Monday, January 26, 2009

Village at Tempel Farm Stalled

The Nigro Company's plans for the Village at Tempel Farm have been shelved due to the economic downturn. The land is now up for sale.

Troy Record:
Poor economy stalls project; land is now on the market

EAST GREENBUSH — A 157-acre parcel slated for the Village at Tempel Farm project is now on the market for $4 million.
Trustco Bank placed the land on the Realty USA commercial real estate Web site.

Business Review:
Nigro Cos. East Greenbush project in limbo

A large, mixed-use development called The Village at Tempel Farm in East Greenbush, N.Y., that would have included a Lowe’s, Hampton Inn and hundreds of apartments is in limbo because of the recession.

With national and regional retailers unwilling to commit to leasing space because of the struggling economy, developer Nigro Cos. has let its purchase option expire for the 157-acre parcel, said Steven Powers, vice president.

(Note that this is not the site where development has already begun. There is nothing new online about the Van Rensselaer Square site, where only the parking lots have been constructed.)

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