By R.J. DeLuke
The Northway Plaza on Route 9 In
Queensbury is undergoing changes, under
new ownership, that the region hopes will
bring the site back to life as a viable commercial
area.
In recent years, the property went through
foreclosure, as previous owners were unable
to make their plans materialize. The plaza is
now owned by RCG Ventures, based in Atlanta.
The owners have plans to fill the retail space
with shops and some restaurant presence. “RCG believes Northway Plaza is one of the dominant shopping centers in the market,” said Erin Cugnasca, marketing specialist in the company’s Atlanta office.
“We chose to invest in the center as it is ideally positioned at a great intersection, is co-anchored by the Home Depot, and we feel there are numerous retailers missing from the market and hope to fill some of those voids.”
RCG does not own the Home Depot spot, but it serves as an anchor for the overall site. She said current plans for Northway Plaza include various capital improvements, anchor tenant “up-fits,” as well as the development of two parcels located at the site of the Monro Muffler Shop.
Plans are to demolish the former Monroe Muffler building near the Quaker Road intersection and construct two new buildings there, one for a restaurant and one for retail. The new buildings won’t be built until next year.
Cugnasca said RCG recently signed a lease with Hobby Lobby. Construction on that space will being within the next 60 days or so with the hope that they will be open for business by the end of the year.
Hobby Lobby is a chain crafting store. “In regard to other potential tenants, we have received a lot of interest from national/regional retailers and restaurants,” Cugnasca said. “We will entertain service oriented tenants, office uses, retail and restaurants.”
The plaza has 216,961 square feet of commercial space with 27 commercial spaces, 11 of which, including the space where Hobby Lobby is slated to go, are vacant.
A stormwater project that will cost about $180,000 is required for construction of the two new buildings near the Route 9 and Quaker Road corner and will be carried out by RCG.