Hart Lyman & Conifer Realty Unveil $1 Billion Mall Redevelopment Near Syracuse, NY

The Hart Lyman Cos. and Conifer Realty have revealed updated plans for the redevelopment of Great Northern Mall, located near Syracuse, N.Y. The ambitious project encompasses a variety of amenities including housing, medical facilities, professional offices, a municipal community center, hotel accommodations, as well as retail, dining, and entertainment options.

Vision for the Redevelopment

The developers envision transforming the 215-acre site into "a vibrant town center" featuring a walkable environment, an entertainment district, a health and wellness campus, and a premier residential community. These plans are currently under review by officials at the town of Clay, N.Y.

Projected Investments and Facilities

The redevelopment project boasts a total investment exceeding $1 billion and is expected to include more than 600,000 square feet of retail, community, grocery, restaurant, and entertainment space, along with over 790,000 square feet of medical and office space, and approximately 750 hotel guestrooms. Additionally, multiple "mixed-use clusters" are planned, each accommodating 300 to 500 new housing units. Construction is slated to commence in the fourth quarter pending rapid permitting and approvals.

Key Players and Background

Hart Lyman, headquartered in Syracuse, and Conifer Realty, with offices in Rochester, N.Y., are the driving forces behind the project. Notably, Conifer Realty has a track record of developing over 21,000 affordable housing apartments across more than 300 residential communities.

Semiconductor Facility Boosts Economic Growth

In addition to the mall redevelopment, the town of Clay is set to welcome a significant semiconductor manufacturing facility. Micron Technology's announcement of a memory-chip fabrication plant, with an investment potentially reaching $100 billion, marks a substantial economic milestone. This "megafab" is anticipated to be the largest-ever private investment in the state of New York, with groundbreaking expected later in the year.

Impacts of Semiconductor Development

The construction of semiconductor fabrication plants across various U.S. locations, buoyed by initiatives like the CHIPS and Science Act, continues to drive industrial real estate development, underlining the sector's significant influence on economic growth.