Floor & Decor coming to Colonie Center
COLONIE – Fencing is up to demarcate the construction zone for Ground & Decor, the specialty retailer “coming soon” to Colonie Centre, as a indicator on the limitations proclaims.
The Atlanta-dependent enterprise, with a lot more than 190 merchants in 36 states, strategies to choose some 55,000 square feet at the mall following to Complete Meals, ingesting up a further big chunk of what made use of to be the first flooring of Sears, a very long-time tenant that left in 2017.
The former two-tale Sears, its onetime vehicle heart outparcel, and a sea of floor parking — encompassing 20 acres in all — is owned individually from the bulk of Colonie Heart by Seritage Development Qualities, which has been doing the job nationwide to maximize its return on serious estate when occupied by Sears and Kmart.
Floor & Decor, which carries difficult-surface area flooring, is nevertheless wending its way by means of the town of Colonie planning system, winning “concept” acceptance final 7 days for its ideas at the mall. While organizing board customers haven’t fully signed off on the venture, no major roadblocks seem in the way.
The company has stores on Extended Island and is building its first one particular upstate around Buffalo. Substance offered to local planners puts the development timeline at about 5 months.
Meanwhile, Sierra, an outside attire and gear retail store owned by TJX Cos., dad or mum of the T.J. Maxx and Marshalls chains, is revealed in an updated web site system on Seritage’s website as taking 19,000 square ft of first-ground Sears house, on the other aspect of Total Foods from Flooring & Decor.
Colonie setting up officials say they have noticed no application from TJX or Sierra. Identified as Sierra Trading Write-up in advance of TJX’s acquisition, Sierra would be new to the spot, way too, even though a TJX advertising professional indicated by electronic mail that “Sierra has not announced a new shop for Albany at this time.”
Seritage has been fast paced due to the fact the tumble providing off former Sears and Kmart sites, with an eye towards decreasing a $1.6 billion bank loan because of quickly to Warren Buffett’s Berkshire Hathaway. It introduced accomplishment in February in slicing that personal debt in fifty percent, as a result earning a two-calendar year extension on compensation.
Like all of Seritage’s holdings, the residence in Colonie could be offered if an interested purchaser were being identified. The redeveloped car centre has 1 vacant storefront, but Sears’ former shopping mall anchor space has been harder to fill. Ground & Decor is the very first positive wager in more than 5 yrs.
Since 2020, Seritage has winnowed its 158 wholly owned houses to 92. The Colonie web site is among just a few remaining in New York.
Occupancy there is stated in a filing with regulators at just in excess of 25%, but that was prior to Ground & Decor’s dedication.
The 2nd floor of the former Sears store — more than 94,000 square feet — continues to be empty, nevertheless.
A Seritage representative explained the business would have no remark on prospective customers for the next-flooring space or a to start with-flooring tenancy by Sierra.
Marlene Kennedy is a freelance columnist. Opinions expressed in her column are her own and not necessarily the newspaper’s. Reach her at [email protected]
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