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GREAT NECK, NY-While Feldman Mall Properties Inc. posted a net loss of $1.1 million for the three months ended Sept. 30, the company is focused more on its long-term interests than short-term profits. "While we're disappointed in near-term earnings, the outlook in the long term is that we'll prosper," said Larry Feldman, the firm's chairman and chief executive officer, during a third-quarter conference call.

One property under redevelopment that Feldman is particularly hopeful about is the Colonie Center Mall in Albany. "Colonie has the potential to be the most successful mall we've ever been involved in." As mentioned in the company's second-quarter call, Feldman says the firm is still searching for a joint venture partner on the redevelopment. "It makes sense due to the sheer magnitude."

Colonie, which Feldman acquired in February 2005, is undergoing a "massive" transformation Feldman pointed out, adding that a strong national retailer is expected to sign on for 30,000 sf within the next 30 days. He added that two "major draw" restaurants are expected to take a combined 20,000 sf. The redevelopment effort is estimated to cost $30 million.