Business News
Local News
Sleepy Hollow News

East Parcel of Former GM Site Goes to Local Development Corp as New LDC Members are Named

• Bookmarks: 27

August 6, 2015

| by Robert Kimmel |

Financial advantages accrue to Sleepy Hollow by having a Local Development Corporation, (LDC), maintain ownership of the east parcel of the former 96-acre GM site, which was turned over to the village in the deal that opened the way for development of the larger riverfront parcels for residential and commercial use.

Rotary Duck Derby in Tarrytown

New York State mandates that municipalities hire separate contractors for the various aspects of construction projects; however, the LDC avoids that restriction. By hiring just one overall contractor, rather than a variety of contractors, to work on the construction of a potential Department of Public Works building and other facilities, including some for sports activities, on the east section, the Sleepy Hollow LDC could save up to 20% of the costs, according to village estimates.

With the LDC arrangement, plans call for the village ultimately to gain ownership of the parcel. Bonds issued by the LDC to finance construction and maintenance of the structures on the east parcel would be paid off by the LDC through the income gained by its leasing the facilities to the village. Deeds to the land would be turned back to the village at a future date. The parcel lies to the east of the railroad tracks.

The LDC membership is composed mostly of local residents with special expertise, following Mayor Ken Wray’s removal of five village trustees from its board. The mayor disclosed in June that he had removed the trustees because its operation would have been “compromised,” presumably because of their lack of skills needed for its functions. Wray, who remains an “ex-officio” member of the board, stated that the trustees “did not have the needed expertise.”

Wray named five new members: David Schroedel, a former Sleepy Hollow Village Trustee; Anthony Scarpati, a CPA; Hamisher Bell, a local businessman; Michael Dawley, who has a senior position at Goldman Sachs, and Teresa Oeste-Villavieja, who, the mayor said, “works for a firm in the city that does a lot of work in major construction contracts.”

The 65-acre project now known as Edge-On-Hudson, will be divided into “three distinct districts,” according to Peter Johnson of SunCal, co-owner of the development. Among the residential units planned will be “about 200 town houses, 540 condominiums and 450 apartments,” Johnson stated at a dedication of the site in June which also celebrated the Sleepy Hollow Lighthouse. In addition, there is a 140 room hotel and 135,000 square feet of retail construction anticipated for the site as well as 35,000 square feet of office space.

Jonathan Stein, of Diversified Realty Advisors, LLC, the other co-owner, noted that there will be “a huge amount of open space” within the development. That space is expected to envelope 24 acres of “parks and gardens.” Stein said that work on the site’s infrastructure could begin before the end of the year if “all goes well” with the Sleepy Hollow Planning Board’s review of the Site Plan and Subdivision Approvals for the project.

Share the News!
Andrea Martone - Westchester and Rivertowns Real Estate - Houlihan Lawrence agent

Tarrytown Poised to Close Main Street For Dining On 12 Saturday Nights—And Maybe Approve Parklets

By Barrett Seaman— At their May 17 Board meeting, Tarrytown Trustees are expected to approve the closure of Main Street...
Read More

Playa Bowls Grand Opening Saturday, May 15 in Tarrytown

By Linda Viertel--- “Welcome to Pineapple Land” On Main Street, where customers can enjoy a dizzying variety of superfruit bowls...
Read More

Two Local Students Win National Merit Scholarships

By Rick Pezzullo--- Two local seniors were among 2,500 National Merit Scholarship winners named this week that were chosen from...
Read More

Transfiguration School Students Connect with International Space Station

By Rick Pezzullo--- Middle school students at The Transfiguration School in Tarrytown spoke with astronauts aboard the International Space Station...
Read More

Jazz Forum, Tarrytown Reopens May 28!

After what will have been 446 days of closure due to the pandemic, Jazz Forum Arts will reopen its Jazz...
Read More

New Principal at Sleepy Hollow High School Named

By Rick Pezzullo--- A new principal has been chosen to lead Sleepy Hollow High School. Deborah Brand will succeed Dr....
Read More

Gold Star Mother Margaret J. Horan Memorial Unveiled in Sleepy Hollow

By Rick Pezzullo--- The Margaret J. Horan Gold Star Mothers’ Memorial was unveiled Sunday, May 9th at Horan’s Landing Park...
Read More

Harckham Sponsors Blood Drive in Sleepy Hollow

By Rick Pezzullo--- State Senator Pete Harckham partnered with New York Blood Center (NYBC) Saturday in sponsoring a blood drive...
Read More

COVID-19 Update: Then And Now (It’s Better Now)

By Barrett Seaman— Just three months ago, The Hudson Independent reported that, “All but two or three of the state’s...
Read More
27 recommended
bookmark icon