Toll Brothers Selected as Builder of Phase One on Edge-on-Hudson Project
by Robert Kimmel –
The first structures to be built within Edge-on-Hudson, the mixed-use development at Sleepy Hollow’s riverfront are expected to be 11 free-standing homes, constructed by Toll Brothers, a luxury home builder whose work is known locally and nationwide.
The company has signed an agreement with the developers, SunCal and Diversified Realty Advisors to purchase the lots and build all the residential units planned for Phase One of the project. Toll Brothers is also the builder of Westchester Estates, a 14-luxury home project in the Wilson Park area of Tarrytown, where construction began in 2011.
Within the next few months, the company will provide Sleepy Hollow’s Planning Board with more detailed architectural drawings of the proposed buildings for the Phase One start-ups, expected to begin this spring, based on the board’s authorization.
A special permit issued by the village has already approved the phase’s site layout, the number of units, their heights and other aspects. In all, 306 units of housing are designated for Phase One, including condominium and “loft style” construction. Among them will be 61 affordable workforce and senior housing units.
“After an 18-year journey, I’m thrilled to see this project reach fruition. It will be gratifying to see the first residents move in to this extraordinary location along the Hudson,” said Jonathan Stein, Founding Partner of Diversified Realty Advisors. Stein had been with a different real estate developer whose original effort years ago to acquire the entire property from General Motors was not successful. GM closed its manufacturing plant in 1996, approximately100 years after it was first built as an auto plant by other companies.
Toll Brothers drew praise from David Soyka, Senior Vice President of SunCal. He described the company as “the ideal builder for a project that demands world-class design and construction expertise. Edge-on-Hudson will be a premier transit-oriented, waterfront community poised at the gateway to the Hudson Valley,” Soyka added.
A 50-year-old, Fortune 500 company headquartered in Pennsylvania, Toll Brothers has construction projects ongoing in 20 states. It has received several building industry honors and is known for “luxury residential single-family detached and attached homes, resort-style golf, and urban low, mid, and high-rise communities on land it develops and improves,” as they have been described.
When completed, the Edge-on-Hudson development incorporating several phases on its 67 acres, will have 1,177 housing units, a 140-room boutique hotel, 135 square feet of retail space, 30,000 square feet of office space, and 16 acres of parkland, including a waterfront promenade.
Valued at $1 billion when completed, SunCal and Diversified Realty Advisors bought the property as a joint venture from GM for $39.5 million.