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Fareri Associates announces the $3 million grant from Empire State Development that will lend itself to Phase One of the company’s North 80 project.
Fareri Associates is in the final approval stages for the North 80 development project, a 1.2-million-square-foot science and technology center. Situated on 80 acres in Mount Pleasant, the project sits adjacent to Westchester Medical Center and New York Medical College, and bears proximity to Regeneron Pharmaceuticals, the nation’s fastest-growing biotech company.
The project will enhance the Hudson Valley’s growing reputation as the leading bioscience and medical technology hub in New York State and the Northeast and will contribute to Westchester’s thriving biotech and healthcare sectors. The innovative science and lifestyle campus is composed of a pedestrian-friendly Main Street lined with shops, a hotel and conference center, restaurants, and landscaped plazas.
“We are very pleased and honored to have received this important grant for our North 80 development,” said John Fareri, CEO of Fareri Associates. “Phase One of this $227 million project is expected to create nearly 490,000 square of innovatively designed buildings whose tenants will bring an estimated 1,177 new jobs to Westchester County and the Mid-Hudson Valley.”
The North 80 project is projected to generate an estimated $9 million in new real-estate taxes annually to the county, the town of Mount Pleasant, and the school districts, as well as an estimated $7 million in new annual rent to the county. It will provide approximately 4,000 new construction jobs and 8,000 new permanent jobs ranging from entry-level to professional.
The North 80 will feature a Children’s Living Science Center, which is unique to the region, to promote STEAM education and the improvement of children’s health through interactive programming. It will provide career training and future employment readiness to local students. The North 80 will also provide biotech research labs for incubator program graduates.
The $3 million award to the development was among 97 projects in the state receiving $81 million in Empire State Development funds. The awards were provided through the Regional Economic Development Council initiative and were announced November 22 by Governor Kathy Hochul.
Fareri Associates is a premier development company with over 40 years of experience. The family-owned and -operated company is based in Greenwich, Connecticut, but specializes in real estate development, investment, and construction in Westchester and Fairfield Counties. John Fareri is well-known for his charitable work in New York and Connecticut. He and his wife, Brenda, lead the fundraising, design, and creation of the Maria Fareri Children’s Hospital, a $200 million-plus, state-of-the-art facility at the Westchester Medical Center campus, in honor of their youngest daughter.