The Lightstone Group is looking to bring New York City its first outlet mall. Crain’s reported that the developer has met with Bronx officials to talk about the specifics of an outlet mall at the Whitestone Multiplex Cinema site in Castle Hill, which Lightstone purchased for $30 million two months ago.
Though Lightstone did not confirm its plans to Crain’s, only saying the cinema would continue to operate until plans are finalized, Bronx Overall Economic Development Corp. President Marlene Cintron said Lightstone acquired the property, at 2505 Bruckner Boulevard, in hopes of “turning it into a Woodbury Commons-type outlet mall.” She said plans have already been presented to the community board, which is in favor of an outlet mall and only cited concerns relating to traffic.
Lightstone would not have to get government approval as the site is already zoned for all commercial uses, and it would not need to comply with any living wage issues because it is not asking for city subsidies.
Lighstone entered the outlet mall sector with a 2003 purchase of Prime Outlets, which it flipped seven years later to Simon Property Group. Since then, it has formed Paragon Outlet Partners, a development company behind outlet malls in Texas and California. [Crain's]