SLEEPY HOLLOW, N.Y., May 25, 2016 /PRNewswire/ -- Nearly 20 years from the date the General Motors assembly plant in Sleepy Hollow, New York, ceased operations (June 28th 1996), government officials, community leaders and executives from the joint venture of SunCal and Diversified Realty Advisors gathered recently to celebrate the groundbreaking for Edge-On-Hudson, a nearly 70-acre waterfront development valued at over $1 billion. The transit-oriented property along the shore of the Hudson is set to include 1,177 units of housing, restaurants, retail space, and a hotel, which will be the first in Sleepy Hollow. The project will also feature 16 acres of open space and a winding promenade along the water linking the existing Westchester County RiverWalk to the south and Kingsland Point Park to the north. Officials are counting on Edge-On-Hudson to restore waterfront access and spur economic development in the area, which lost a major source of tax revenue with the GM closure two decades ago.
The sounds of excavation work could already be heard at the Beekman Avenue Bridge, adjacent to the property, where the developer is replacing the aging crossing with a new span. Pile testing on the Edge-On-Hudson site itself is set to begin within days of the official groundbreaking, to be followed in the coming weeks by the start of demolition of the concrete and asphalt slab on the 67-acre property. Site preparation work during 2016 will also include importation of fill material, and the addition of water and sewer lines and electric service. Vertical construction of the first homes is then scheduled for 2017.
Village of Sleepy Hollow Mayor Ken Wray commented, "We're doing more than simply breaking ground today. At long last we're laying the foundation for unprecedented waterfront access and for economic development that will propel Sleepy Hollow forward for many years to come, while at the same time, positively impacting the broader Hudson Valley region."
Edge-On-Hudson is being constructed on approximately 67 acres along the Hudson River shoreline, with an additional 28 acres east of the Metro-North Hudson Line tracks already donated to the Village Of Sleepy Hollow Local Development Corporation. In addition to property tax payments and other payments for water and traffic improvement infrastructure, the joint venture developing Edge-On-Hudson has also committed to contributing more than $11 million to the Village of Sleepy Hollow during the 8 to 10 year construction timeline.
"Phase One" of construction at Edge-On-Hudson features 306 units of housing, including 40 senior affordable units and 21 affordable workforce units. The breakdown includes 188 loft-style apartments in the four-story "Loft District" section at the eastern edge of the property with design elements referencing the Hudson Valley's industrial heritage; 46 three- and four-story condominium homes and 72 Town Houses in the "Central Park District," as well as neighborhood green space, a central park and a new roundabout and village green at the base of Beekman Avenue adjacent to the existing Ichabod's Landing community. Architectural and landscape design is led by the firm of Hart Howerton (www.harthowerton.com). The project is expected to be certified to LEED Neighborhood Development standards.
When fully completed, Edge-On-Hudson will feature 1,177 units of housing, including condominiums, townhomes and apartments; a 140-room boutique hotel; 135,000 square feet of retail space and 30,000 square feet of office space. The site is within walking distance of two nearby Metro-North railroad stations with direct access to Grand Central Terminal. Public space will be an overarching organizational element, as green spaces and recreational amenities in a broad range of landscape settings play a central role. These include a village green with pedestrian amenities, pocket parks, plazas, patios and natural areas with walking trails. Various informal parks and open spaces will be linked within the community through landscaped streets, sidewalks and trails encouraging pedestrian activities. More information is available at www.edgeonhudson.com.
SunCal acquires, entitles and develops major residential properties and commercial developments. The company creates distinctive master-planned and mixed-use communities that emphasize quality of life, environmental sensitivity and recreational opportunities. SunCal is one of the largest real estate development companies in the U.S. that specializes in large-scale, mixed-use master-planned communities, and has offices in Irvine, Calif.; Northern California; New York City; Washington, D.C.; Las Vegas, Nevada; Austin, Texas; and Savannah, Georgia. For more information, visit www.suncal.com.
About Diversified Realty Advisors
Diversified Realty Advisors is a full-service real estate company with core strengths in residential and commercial development and construction. Diversified's fully integrated team is involved in all real estate services, including those related to acquisitions, architectural and engineering design, construction, entitlements, leasing, sales and management. Diversified's existing portfolio and acquisition/development pipeline includes the operation and development of over 6,000 residential units and 750,000 square feet of commercial space across New York, New Jersey, Pennsylvania, Maryland and Connecticut. Visit www.diversifiedra.com for more information.
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