GUILDERLAND —  WS Development will assume management, operation, and majority ownership of Stuyvesant Plaza, Ed Swyer, president of Stuyvesant Plaza Inc., announced in a release on Wednesday.

A privately-held retail firm founded in 1990, WS is based in Massachusetts and, according to its website, has over 100 mixed-use properties across the United States, including 20 million square feet of retail, office, and residential space.

Stuyvesant Plaza, on Route 20 in Guilderland, opened in 1959 with 18 tenants. The 240,000-square-foot plaza now has 60 shops and restaurants.

“We have visited their impressive developments and engaged in discussions over a span of seven years,” said Swyer in the release. “I could not imagine a better organization to lead us into the future.”

Stuyvesant Plaza Inc., which has owned Stuyvesant Plaza since its opening, will retain ownership and management of Executive Park, the office park adjacent to the plaza.

Stuyvesant Plaza is one of the town’s top taxpayers, according to Guilderland’s assessor; in 2017, the total assessed value of all its holdings was almost $46 million, behind only Pyramid — owner of Crossgates Mall — and National Grid. 

This acquisition is WS Development’s second property in New York State. Other WS properties include Hyde Park Village in Tampa and The Royal Poinciana Plaza in Palm Beach, both in Florida; MarketStreet Lynnfield in Massachusetts; and longtime family-owned property Montgomery Village in Sonoma County, California.