NISKAYUNA Officials in Niskayuna hope the demolishing of a vacant building in the budding ShopRite Square will hasten the shopping center’s revitalization.
Town Supervisor Joe Landry on Wednesday, Aug. 29, announced Inland Mortgage Capital Corporation, also known as IMCC St. James, LLC, is under contract to purchase the former Friendly’s building. Landry said the company has proposed demolishing the building to create additional parking and to connect the front and rear sections of the shopping plaza. The developer has also expressed interest to construct a new retail building facing Nott Street East.
The Schenectady County IDA will be providing a $35,000 grant toward demolition costs. The purchase price for the property was not disclosed.
The restaurant closed two years ago and Landry said negotiations have been “on and off” since then, but IMCC is now committing to buy the property. Landry said the development would help enhance the plaza and make way for another retailer.
“There are open retail spaces that they are trying to lease out and we are hoping the demolition of the Friendly’s and the opening of the parking area … will help with the leasing of that,” Landry said. “It will make more of the retail outlets much more visible from the road and visible to people using the parking areas.”
IMCC has been in discussion with “several tenants” to lease space at the front portion of the plaza and “several” prospective tenants have expressed interest in leasing the new building, according to Landry.
The company is mum on who has expressed interest in the proposed new building.
Town officials expect to see plans later this month detailing demolition, addition of new parking and landscaping and the new building. A simple permit would be needed for demolition, but any proposed development would require approval from the Planning Board.