GUILDERLAND — The Lia family, owners of the 20 Mall in Guilderland, hope a multi-million dollar renovation will result in an increase of visitors and tenants.

The 155,000-square-foot mall, at the corner of routes 20 and 155, is undergoing a “complete renovation from removal to re-building of the façade,” according to Kevin Parisi, the property manager for the mall.

Parisi said the mall will receive updated lighting, new parking lots, and spruced up common areas. The project is slated to be complete by early summer.

“The owners wanted to re-invest some money to attract more visitors to the existing businesses, and draw new tenants to the area,” said Parisi. The current anchors to the mall are Gold’s Gym and Price Chopper; a large vacancy exists where a Hollywood Video went out of business. He said there are already negotiations in progress with potential new tenants.

In July 2009, the 20 Mall filed a notice of application for review of assessment with the New York State Supreme Court, the lowest court in the state’s three-tiered system. The 20 Mall claimed it was worth $8,008,000, while it was assessed by the town at nearly $12 million.

Peter J. Goldman, of Segel, Goldman, Mazzotta & Siegel, represents the 20 Mall in its assessment challenge. He said in 2009 that, part of the reason the 20 Mall felt it was over-assessed were enclosed portions of the mall and the deep stores, which he called “antiquated” and tough to lease.

Town assessor John Macejka said this week that the assessment challenge has not been settled.

In addition to a new look, the mall will get a new name — Hamilton Square. The site along Route 20 was once named Hamilton.

The name was given “in honor of the great patron of American manufacturers, the first Secretary of the Treasury, Alexander Hamilton,” according to Old Hellebergh: Scenes from Early Guilderland by the late Guilderland town historian, Arthur B. Gregg.

Gregg stated that stories had been passed down generations asserting that Alexander Hamilton himself surveyed the land and plotted out the town, but Gregg’s research revealed no such connection.

“The new name along with the renovation takes the plaza to the next level,” Parisi said.