1) Instead of residential, why can’t you just add another department store?
Good question. Transforming a vacant department store with another department store is nearly impossible in today’s retail landscape due to the dwindling number of such stores. Consequently, shopping center developers nationwide are embracing a new trend: converting their properties into mixed-use destinations where people not only shop, but also live, work and play.
2) I’ve heard you say that residential will attract more stores and restaurants to the mall. Why haven’t new stores opened already?
As we’ve been working with retailers on opportunities at Wilton Mall, the news about our proposed redevelopment has already piqued the interest of new brands, including an innovating fitness concept and fresh theater operator, eager to breathe new life into the center and occupy available space.
3) How will our community really benefit from the additional of more residential and/or with this redevelopment?
First, the residential project at Wilton Mall is expected to generate an impressive $368,000 in net new sales tax revenue to the Town of Wilton. As well, our project will deliver an annual benefit of more than $809,000 to the Saratoga Springs City School District, with an estimated addition of only 25 new students to the schools. You can find more detail here: Economic and Fiscal Impact Report
4) Is this subsidized housing? Does the market need more housing?
The proposed residential project will not involve federal subsidies (Section 8) and will instead feature market-rate apartments and townhomes with luxurious amenities. These accommodations will not only be affordable to over 65% of current 1 to 2 person households in the Town of Wilton, but they are exactly what is desirable to retailers in terms of a future customer.
5) How will this development impact current traffic?
The traffic study conducted for the proposed residential project has shown that the existing roadways and intersections are already well-equipped to handle the project’s needs. You can find more detail here: Traffic Evaluation
6) I’m not sure how residential will improve the center, or how it will benefit me and this community.
As a long-standing community partner, this redevelopment offers up the opportunity for us to commit a contribution of over $750,000 that will ensure the placement of a conservation easement over a family farm, thus eliminating vested residential density. While residential growth makes sense in some locations and not others, this step will ensure a necessary protection for this cherished community staple.
7) How can I help?
Thank you for asking. We still need your support. If you endorse our efforts, we urge you to participate in the public hearing scheduled for October 5, 2023 at 7pm at the Wilton Town Hall, located at 22 Traver Road, Wilton, New York 12831. Also, please visit the Share Your Support tab to submit your Letter of Support and make sure to keep an eye out up for announcements.