NORWICH – For over a year, nearly half of the Tops Plaza on East Main Street in the City of Norwich has sat dark and vacant. Now, there’s new hope for the plaza, with new ownership taking charge to fill the wasted commercial space that has been a burden to a busy section of the downtown area.
Sale of the Tops Plaza was finalized at the end of the year to Katz Properties, a New York City based firm that holds title to more than 20 anchor grocery centers between Southern New Hampshire and Washington D.C., and as far west as Cleveland, Ohio. More locally, Katz Properties owns similar shopping plazas in Rochester and Utica. Tops Plaza in Norwich is the first the company has taken ownership of in the Southern Tier, according to Katz Properties owner Dan Katz, and it now joins the ranks of successful shopping centers all over the Northeast.
“I think ultimately, owning a property in that region of New York will assist in our Southern New York growth plans as we look at nearby cities for growth as well,” Katz said, expressing interest in one day broadening his presence to other parts of the Souther Tier. “I like the Norwich community and I think people are very invested in the area. It’s a nice, family oriented area that we are proud to be a part of.”
While it could be a challenge filling empty spaces at the north end of the plaza – once the home of Video King video rental before the company moved out; and the Fashion Bug clothing chain, which left the area last January – Katz said it’s a challenge he is optimistic about. Plans are to solicit the vacant storefronts to an extensive list of over 100 businesses currently housed in other plazas owned by Katz Properties, he said. “We have a roster of tenants that will get our mailing and it will draw some interest in the (Norwich) properties. Hopefully, we can add a restaurant or some other daily use there that people can use regulary.”
Katz added that having a grocery store anchor like Tops is enticing to other potential tenants as it drives in traffic. The goal is to have the empty spaces leased out in six to nine months, he said.
While new ownership of the plaza is exciting news for local consumers, it’s a big relief for city officials. “We’ve been working tirelessly to have those empty spaces filled up for a long time,” explained Mayer Joseph Maiurano, “but it was a low priority for the previous owners and it made it difficult to get potential businesses in there. What we have now is a person who is definitely going to do some good leg work and we’re trying to establish a good relationship with them.”
As business picks up at the Tops Plaza, the entire region benefits, Maiurano added. Business generates more sales tax, ultimately leading to higher revenue for the city and lower property taxes for residents, he said.
“This isn’t just something that’s going to benefit the city. It’s going to benefit the entire county ... Every empty space we can fill brings in revenue. Every little space that’s empty loses us money on those revenue gains,” said Maiurano. “I’m exited that someone is investing in the city. It shows the economy is changing for the better.”