NEWS RELEASE For Immediate Release
Contact: Ray Gillen, Metroplex
(518) 461-7137 (cell)
Town/County Officials Celebrate Demolition of Long Vacant Kmart Plaza
14 Acre Site to Feature new Target Store and Additional Retail
$20 million project Boosts Glenville and Schenectady County
Schenectady, N.Y., November 4, 2011 — Schenectady County officials today joined with the Town of Glenville and Metroplex to witness the demolition of the long vacant Kmart Plaza at the corner of Route 50 and Glenridge Road in the Town of Glenville. The 12- acre site located in the heart of Glenville has been vacant since 2006. A vacant and boarded up Kmart and adjoining Albany Public Market building are both being demolished so that construction can begin.
“Seeing the demolition happen is a wonderful thing,” said Cathy Gatta, County Legislator representing Glenville and Niskayuna. “Town residents will not miss this building. And once the building is down, the new construction that will take place at this site represents a bright new future for Glenville.”
Glenville Town Supervisor Chris Koetzle said, “Town residents are thrilled to see the demolition of this eyesore. This is a big deal for Glenville. We are replacing a blighted site with a positive new development for our community.”
The redevelopment effort has been a partnership between Schenectady County Metroplex Development Authority and the Town of Glenville. The County and Town both identified redevelopment of the vacant Kmart as their top priority for Glenville. Metroplex worked with RD Management and Target to reach a deal to bring development to the site including a new Target store and an adjoining retail building. The Town of Glenville coordinated all necessary local approvals so that the project could start on schedule.
Once demolition is completed, the vacant structures on the site will be replaced by a new Target Store and a new retail building adjoining the new Target. Target has hired Whiting Turner Construction to build a new 135,000 square foot store at the site. The adjoining retail space adds another 30,000 square feet to the project. The total project cost is $20 million.
RD Management, LLC, based in New York City, will develop and construct the adjoining retail space. RD Management operates 18 million square feet of commercial real estate in the United States and Puerto Rico.
Metroplex provided an exemption from sales tax for construction materials and equipment used to outfit the two new retail buildings. The project will generate significant new sales and property tax for the Town, County and Scotia Glenville School District. Metroplex also is providing a $180,000 grant toward infrastructure costs.
“This project is a great example of the County’s unified economic development team working with the Town of Glenville to identify this project as a priority and then implementing a successful plan with the Town to redevelop a vacant site and add new jobs and development,” said Ray Gillen, Metroplex Chair and Commissioner of Economic Development and Planning for Schenectady County.
Construction is expected to be completed in the fall of 2012. The former Kmart closed in 2006 and the site has been vacant for five years.