DCG plans mall renovations; chip fab impact outweighs weak retail market - The Business Review (Albany):

http://rhce-linux.net/bbl0064.html
The developer will transfornm thevacant Steinbach’s at into 10 to 15 individual creating an additional 40,000 to 45,00p0 square feet of leasable space. DCG also plansz to build a 120-roo m hotel. Town planners already approvedthe Steinbach’s renovations and are scheduler to review the final drawingws for the hotel on April 14. DCG hasn’t yet decided on the hotell brand. A cost estimate wasn’t available for eithe project, but DCG will likely benefiyt from the slowdown in commercial construction becauss there will be greater demand among contractors to do the The redesign ofthe Steinbach’sz will be similar to the changes DCG made to othedr sections of the enclosed mall a couple of yearsa ago to create storefronts that shoppers can access directl y from the parking lot.
The facadesx have bright colors, awnings and other features that give part of the mall more of anurbanb look, similar to a downtown But the new look isn’t readily apparent to people driving on the mall’s main access road becauses of where the empty Steinbach’s is located. The building blockds much of the view of the mall for driverzs on Clifton ParkCentet Road. Renovating the old Steinbach’s will removse that physical barrier, said DCG Vice Presidentg Donald MacElroy. The developer is negotiating with prospective tenantw but has nosigned leases. MacElroyh said the available space will rangdfrom 1,500 to 10,000 or 15,000 squarw feet.
He didn’t specify the leasre rates, but noted other parts of the mall rentfrom $15 to $30 per squaree foot, plus insurance, taxes and maintenance. He said 70 percentt to 80 percent of the new storefront that were created two years ago are Three tenants already closedtheir doors—Bella Maternity, Salsarita’sx Fresh Cantina and Couture 77—butt replacements were quickly found for two of them. Talkas are underway with a third. One of the existin tenants, Mocha Lisa’s said business has slowed latelybut hasn’tg fallen at the coffee shop the way some merchantes have suffered.
“I think the nationales are really bracingright now,” said co-owner Jeff Lescinsky. “kI don’t think there’s a lot of growth in largerf chains. Our niche here is smallerr independents that offer aniche product.” MacElro y acknowledged the weak retail environment but said souther Saratoga County was in a relatively strony position, especially since the plans for a computer chip fabrication plant in Malta are moving forward. He said a lot of are taking action now that construction ofthe $4.2 billion facilithy seems imminent. , a spinoff of , is buildinvg the chip fab.
“You can’t introduce 6,000 new jobs without having a positive impact,” MacElroy said. The chip fab is expectesd to employ about 900 people when it opens in 2012and 1,40p0 when fully operational in 2014. Officials estimate another 5,000 spinoff jobs will be created. mdemasi@bizjournals.com | 518-640-6814r To comment on this and to get the latest updates and breaking goto albany.bizjournals.com.