Plaza, Apartment Developer Plans To Buy Mercy Property

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COR Development Company, the business which built the Towne Center Plaza, is planning to buy the former Mercy Care Center property in Watertown.

COR officials met with Mayor Jeff Graham, city staff and representatives from the Development Authority of the North Country Thursday.

COR President Steven Aiello informed the city that his firm has acquired the note securing Mercy from GE Capital and plans to have the property deeded over in the coming weeks.

According to a news release from Aiello, COR is building several new neighborhoods in Syracuse and strongly believes "in the potential for a similar mixed-use redevelopment in Watertown.

COR is currently building the Beaver Meadow apartment complex behind Target at the Towne Center Plaza on outer Arsenal Street in the town of Watertown.

It's unclear what specific plans COR has for the Mercy property, but Graham said COR will tear down the building complex this coming winter to build housing.

Graham said the city received a $42,915 payment from COR in property taxes last week.

"On behalf of the city, I appreciate the effort put forth by Mr. Aiello, the COR Development Company, and the Development Authority of the North Country," said Graham.

COR is based in Fayetteville, just outside of Syracuse.

Mercy closed Monday after being a fixture in Watertown for nearly 120 years.

7 News will update this story as more information becomes available.

See news releases from COR and Graham

Friday, October 24, 2014
, Watertown, NY

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