Wilmorite Properties

Wilmorite Properties, Inc. is a commercial real estate company headquartered in Chili, a suburb of Rochester, New York. Its business has historically extended beyond shopping centers to include office, hotel, residential, and other real estate development. The company is particularly associated with the Rochester-area retail property portfolio that includes Eastview Mall, The Mall at Greece Ridge, and The Marketplace Mall. The company was founded by James P. Wilmot in the 1940s. Its development work became especially visible during the postwar expansion of suburban retailing, when enclosed regional shopping centers emerged as important commercial and social destinations. In 1967, Wilmorite developed Greece Towne Mall, described as one of the first enclosed regional malls in New York State. The property later became The Mall at Greece Ridge after Wilmorite acquired Long Ridge Mall from McCurdy's in 1993 and combined the two centers in 1994. The resulting complex was initially called The Mall at Greece Ridge Center; the word “Center” was removed from the name in 2006. Wilmorite's activities have not been limited to retail. The company has developed or held interests in a wide range of real estate assets, including office buildings, hotels, residential properties, and shopping centers in multiple markets. Its former portfolio included properties such as Camillus Mall, Charlestowne Mall, Danbury Fair Mall, Fairmount Fair, Fayetteville Mall, Freehold Raceway Mall, Great Northern Mall, Irondequoit Mall, Mohawk Mall, Penn-Can Mall, Rotterdam Square, ShoppingTown Mall, the Sibley Building, Tysons Corner Center, Westshore Mall, Wilton Mall at Saratoga, and Park Point at RIT. These properties indicate the breadth of the company's historical development and ownership activity, although the company is most readily identified with Rochester-area commercial real estate. The company faced public scrutiny in 2003 when reporting said that a subsidiary owed substantial back taxes and fees to the City of Rochester in connection with a loan and tax agreement related to the unsuccessful redevelopment of the Sibley Building. The matter formed part of the complex financial and municipal history of that project. In 2005, the majority of Wilmorite's assets were acquired by Macerich, a major United States shopping-center owner and operator. The available reference material does not specify the complete terms of that transaction or the precise assets retained by Wilmorite afterward. Today, Wilmorite Properties is best understood as a private regional real estate enterprise with a long history in shopping-center development and property management. Its identity is rooted in the Rochester market, where its continuing association with major malls reflects the company's role in shaping suburban retail infrastructure in western New York. Detailed information about its present ownership, management team, financial performance, and current asset portfolio is not established by the supplied sources.

Wilmorite Properties was established by James P. Wilmot in the 1940s and developed into a diversified real estate company based in the Rochester, New York, area. Its historical activities included the development and management of retail, office, hotel, and residential properties. The company became especially prominent through its involvement in enclosed shopping centers, a form of suburban development that expanded rapidly in the United States after the Second World War. A major early project was Greece Towne Mall, developed by Wilmorite in 1967. The center was regarded as one of the first enclosed regional malls in New York State and became an important retail destination in the Rochester suburbs. Wilmorite expanded the site’s significance in the 1990s. In 1993, it purchased Long Ridge Mall from McCurdy's. In 1994, the two properties were combined and renamed The Mall at Greece Ridge Center. The name was later shortened to The Mall at Greece Ridge in 2006. Over time, Wilmorite assembled or developed a broad collection of properties. Its former holdings and projects included shopping centers such as Camillus Mall, Charlestowne Mall, Danbury Fair Mall, Fairmount Fair, Fayetteville Mall, Freehold Raceway Mall, Great Northern Mall, Irondequoit Mall, Mohawk Mall, Penn-Can Mall, Rotterdam Square, ShoppingTown Mall, Tysons Corner Center, Westshore Mall, and Wilton Mall at Saratoga. The company was also associated with the Sibley Building and Park Point at RIT, illustrating that its activities reached beyond conventional malls into urban redevelopment and mixed commercial or institutional settings. The Sibley Building project generated controversy and financial obligations. In 2003, reports stated that a Wilmorite subsidiary owed significant back taxes and fees to the City of Rochester under a loan and tax arrangement connected to the unsuccessful redevelopment of the building. The supplied reference does not establish the final legal or financial resolution of the matter, but it remains a notable episode in the company's public history. In 2005, Macerich acquired the majority of Wilmorite's assets. The transaction transferred much of the company's historical property base to one of the country's major shopping-center operators. The available material does not provide the full transaction value, a complete list of transferred assets, or detailed information about assets retained by Wilmorite. Wilmorite Properties nevertheless remains associated with major Rochester-area properties, including Eastview Mall, The Mall at Greece Ridge, and The Marketplace Mall. The supplied sources provide limited information about Wilmorite's current corporate structure, leadership, financial position, and operating footprint. Accordingly, the company is most accurately described as a privately held, Rochester-area commercial real estate enterprise with a long development history and a continuing association with regional retail properties.

