selected by Lionheart Capital to oversee the leasing and management of the vacant 88,000-square-foot store at the front of the mall on Route 31.
Acropolis representatives said they plan to call the space The Shoppes at Great Northern. They said the project is planned to consist of two full-service restaurants, three "fast casual" dining concepts, a large-format entertainment component and some higher-end retail.
Floor plan for The Shoppes at Great Northern, the space formerly occupied by Macy's at the Great Northern Mall in Clay. (Click for larger view.)
Rich Lickfield, director of leasing for Acropolis, said no leases have been signed for the space yet, but that discussions are being held with an entertainment tenant for a large portion of the east side of the former Macy's store.
"Our ideal tenant mix would be something like CoreLife Eatery, Blaze Pizza and Smashburger, two strong national or regional restaurant brands, and a complementary 30,000-square-foot entertainment concept, which we are currently in negotiations with," he said.
Macy's closed the store in April 2017 as part of a plan to shutter 100 of its 730 stores nationwide. Lionheart Capital, a real estate investment firm based in Miami, bought the store at an online auction in January for $945,000.
Though attached to the mall, the store is a separate property that was owned by Macy's.
Lickfield said Acropolis has been in contact with Mike Kohan, the real estate investor from Great Neck who purchased the mall in February 2017 for $8.5 million. However, he said Acropolis at this time is only involved in the redevelopment of the former Macy's store, not the rest of the mall, which is experiencing a high vacancy rate after the loss of many tenants in the last few years.
He said the name The Shoppes at Great Northern was chosen to emphasize the project's status as a standalone development while acknowledging its history and connection to a well-known landmark.
"With exterior entrances and signage, it will shop like an outdoor lifestyle center with the added convenience of interior common area connecting the tenant spaces to themselves and to the existing mall during Syracuse winters," he said.
Acropolis representatives said they are confident the concept will be successful because, despite the mall's recent troubles, Route 31 between Route 57 and Morgan Road is one of the strongest retail corridors in the Syracuse area. The former Macy's store is the closest part of the mall to Route 31.
"While the Great Northern Mall has experienced a decline in recent years, we see the former Macy's location as having a lot of opportunity," said Rob Zaccaria, development manager and commercial real estate agent at Acropolis. "If considered as a new development, the location makes a lot of sense."
Acropolis Development's founder and owner is Steve Case. A former senior leasing director for Paramount Realty, Case been an active member of several Syracuse developments, including Xavier Woods, the Addis Building, and Whitney Lofts.
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