Colvin Central Plaza

Colvin Central Plaza was a large suburban strip mall on Central Avenue in Albany, New York, within the commercial corridor serving the New York State Capital Region. It opened in February 1981 and became a significant retail property for the area because of its scale: before later redevelopment, the center contained approximately 137,690 square feet of retail space. Its original anchor tenants were Price Chopper, a supermarket, and Caldor, a department store. Other occupants over time included Fay’s Drug, Denny’s, Discount Carpet, Rainbow Rentals, and various smaller businesses. The center was developed by Bella Vista Development of Monroe County, Inc., a real-estate developer based in Bowman, New York. Although it occupied a prominent commercial location near Westgate Plaza and had strong visibility from Interstate 90, the property was reportedly less visible from Central Avenue because it stood among numerous other businesses. This visibility issue, combined with tenant departures and changing retail patterns, contributed to the center’s later difficulties. Ownership and financing changed several times. On September 28, 1991, the property was transferred to the City of Albany Industrial Development Agency. Westmont 80 of Pittsburgh subsequently acquired it from the agency for $4.2 million. The property was mortgaged through Aetna Casualty and Surety Company, whose mortgage interests were later sold to Unum Insurance Company of America. Price Chopper left for Westgate Plaza in 1995 but continued paying rent under its existing lease. Unum began foreclosure proceedings in September 1996, and after a January 10, 1997 foreclosure sale attracted no bids, Unum took ownership. The tenant mix continued to change. J. Crew temporarily used the vacant Price Chopper premises for a one-week discounted warehouse sale in November 1996. Caldor closed its store in March 1998. In 1999, the former Caldor space was demolished to make way for a new Grand Union supermarket. Columbia Development Cos. purchased the property from Unum on April 12, 1999, for $3.995 million and established Columbia Colvin LLC as the property-owning entity. Columbia Colvin borrowed $6.88 million from CIBC to develop the planned 65,000-square-foot Grand Union store. The site later housed a Mega Save operation, which closed in 2001. By 2001, the center’s reported size had declined to approximately 117,481 square feet after the redevelopment of the former Caldor area. Home Depot acquired the plaza in 2001 and began demolishing the remaining structures, including the newer Grand Union building. Discount Carpet and Rainbow Rentals closed before September 21, 2001, in connection with the demolition. Around the middle of 2001, the property’s name changed from Colvin Central Plaza to Capital Center. Home Depot then contracted to build a 116,279-square-foot store on the site, replacing the former strip mall. Colvin Central Plaza therefore survives primarily as a historical name for a former Albany shopping center rather than as an operating retail brand.

Colvin Central Plaza was developed as a major strip-shopping project on Albany’s Central Avenue and opened in February 1981. Bella Vista Development of Monroe County, Inc. developed the property, which was positioned near Westgate Plaza and other commercial businesses. Its initial anchors, Price Chopper and Caldor, gave the center a combination of grocery and department-store traffic. The property ultimately reached approximately 137,690 square feet before the first major redevelopment. The center’s ownership and financing became increasingly complicated during the 1990s. On September 28, 1991, it was transferred to the City of Albany Industrial Development Agency. Westmont 80 of Pittsburgh later bought it from the agency for $4.2 million. Aetna Casualty and Surety Company held the mortgage before selling the mortgage interest to Unum Insurance Company of America. Tenant changes weakened the original configuration. Price Chopper moved to Westgate Plaza in 1995, although its lease obligations continued for a time, and Fay’s Drug also relocated to Westgate Plaza. The departures left Caldor as the principal tenant in the main strip-mall structure, with Denny’s operating in an outbuilding. Unum began foreclosure in September 1996. During November of that year, J. Crew used the former Price Chopper premises for a short warehouse sale. The foreclosure sale on January 10, 1997, attracted no bids, so Unum took title. Caldor closed in March 1998. The former Caldor space was demolished in 1999 for development of a new Grand Union supermarket. Columbia Development Cos. acquired the property from Unum on April 12, 1999, for $3.995 million and formed Columbia Colvin LLC to own it. Columbia Colvin borrowed $6.88 million from CIBC to finance a 65,000-square-foot Grand Union building scheduled for completion around 2000. The replacement supermarket later operated as Mega Save, but that business closed in 2001. The center’s reported area was approximately 117,481 square feet by then. Home Depot purchased the plaza during 2001 and began removing its buildings, including the newer supermarket structure. Discount Carpet and Rainbow Rentals closed in advance of the demolition. The property was renamed Capital Center around the middle of 2001, and Home Depot signed an agreement for a 116,279-square-foot store. The redevelopment ended Colvin Central Plaza as a functioning strip mall. The location is now associated with the Capital Center name and a Home Depot store.

