July 16, 1999
AUBURN — The Auburn Plaza is under new ownership.
Michael Wachs, of Michael Wachs Investments, announced Thursday he purchased the plaza from Michael and Philip Grosadonia and the former Kmart space in the Grant Avenue Plaza from the Seneca-Cayuga Chapter of NYSARC.
Wachs also bought the Lums Restaurant and Owasco Marina properties in the deal. The two shopping plazas comprise 400,000 square feet of retail space, or roughly the same amount of space in the Fingerlakes Mall.
Wachs refused to disclose the price of the sale because he said he signed a confidentiality agreement against discussing the price, but he did say it was a multi-million dollar purchase.
"This has been a dream of mine for half a decade," Wachs said.
Mike Grosadonia, whose family has owned the plaza since 1959, the year after it was built, could not be reached for comment.
The purchase is a major investment in the community, said Michael Chamberlain, vice president of the Cayuga County Economic Development Council.
"Business owners make purchases like this in hopes of a return," he said. "This is a positive sign for the community."