March 16, 2022
Albany Business Review
New majority owner for Stuyvesant Plaza
WS Development, owner of more than 20 million square feet of retail, office and residential space in 12 states, is the new majority owner of Stuyvesant Plaza in Guilderland.
The Boston-based developer announced its partnership Wednesday with Stuyvesant Plaza Inc., the longtime owner of the 240,000-square-foot outdoor shopping plaza on Western Avenue.
The plaza has more than 60 national and local tenants, including Talbots, Loft, The Book House, Peaches Cafe, Bountiful Bread, Pearl Grant Richmans, Ten Thousand Villages, Frank Adams Jewelers and others.
Stuyvesant Plaza Inc. will continue to own and manage the offices at Executive Park next to the shopping center.
“WS Development will elevate Stuyvesant Plaza to the next level with an array of first-class retailers, marketing and customer services while continuing to feature a mix of local, independent and national brands,” according to a statement from Ed Swyer, president of Stuyvesant Plaza Inc. “We have visited their impressive developments and engaged in discussions over a span of seven years. I could not imagine a better organization to lead us into the future.”
The Albany Business Review first reported in February the companies were exploring a partnership.
Swyer’s father, Lewis, opened Stuyvesant Plaza in 1959 with 18 stores.
It has grown significantly over the years and weathered many changes in retail, including competition from Crossgates Mall, the region’s largest indoor mall, just a mile away.
Tenants come and go, of course. After West Elm recently closed its furniture/home goods store at Stuyvesant Plaza, the space was filled by Pottery Barn, which moved there from Crossgates.
WS Development will “look to create new and unique opportunities for customers to engage with Stuyvesant Plaza, building upon its rich history and local flavor,” according to the statement released by the companies.
“We’re excited to be expanding our footprint to the Capital Region of New York state and, even more so, to be partnering with Ed Swyer and his team on this beloved property,” said Jeremy Sclar, CEO and founder of WS Development. “We look forward to working closely with them, drawing on their deep, historical ties to Stuyvesant Plaza, as we build upon its current success to help shape its next chapter.”
WS Development owns more than 100 mixed-use properties including MarketStreet Lynnfield in Massachusetts, Hyde Park Village in Tampa, Florida, The Royal Poinciana Plaza in Palm Beach, Florida, and Montgomery Village in Sonoma, County, California.
The company has 7 million square feet under development, including Boston Seaport, a 33-acre site that will have a mix of retail, office and residential uses. It’s described as the “single largest active development project in Boston’s history,” on the company’s the website.
By Michael DeMasi