The Green Acres Mall in Valley Stream could have a new facade and expanded retail space in the near future as part of renovations planned for the shopping complex by its owner, Macerich Co.
Macerich, based in Santa Monica, California, is considering replacing the Sunrise Multiplex Cinemas, a building adjacent to the mall that the company bought last year, with more stores, said Amaka Oweazim, marketing manager for Green Acres. In addition, the mall will undergo reconstruction on its south side to build a facade with multiple shop fronts.
"Right now, the mall has a boxy look to it," Oweazim said. "We're looking at stores that will come in and do their own front entrance."
Macerich bought Green Acres in late 2012 for $500 million from Manhattan-based Vornado Realty Trust, which was shrinking its portfolio of malls. Macerich then purchased the movie theater in April 2013 for $22.5 million, according to property records.
Oweazim said the mall will let the theater, which is run by Dedham, Mass.-based National Amusements Inc., remain for the rest of its lease, and then it will be reconstructed for retail space. She declined to give a time line or specify when the theater would close. National Amusements did not return requests for comment.
Macerich may also seek local tax breaks for the Green Acres redevelopment. Fred Parola, executive director of the Hempstead Industrial Development Agency, said he has had preliminary meetings with the company about its plans to revamp the property.
Macerich would have to qualify Green Acres as a tourist destination -- meaning that it draws 51 percent or more of its visitors from outside Nassau County -- to apply for tax breaks, because the Hempstead IDA does not give tax assistance to retail projects, Parola said. He added that Macerich was interested in a property tax abatement and sales tax exemption.
"I think this group . . . wants to put in a lot of upscale type of properties," Parola said. "I feel like they're on the right track, they seem to know their business, their plans seems to be viable."