• 2001

  Conversion to Capital Center and Home Depot redevelopment

  [1]Colvin Central Plazaen.wikipedia.org

  Home Depot purchased the property, demolition began, and the site was renamed Capital Center before the replacement store was developed.

• 1999

  Columbia Development acquisition and Grand Union redevelopment

  [1]Colvin Central Plazaen.wikipedia.org

  Columbia Development acquired the property, formed Columbia Colvin LLC, and pursued a new Grand Union supermarket after demolishing the former Caldor space.

• 1998

  Caldor closes

  [1]Colvin Central Plazaen.wikipedia.org

  The original department-store anchor closed in March.

• 1997

  Unum takes ownership after failed foreclosure sale

  [1]Colvin Central Plazaen.wikipedia.org

  No bids were received at the January 10 foreclosure sale, and Unum assumed ownership.

• 1996

  Foreclosure begins

  [1]Colvin Central Plazaen.wikipedia.org

  Unum started foreclosure proceedings in September after becoming associated with the property’s mortgage.

• 1995

  Price Chopper relocation

  [1]Colvin Central Plazaen.wikipedia.org

  Price Chopper moved to Westgate Plaza while its existing lease obligations continued for a period.

• 1991

  Transfer to Albany Industrial Development Agency

  [1]Colvin Central Plazaen.wikipedia.org

  The property was turned over to the City of Albany Industrial Development Agency on September 28.

• 1981

  Opening of Colvin Central Plaza

  [1]Colvin Central Plazaen.wikipedia.org

  The strip mall opened in February with Price Chopper and Caldor as its original anchor tenants.

A large suburban convenience-oriented shopping center serving Albany-area consumers through anchor supermarkets, department-store retail, pharmacy services, restaurants, and smaller specialty tenants.

• Supermarket anchor · 1981

  Price Chopper

  Price Chopper was one of Colvin Central Plaza’s two original anchor tenants when the center opened in 1981. It provided grocery traffic and helped establish the plaza as a convenience-oriented shopping destination. The store closed at the location in 1995 and moved to nearby Westgate Plaza, although its lease continued to generate rent obligations for a period after relocation.

• Department store anchor · 1981

  Caldor

  Caldor was the second original anchor of the shopping center and supplied broad department-store merchandise. After Price Chopper and Fay’s left for Westgate Plaza, Caldor remained the principal tenant in the main strip-mall structure. Its store closed in March 1998, after which the building was demolished for a Grand Union redevelopment.

• Supermarket redevelopment · 1999

  Grand Union

  Grand Union was planned as a new 65,000-square-foot supermarket following demolition of the former Caldor store. The replacement building was developed after Columbia Development acquired the property and financed construction through Columbia Colvin LLC. The space later operated as Mega Save before closing in 2001.

• Home-improvement store redevelopment · 2001

  Home Depot

  Home Depot acquired the plaza in 2001 and replaced the former shopping-center buildings with a large home-improvement store. The planned store measured 116,279 square feet and marked the end of Colvin Central Plaza as a multi-tenant strip mall.

• 2001

  Home Depot acquires and replaces the plazaM&A

  Background

  The center had experienced anchor departures, a foreclosure history, and the closure of the replacement Mega Save supermarket.

  Action taken

  Home Depot purchased the property, initiated demolition, and contracted for a 116,279-square-foot store. The property was renamed Capital Center.

  Aftermath

  Colvin Central Plaza ceased operating as a strip mall and the site became associated with Capital Center and Home Depot.

  Source

• 1999

  Redevelopment of the former Caldor siteStrategy

  Background

  The closure of Caldor and the loss of other anchor tenants left substantial space available within the center.

  Action taken

  Columbia Development acquired the property, created Columbia Colvin LLC, and arranged financing to construct a new Grand Union supermarket.

  Aftermath

  The replacement supermarket later operated under the Mega Save name but closed in 2001, shortly before the site was acquired for Home Depot redevelopment.

  Property acquisition price and redevelopment loan. $3.995 million acquisition; $6.88 million loan (1999)

  Source

1. 1Colvin Central Plazaen.wikipedia.org