January 9, 2014 | The Journal News
News in Detail
Hotel, homes planned for GM parcel in Sleepy Hollow
SLEEPY HOLLOW — General Motors has reached a development deal with two real estate companies for its site on the village’s waterfront.
Diversified Realty Advisors of Summit, N.J., and SunCal of Irvine, Calif., will partner on the 96-acre site to build 1,177 residences, 35,000 square feet of office space, 135,000 square feet of retail and a 140-room hotel.
The village approved the development in 2011 and in August it resolved litigation that stalled the project for years. On Thursday village administrator Anthony Giaccio said the project will bring significant benefits to the community, namely the taxes and fees the developers will pay; currently the site enjoys significant tax breaks that will lift when the developers take ownership of the property. The village will also get a river walk and access to a lighthouse.
The next step for the developers will be for them to present an application to the Sleepy Hollow Planning Board for a site plan approval. Giaccio said that since the village board has approved many details of the plan, the planning board’s review won’t take as long as a project of this size would require.
Giaccio said that village officials are hoping for a groundbreaking by the end of 2014 but next year might be more realistic. Officials from Diversified Realty Advisors and SunCal could not be reached for comment.
Diversified Realty Advisors’ current developments include the 160-unit Summit Lane Apartments in Newburgh and a 270-unit complex in New Windsor. SunCal’s specialty is building large projects, with some numbering in the thousands of residences, according to its website.