Courtesy of Buzz Creators
Ridge Hill is in new hands, and it remains to be seen if the change is enough to overcome the open-air mall’s struggles in Yonkers.
Nuveen Real Estate, Taconic Partners, and North American Properties have partnered to acquire Ridge Hill, the mixed-use lifestyle hub in Yonkers, for a cool $220 million. The mall opened in the fall of 2011 with high expectations and a strong list of tenants. But with the surge of online shopping changing the consumer landscape, coupled with the ravages of the pandemic on retail, the property has struggled to draw crowds since the early days of COVID. Built on a 74-acre stretch of land purchased from the City of Yonkers, the land Ridge Hill now occupies was previously a sanitarium, hospital, church, and rehab center.
“This unique retail asset will be a great addition to our fund, and we look forward to being a part of its successful redevelopment.”
While renovation plans for the 1.2-million-square-foot complex are still in development, the partners will look to transform and rebrand the space. One initiative set forth is incorporating state-of-the-art strategies that enhance Ridge Hill’s public spaces, street design, and parking amenities. They will also draw on their combined network of retailers to attract top-tier local and NYC-inspired food and beverage concepts, national luxury apparel, and boutique fitness providers — all while building on Ridge Hill’s existing experiential features to create a leading lifestyle center in the Tristate region.
“We see this as an attractively priced asset in an evolving sector that fits within our well-diversified New York property-focused real estate fund,” said Nadir Settles, managing director at Nuveen and head of the New York Property Fund. “The acquisition of Ridge Hill reflects a generational opportunity to reposition an already dominant lifestyle center that sits in the heart of one of the country’s most affluent and densely populated regions.”
“This unique retail asset will be a great addition to our fund, and we look forward to being a part of its successful redevelopment,” added Chris Balestra, president and chief investment officer at Taconic Partners.
Founded in 1997, Taconic Partners has acquired, redeveloped and repositioned over 12 million square feet of commercial office and mixed-use space in addition to more than 6,500 units of luxury and workforce housing. Currently, they are developing several projects in Manhattan, including 450 Park Ave; the Hudson Research Center at 619 West 54th St; and Essex Crossing on the Lower East Side.