Syracuse, N.Y. - Onondaga County Executive Ryan McMahon announcing today what will become of Shoppingtown Mall...
It will become what will be called District East
District East is described as five distinct, but blended districts that include residential housing, entertainment, restaurants and hospitality, retail and office space.
The owners are made up of four local groups. Its estimated to be done in 5 phases and will provide about 400 construction jobs and 1400 long terms jobs.
Construction would happen in phases over several years and its estimated that about 50% of the current structure will be demolished.
McMahon said that the development corporation that will take over the property will make an 8 million dollar purchase price to the county, and that will pay back for what the county had invested to get the property from Moonbeam Capital and also pay back some of the back taxes on the property.