• 2006

  The Mall at Greece Ridge name shortened

  [1]Wilmorite Propertiesen.wikipedia.org

  The shopping center dropped “Center” from its name and became The Mall at Greece Ridge.

• 2005

  Majority of assets acquired by Macerich

  [1]Wilmorite Propertiesen.wikipedia.org

  Macerich acquired the majority of Wilmorite's assets.

• 2003

  Sibley Building tax dispute reported

  [1]Wilmorite Propertiesen.wikipedia.org

  A report said that a Wilmorite subsidiary owed Rochester significant taxes and fees connected with the failed Sibley Building redevelopment.

• 1994

  Greece Towne and Long Ridge malls combined

  [1]Wilmorite Propertiesen.wikipedia.org

  The two malls were combined and renamed The Mall at Greece Ridge Center.

• 1993

  Long Ridge Mall acquired

  [1]Wilmorite Propertiesen.wikipedia.org

  Wilmorite purchased Long Ridge Mall from McCurdy's.

• 1967

  Greece Towne Mall developed

  [1]Wilmorite Propertiesen.wikipedia.org

  Wilmorite built Greece Towne Mall, an early enclosed regional shopping center in New York State.

• 1940

  Company founded by James P. Wilmot

  [1]Wilmorite Propertiesen.wikipedia.org

  James P. Wilmot founded the company in the 1940s, beginning its long-term involvement in real estate development.

A private regional commercial real estate developer and manager focused historically on shopping centers and a broader portfolio of office, hotel, residential, and other properties.

• Regional shopping center

  Eastview Mall

  A major Rochester-area shopping center associated with Wilmorite's current or continuing property portfolio. It represents the company's core specialization in large-scale suburban retail real estate.

• Regional shopping center · 1967

  The Mall at Greece Ridge

  A Rochester-area enclosed mall originating with Greece Towne Mall, which Wilmorite developed in 1967. After the acquisition and combination of Long Ridge Mall in the 1990s, the property operated under the Greece Ridge name.

• Regional shopping center

  The Marketplace Mall

  A shopping-center property in the Rochester area associated with Wilmorite's portfolio of managed or owned retail real estate.

• 2003

  Sibley Building tax and fee dispute

  A Wilmorite subsidiary was reported to owe significant back taxes and fees to the City of Rochester under a loan and tax agreement related to the failed redevelopment of the Sibley Building. The available source does not establish the final resolution.

  Source

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• 2005

  Sale of the majority of company assets to MacerichM&A

  Background

  Wilmorite held a substantial portfolio of shopping centers and other real estate assets.

  Action taken

  Macerich acquired the majority of Wilmorite's assets.

  Aftermath

  The transaction transferred much of Wilmorite's historical property portfolio to Macerich; the supplied source does not detail the full scope or consideration.

  Source

• 1994

  Combination of Greece Towne Mall and Long Ridge MallStrategy

  Background

  Wilmorite controlled two neighboring or related Rochester-area retail properties after acquiring Long Ridge Mall.

  Action taken

  The company consolidated the properties under The Mall at Greece Ridge Center identity.

  Aftermath

  The consolidated center became one of the company's principal Rochester-area retail properties.

  Source

• 1993

  Acquisition of Long Ridge MallM&A

  Background

  Wilmorite expanded its Rochester-area retail presence by acquiring Long Ridge Mall from McCurdy's.

  Action taken

  The company purchased Long Ridge Mall and subsequently combined it with Greece Towne Mall.

  Aftermath

  The combined property became The Mall at Greece Ridge Center in 1994 and later The Mall at Greece Ridge.

  Source

• 2005

  Macerich acquired the majority of Wilmorite's assets[1]Wilmorite Propertiesen.wikipedia.org

  M&A

  Macerich acquired most of Wilmorite's assets in a transaction that significantly changed the composition of Wilmorite's historical property portfolio.

1. 1Wilmorite Propertiesen.wikipedia.org