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Chevrolet Lumina
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Oldsmobile Silhouette
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Pontiac Trans Sport
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You know the place: General Motors’ abandoned North Tarrytown factory in Sleepy Hollow, the one that in its heyday was churning out Chevy Luminas, Oldsmobile Silhouettes, and Pontaic TranSports, doing its best to keep the trade balance in check and serving as a proud source of 7,000 bygone (at least in the Northeast…) American manufacturing jobs, but today is a giant concrete eyesore hogging some of the Hudson’s best real estate? Good news! (Or bad, if you’re opposed to riverside construction.) SunCal, a California-based real estate developer, just struck a deal with GM to buy the 97-acre site for $1 billion. (For the record, the $1-billion price tag also includes the site of a former Naval medical center in Oakland, Calif.)
The plant was shut down in 1996 and demolished in 1998, and it was on track to become a residential/commercial community in the 00’s, but the developer backed out in 2007 when the housing crisis began to boil over.
SunCal will team with Summit, New Jersey-based Diversified Realty Advisors LLC to develop 1,177 residences at the site, along with 170,000 square feet of hotel, office, and retail space. SunCal hasn’t yet announced publicly how it will finance the purchase, but claims to have secured financial backing.
