WILLIAMSVILLE, N.Y. -- The owner of Eastern Hills Mall is looking for a joint venture partner or is open to possibly selling the property in the future.
The mall's General Manager, Russell Fulton, confirmed with 2 On Your Side that the owner, Mountain Development Corp., put out an offering Tuesday looking for joint venture partners.
Chuck Breidenbach, the company's Managing Director of Retail, added, "Our primary intent in this offering is to find a JV (joint venture) partner who can assist in capitalizing the property and share the lead in the redevelopment of this site. That being said, we are business people, and are open to any suitable offers that will take the property in the right direction. Which would include a sale if the price was right."
Breidenback told 2 On Your Side his company is focused on retail and restaurants. The partners would handle the potential residential and hotel end of the business.
Several stores in that mall have already closed, and there was recently talk about transforming it into a "lifestyle center" with open walkways and plazas.
In January of 2016, 2 On Your Side’s Danny Spewak reported that Eastern Hills was exploring the idea of a major redevelopment plan. We even saw a rendering of what the renovated mall could look like including potential hotel space, condos, upscale retail and maybe even a water park.
Nathan Mroz, who owns a store at the mall, told us then that he was working with the mall's GM to find investors.
"What we're looking at is more along the lines of a town center approach, with plazas and streets and something that no other mall has had in this area before," said Mroz in 2016.
While there are several empty store fronts at the mall right now, Fulton told us on Tuesday that the existing stores would not be pushed out or forced to close.
Again, a joint venture offering does not mean the mall is for sale, but the Fulton says if the right person came along, everything is negotiable.
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