Hudson Valley Mall facts for kids
Exterior view of Hudson Valley Mall, March 2018
|Location||Ulster, New York, United States|
|Developer||The Pyramid Company|
|Owner||Hull Property Group|
|No. of stores and services||30|
|No. of anchor tenants||5 (2 open, 3 vacant)|
|Total retail floor area||765,704 sq ft (71,136.2 m2)|
|No. of floors||1|
Hudson Valley Mall is an enclosed shopping mall located in Ulster, New York, north of Kingston, United States. It is the lone mall in Ulster County and is the only enclosed mall located between Poughkeepsie and Albany. Hull Property Group currently owns and operates Hudson Valley Mall. The mall opened in 1981 and has an area of 765,704 square feet (71,136.2 m2) on one level with 30 shops and restaurants as well as a 12-screen Neighborhood Cinema Group theater. The mall is anchored by Dick's Sporting Goods, and Target. Adjacent to the mall is Hudson Valley Plaza, a two-tiered complex on a west-facing hill, consisting mainly of a Walmart, PetSmart and a few other shops (including formerly a Toys "R" Us).
An expansion during 1989 added a Sears to the east side of the mall as well as a new food court and approximately 15 other stores.
During 1995 Hess's, which filed for bankruptcy, and Kmart, which relocated to a location south of the mall on U.S. Route 9W, vacated the mall within months of each other. (This Kmart location later went out of business and was replaced by a Kohl's). Though the Hess's space was filled the next year by Filene's, the Kmart space at the north end of the mall stayed vacant. During this time, The Pyramid Companies, the mall's owner, began to plan a drastic renovation process.
At the beginning of the 21st century, Pyramid invested in the mall, doing a complete renovation of the mall's interior as well as attracting new tenants. The former Kmart space was divided into a Best Buy (opened 2000) and a Dick's Sporting Goods (opened 2001), with the Target company building a new shop adjacent to the space, which was also opened in 2001. On September 9, 2006, the region gained its first Macy's when that company bought the existing Filene's.
In 2011, ownership of the mall changed when The Pyramid Companies sold it to PCK Development. PCK had consolidated the mall's outstanding debts during 2010, but did not officially purchase the mall until the next year.
In 2015, JCPenney announced it would close its location in the mall due to decreasing sales. It was also during this year that PCK defaulted on its $52.5 million loan from the U.S. National Bank Association (USNBA).
During July 2016, as a result of the default, the USNBA took ownership of the mall and began to search for a new owner. During this time period, mall tenants were instructed to pay rent directly to the USNBA. Additionally, the USNBA asked Tennessee-based retail developer CBL & Associates to help search for new mall tenants.
Macy's announced its store closure at the Hudson Valley Mall during 2016, also citing a decrease in sales and the company's increased emphasis on its online sales.
In 2017, the USNBA finally found a buyer for the mall, Hull Property Group. The sale price of $8.4 million was notably low, partly for the reason that Hull hoped to use it to get a lower property valuation, and thus decrease taxes. After the completion of the sale, Hull announced plans to renovate the mall in the near future.
On January 4, 2018, it was announced that Sears would be closing as part of a plan to close 103 stores nationwide. The store closed in April 2018.
In August 2018, Regal closed the movie theater, which had operated continuously since the mall's opening. Hull said it was negotiating with another operator to reopen the theater, and hoped to use the opportunity to upgrade the facilities.
The former Macy's space was partially demolished in 2019, to create an unconnected free-standing building, and converted to the Hudson River Health Care office.
On September 15, 2020, it was announced that Best Buy would be closing on October 31, 2020 which will leave Dick's Sporting Goods and Target as the only anchors left.
Hudson Valley Mall Facts for Kids. Kiddle Encyclopedia.