Cayuga Health Acquires 108,000 sq. ft. at The Shops at Ithaca Mall

LANSING, N.Y., March 15, 2022 /PRNewswire/ -- Cayuga Health (CH) officials announced that they have purchased 108,000 sq. feet of space at The Shops at Ithaca Mall where they are planning to redevelop, relocate and consolidate existing practices into one location, making access more convenient for patients. CH plans to lease some of the space to prospective new vendors.

The property, located at 40 Catherwood Rd. near NY-13, was purchased from an ownership group that includes Mason Asset Management and Namdar Realty Group, two Long Island-based real estate investment companies that oversee leasing and management efforts at the mall. Cayuga Health has acquired the former big box retail parcels where The Bon Ton and Sears once stood for $8.5 Million.

"We see this capital expansion as a necessary next step in our strategic plan as we continue to reimagine our operations by making health care more accessible to everyone in the communities we serve," stated Martin Stallone, President & CEO of Cayuga Health. "This acquisition allows us to consolidate existing practices into one location for efficiency and improved patient access."

Cayuga Health has been occupying the retail space since March 2020 where they identified the facility as an ideal location for critical COVID-19 operations. Their partnership started with the opening of a Mass Drive-through Sampling Center which proved to be essential during the height of pandemic. The partnership expanded with an indoor Vaccination Clinic (previous Sears retail location), occupying ~200,000 square feet, when the vaccines became available for distribution.

"Malls around America were a beacon of success for decades, unfortunately with increased globalization and ecommerce they have seen a decline," stated Tom LiVigne, Chairman of the Board, Cayuga Health. "Adapting and reusing big box retail space like this supports our local economy, including The Shops at Ithaca Mall, by driving increased foot traffic to the businesses remaining and prospects."

"We are thrilled to welcome Cayuga Health as a permanent fixture of The Shops at Ithaca," says Elliot Nassim, President at Mason Asset Management, which is responsible for leasing efforts at the mall. "Our team has worked closely with Cayuga Health over the last few years and is excited to see that relationship we've built come to fruition in a way that will benefit the community and create a mixed-used shopping experience offering convenience for many people."

Cayuga Health plans to redevelop the former retail space at The Shops at Ithaca Mall into a new mixed use health care facility. Plans will also include the development of a new health education center in partnership with Cornell University, Ithaca College and Tompkins Cortland Community College. 

Cayuga Health has retained Holt Architects of Ithaca NY, to lead the redevelopment plans for the newly acquired space. Renderings of the designs will be on display at The Shops of Ithaca Mall for anyone interested in seeing the new capital project planning.

CONTACT: John Turner, Vice President, Public Relations, Cayuga Health, 607-274-4498

SOURCE Cayuga Health