October 22, 2019 | By Peter Katz | Westchester Business Journal
News in Detail
International developer Hines to build 246 apartments at Edge-on-Hudson in Sleepy Hollow
The global real estate investment, development and management firm Hines, which has its headquarters in Houston, has signed on to develop 246 luxury apartments in the second phase of redevelopment at Edge-on-Hudson at the former General Motors site in Sleepy Hollow.
Hines currently is involved in 148 development projects around the world and has a property and asset management portfolio of some 514 properties aggregating more than 222 million square feet of space.
The project, known as Edge-on-Hudson, is being completed in phases on the 70-acre site along the Hudson River where GM had its assembly plant. The first phase, undertaken by Toll Brothers, involves building townhomes. The entire Edge-on-Hudson project is anticipated to have a value of $1 billion and is planned to include 1,177 units of housing, a 140-room hotel, 135,000 square feet of retail space, 35,000 square feet of office space and more than 16 acres of parkland.
One of the master developers of the project is SunCal, which has offices in California, Texas and Virginia in addition to Westchester. The other is Diversified Realty Advisors. Diversified already has developed, or is developing and acquiring, properties totaling 6,000 residential units and 600,000 square feet of commercial space in New York, New Jersey, Connecticut, Pennsylvania and Maryland.
Toll Brothers recently began construction of a second block of townhomes after opening a sales office at the site several month earlier. Its Brownstones at Edge-on-Hudson are priced from $999,995. Toll Brothers describes it as “an intimate enclave of 72 townhomes offering up to 2,800 square feet of luxury living plus 2-car garages.”
Hines plans to build its five-story luxury apartment complex on what is known as Parcel F, at the entrance to Edge-on-Hudson about a block from the river.
Grant Jaber, managing director of multifamily residential development for Hines’ East Region, said, “The community’s mixed-use component, waterfront location and proximity to transit makes it an extremely attractive investment for Hines.”
The site is about a half-mile from the Metro-North Railroad station in Tarrytown and about a third of a mile from the Metro-North station at Philipse Manor.
David Soyka, senior vice president of SunCal, said, “Hines has a remarkable record of success across the globe and we’re gratified they will be participating with us in the development of Edge-on-Hudson.”
Hines, which was founded in 1957, has grown to have a presence in 219 cities in 23 countries. It has $124.3 billion in assets under management. The company was founded by its Chairman Gerald D. Hines who co-owns it along with his son Jeffrey. From 1981 to 1983, Gerald Hines served as chairman of the Federal Reserve Bank of Dallas. He was profiled in 2018 by Houston Public Media as “the man who built Houston’s skyline.”