VICTOR, N.Y. — Is Eastview Mall changing hands? The answer is not simple, amid a brewing dispute between the lender, the owner and the town.
The Town of Victor plans to take ownership of part of Eastview Mall and nearby commercial space through eminent domain as foreclosure looms. This move would include sections of the mall (excluding the large anchor stores like Macy’s and Dick’s House of Sport), as well as part of Eastview Commons (including the Best Buy and Old Navy locations), the theater and some surrounding land. The town intends to transfer these properties to Victor 2040 LLC, which would then move the parcels into local ownership.
Rialto Capital, the special servicer of the mall’s mortgage, and the law firm representing it have called the plan a “debt evasion scheme,” officials said.
Victor 2040 LLC said Rialto has delayed development by controlling the loan’s cash and decision making.
“The impact here is delayed approvals. Chick-fil-A had to wait on consents; the proposed hotel still has approvals that are outstanding,” Laura DiCaprio of a firm representing Victor 2040 LLC said at Monday’s Victor Town Board meeting.
Victor 2040 LLC also shared photos as evidence of a lack of funding for basic repairs at the mall, showing disrepair in the parking lot and other pavement as well as roof damage from leaks. Rialto said it is not up to the lender to maintain the mall — and disputed claims that it has held the mall back.
“They attracted Bass Pro Shop. You look on the Facebook page today; there’e all tenants being attracted to that space. So the idea that Rialto has held funds back to the deprivation of the property just doesn’t ring true,” said Keith Brandofino, an attorney representing Rialto.
Locals have until the end of November to submit comments to the town in writing.
News10NBC will continue to follow developments as the situation unfolds.
Eminent domain at Eastview: Is it protecting mall’s future or working to evade debt? WHEC.com.
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