SOURCE: Edge-On-Hudson

Edge-On-Hudson

November 10, 2015 09:15 ET

Edge-On-Hudson Gets Green Light from Sleepy Hollow Planning Board to Build Phase One

Former General Motors Property Is Along New York's Hudson River

SLEEPY HOLLOW, NY--(Marketwired - Nov 10, 2015) - At 95 acres, it's the largest undeveloped tract of land along the Hudson River in proximity to New York City. Now, nearly 20 years after the General Motors assembly plant in Sleepy Hollow, New York, was shuttered, and more than 15 years after the first proposals for the site were put forward, Edge-On-Hudson is set to move ahead with an ambitious development valued at over $1 billion. The riverfront project, a mixed-use development set to include a hotel, restaurants, retail space and 1,177 units of housing, received unanimous Phase One Site Plan approval from the Village of Sleepy Hollow Planning Board in late October. Village officials are counting on Edge-On-Hudson to spur economic development in Sleepy Hollow, which lost a major source of tax revenue with the GM closure two decades ago. Edge-On-Hudson is a joint venture of SunCal and Diversified Realty Advisors. 

The new development will take place on approximately 67 acres, with an additional 28 acres donated to the Village Of Sleepy Hollow Local Development Corporation. Eventually set to encompass 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 project will also feature 16 acres of parkland, and a winding promenade along the water linking to the existing RiverWalk to the south and Kingsland Point Park to the north. 

Phase One 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. The project is expected to be certified to LEED Neighborhood Development standards.

Edge-On-Hudson is a transit-oriented urban waterfront destination. 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.

Edge-On-Hudson is set to take its place as one of the most exciting and vibrant waterfront destinations along the Hudson, with its unique location making it a gateway to the natural amenities of the Hudson River Valley to the north, while still affording easy access to New York City.

Initial site preparation at Edge-On-Hudson will commence with construction of a temporary bridge near the western end of Beekman Avenue in Sleepy Hollow over the Metro-North tracks, designed to accommodate trucks entering the property. Construction of the temporary bridge is expected to start within several months, with on-site preparation continuing in 2016. Construction of the first homes is expected in 2017. Visit www.edgeonhudson.com.

About SunCal
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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