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What you need to know for 01/24/2018

Colonie Center to get multi-million dollar ‘update’

Colonie Center to get multi-million dollar ‘update’

In the coming year, Colonie Center will pour millions of dollars into renovating its common areas, f

In the coming year, Colonie Center will pour millions of dollars into renovating its common areas, food court and more to create an “ambiance that is unparalleled” in the Capital Region, management announced Thursday.

Construction will begin this summer and be completed by late 2015. The renovations will include new contemporary restrooms, a makeover for the food court and center court and the addition of soft, comfortable seating areas throughout the mall.

“At Colonie Center’s core is a shopping center. At its heart is an experience,” said Steve Plenge, president of Pacific Retail Partners and partner in KRE Colonie Owner, affiliates of the mall’s owners. “Over the next year, Colonie Center will bring that experience to another level for shoppers in upstate New York. We plan on renovating existing common area spaces to give them an updated look and feel consistent with the evolving tastes of today’s shoppers. This revitalization of an already thriving center will look to create an atmosphere that is instantly fresh, relatable and welcoming.”

The parking lot will also get some upgrades to make it more accessible and allow for potential development of future pad sites and retail expansion.

Colonie Center just welcomed the region’s first Whole Foods Market, which opened in the southwest corner of the mall in space owned by Sears.

KKR and Colonie Pacific bought the 1.3 million-square-foot mall last April. At the time, it generated about $245 million in retail sales and leased space for an estimated $400 per square foot. The new owners said they planned to make several capital investments in the mall and focus on attracting new tenants to the market.

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