Westbury, NY Having invested $92 million to purchase The Source mall property along Old Country Rd., Lesso Mall Development has launched a $25 million project to transform the retail complex into a multifaceted destination that will showcase a multibillion dollar home furnishings, décor and design industry to American retailers while providing a family friendly environment that introduces visitors to a variety of attractions that cater to their needs.
Lesso executive Michael Mai said that the new complex, entitled Lesso Home, “Will attract industry buyers from Maine to Miami, as they seek the latest international designs without the need to travel around the world in search of new trends. In addition, it will welcome consumers from throughout the region.”
He said that their investment will become a keystone in the economic revitalization of The Nassau Hub. “With the introduction of well capitalized new initiatives creating new jobs and opportunities, Nassau’s prominence as a marketplace for high quality products, design and creativity will have an opportunity to flourish at Lesso Home,” Mai said.
“There is no question the whole is greater than the sum of the parts when discussing the Hub, the Nassau Coliseum, Hofstra University and the surrounding properties. The Hub is an enormous economic generator and we see the synergies that each development brings to this corridor. We have already begun to reach out to various stakeholders to determine how we can best integrate our contribution,” Mai said.
The Lesso executive also said their investment seeks to be consistent with the economic vision of Hempstead Town, Nassau County and Westbury Village officials. He said, “For example, Third Track construction on the Long Island Rail Road includes the Westbury station. How can our plans complement this strategic infrastructure project so that we benefit Westbury Village as well? These are the kinds of conversations we are looking to conduct in the weeks and months to come.”
Mai said that they expect to be a major economic anchor in the heart of Nassau County, generating sales tax revenues, creating new jobs and strengthening the role of The Hub. It will be an agile retail center, capable of anticipating changes in consumer trends, and providing the entrepreneur and the home furnishings innovator with space that showcases the best and the brightest.
Lesso Mall Development (Long Island) recognizes that retail space designed in the 20th Century may not be relevant in an age of 21st Century online shopping. As a result, Lesso’s concept for Lesso Home includes showrooms for international manufacturers of home furnishings, décor and design and designers, new and pedestrian friendly market walks, a children’s fun center, business conference center and Lesso’s regional corporate headquarters.
The extensive renovations are being designed by Perkins Eastman and will be completed summer 2018.
“We envision part of our space being modeled on the enormously successful `Eataly’ adjacent to the Flatiron Building in Manhattan where food is celebrated as an experience in and of itself. Another element includes the creation of a `town square’ that invites community events, live entertainment and similar attractions that make a visit to Lesso Home a genuine experience,” saidMai. “Our hope is that by providing a people friendly center where ideas and solid initiatives come together in welcoming designs and products, we can create a marketplace that offers the very best for those throughout the New York metropolitan area.“
Kevin Law, president of the LIA, said, “We could offer you a variety of statistics about the strength of the region, but Long Island isn’t about spreadsheets. It’s about people. It’s about people who share Lesso’s energy, enthusiasm and excitement about the future of the region. Perhaps that is why it is wise to revisit a Chinese proverb about wealth. ‘If you want one year of prosperity, grow grain. If you want ten years of prosperity, grow trees. If you want 100 years of prosperity, grow people.’
“And so the LIA is delighted that Lesso is now part of the Long Island community where we grow `people,” said Law.
Kyle Strober, executive director of the Association for a Better Long Island (ABLI), said, “Lesso Mall Development (Long Island) has recognized several truths: This is an extraordinary location with its proximity to the Meadowbrook Parkway, within easy shuttle service to mass transit and within the heart of Nassau County’s Hub. They also recognize that traditional retail has moved on, and without innovative ideas, obsolete space will remain vacant, a drain on the economy and a potential eyesore.”
Esther Fortunoff, whose family built the legendary Fortunoff store, stated, “To see this retail complex reinvented into an economic engine that benefits the region is exactly what I think my dad, Alan Fortunoff, would have wanted. He understood as few did that change comes to every business sector and the ability to manage that change is the key to success.”
Fortunoff Fine Jewelry will remain at the Lesso Home Mall, serving a broad and loyal customer base.
Tenant leasing for the renovated space is being managed by Newmark Knight Frank, led nationally by Dennis Karr and managing director Peter Rossi, and on Long Island by their NKF colleagues, Dan Oliver, Jason Oliver and Scott Berta.
Lesso Mall Development (Long Island), Inc., is a wholly owned subsidiary of LESSO Group, a leading industrial group listed in Hong Kong (HK.2128). With American operations and business centers in Los Angeles, Lesso holdings range from Texas to the Midwest and now, New York.
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