Built in 1969 and opened in 1972, the once-thriving mall was originally the largest in the area prior to the Walden Galleria, but it lost many of its larger tenants over the years, including AM&A's, Jenss, Woolworth, Burlington Coat Factory, Sears, Bon-Ton and Macy's. Only JCPenney remains, among its original tenants. And even with a large number of local merchants that have set up shop within its walls, it has struggled to regain its footing amid a competitive marketplace and the growth of online shopping.

So instead, Mountain and Uniland decided to remake the property into a whole new concept.

The two owners are seeking to create a new community that combines retail stores, restaurants, entertainment facilities, residential living, hospitality or hotel rooms, healthcare facilities, recreation and other businesses. The goal is "a vibrant, walkable environment with year-round programming," in which "people live, work, shop and play," according to the press release.

Bruffett noted that the size of the site is "nearly unprecedented," and said his team is excited about the opportunity. The site is similar in size to a swath of downtown Buffalo stretching from KeyBank Center to Sahlen Field, and also including HarborCenter, One Seneca Tower, and much of Canalside.