Amherst, N.Y. (WBEN) Benderson Development has officially purchased the struggling Boulevard Mall, completing a deal that had been in the works for more than a year.
Benderson, through its DEL Associates XXX LLC affiliate, paid $15 million for the 904,000-square-foot retail complex on Niagara Falls Boulevard, according to documents filed with the Erie County Clerk’s Office. The deal closed late Feb. 4.
WBEN first reported the negotiated $15 million sale price in September.
The acquisition is viewed as a critical step in Benderson’s long-term redevelopment plans for the property. Preliminary concepts call for a mix of residential, retail and recreational uses.
The mall was previously owned by developer Douglas Jemal, who paid $25 million for the 65-acre site in 2019. Jemal had planned to transform the property into a mixed-use town center, but those plans stalled amid the COVID-19 pandemic, rising interest rates, retailer pullbacks and construction workforce challenges.
Jemal and Benderson began discussing a potential sale more than four years ago. Pricing disagreements delayed the transaction until the parties reached an agreement in late 2024.