Lot owner Burke said he plans to build a 6,000-square-foot retail center with tenants that will include Starbuck's Coffee and Moe's Southwest Grill. He wouldn't say who the third tenant would be.
"Somebody called this ground zero for retail recently, and I agree. This is a highly visible property," said Burke.
He said he plans to spend $3 million on the property and retail center.
The property is not the only one on the revitalization's committee to-do list.
Weeks ago, the town watched as the former Nichol's Bait shop on McNutt and Central avenues came down, and another vacant automobile shop on Fuller Road was turned into a Mama Mia's deli in July.
Still the J.J Naughter site is a big win for the committee and department heads, some of whom had put the site at the top of their own lists.
"This one was on my own to-do list," said Denise Sheehan, Planning and Economic Development Department director. As former state Department of Environmental Conservation commissioner and former resident of West Albany, the site of several vacant industrial properties, Sheehan had always wanted to the see the Wolf Road site remedied and redeveloped, she said.
"I have 15 sites on my list. I put this one on top," she said.