Latham Circle Mall
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| Location | Latham, New York |
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| Opening date | 1957 (Open-air), 1977 (Enclosed) |
| Owner | Eugene Weiss |
| No. of stores and services | 24[1] |
| No. of anchor tenants | 3 |
| Total retail floor area | 660,000 sq ft (61,000 m2) |
| No. of floors | 2 (main mall is on first floor, with movie theater and some offices on second floor) |
Latham Circle Mall is an enclosed shopping mall located adjacent to the Latham Circle (the intersection of US 9 and NY 2) in Latham, New York. Built in 1957 as Latham Corners Shopping Center, the mall was renovated several times in its history. It is anchored by JCPenney, Regal Cinemas, Burlington Coat Factory, and Lowe's Home Improvement. With very few inline tenants remaining, it is classified as a dead mall.
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[edit] History
Latham Circle Mall was opened in 1957 as an open-air plaza called Latham Corners Shopping Center[2] before being converted into an enclosed mall in 1977. The new mall featured a JCPenney (which stayed over from the original strip), Woolworth, and Boston Store as anchors. The mall was expanded in 1988 to include a Caldor, a new JCPenney store to replace the old one and a second level which would house the ten screen movie theater. The two level space occupied by The Boston Store closed in the late 1980s, however, due to a fire. The store closed for remodeling and was replaced by Burlington Coat Factory in the early 1990s.
Woolworth closed in 1995 and was replaced in 1998 with Stein Mart, which subsequently closed in 2001. Also, Caldor closed in early 1999 when the chain went out of business. The Caldor wing was finally demolished in 2003 for a Lowe's which does not open out to the mall. Many other tenants began to leave during the 2000s, leaving Latham Circle as a dead mall.
In February 2010, owners of the mall have been in talks with a major retailer to occupy the open space.
[edit] Cancelled renovation
It was reported on May 19, 2007 by all major Albany media outlets that plans were underway to renovate the mall. The plan would have involved a complete refacing of the building, as well as several new tenants. The renovation never materialized, however. Latham Circle Mall has since faced foreclosure and is in debt for $21 million.[3]
[edit] New ownership
In September 2009 the mall's Boston-area lender, LR6-A Latham L.L.C., bought the property at auction. The lender, which is an affiliate of the real estate investment firm Realty Financial Partners of Wellesley, Mass. brought foreclosure proceedings against the mall last year. [4]
[edit] New leasing effort
On May 2, 2011, CB Richard Ellis took over leasing at Latham Circle Mall. [5] They have released a new redevelopment plan, which aims to be a mixture of anchor stores, small shops, restaurants and grocery. This plan involves removing most, if not all, of the indoor mall portion. Existing anchor stores such as JC Penny, Burlington Coat Factory, and Lowe's will remain in their current locations. [6]
[edit] References
- ^ http://www.bizjournals.com/albany/stories/2008/06/09/story5.html
- ^ http://2.bp.blogspot.com/_AcUdTl7Aq-s/S3xDiWiCpvI/AAAAAAAARII/hMw4RSIDaBI/s1600/02_Latham%2BCorners%2Bgrand%2Bopening%2B-%2BCopy.jpg
- ^ Latham Circle owners ask for time as lender files $25M foreclosure petition - The Business Review (Albany):
- ^ http://www.bizjournals.com/albany/morning_call/2011/05/cb-richard-ellis-takes-over-leasing-at.html
- ^ http://blog.timesunion.com/realestate/new-leasing-effort-at-latham-circle-mall/7800/
- ^ http://www.cbre-ne.com/cbre/grossman_retailadvisors/properties/ny/800_New_Loudon_Road_Latham_Brochure.pdf
[edit] External links
Coordinates: 42°44′47″N 73°45′51″W / 42.74639°N 73.76417°W
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