Three Big Construction Projects Moving Forward

Shovels are flying and/or being readied to fly this week across Westchester’s real estate development sector, with three anticipated projects all hitting key development milestones.

In Yonkers on Tuesday, Mayor Mike Spano, City Council President Liam McLaughlin and city leaders, along with Strategic Capital and Collins Enterprises, broke ground on an $85 million residential building along the Hudson River. Called Hudson Park River Club, the new 230,000-square-foot building will include 213 studio and one-and-two bedroom rental units, along with amenities such as a health club, event space, a recreation area, and parking for 160 vehicles. It’s the third and final phase of the 16-acre Hudson Park development along the city’s waterfront. The new building will be located adjacent to the city’s esplanade overlooking the Hudson River and will complete access to the public waterfront, Paddling & Rowing Club, Beczak Environmental Center, and Habirshaw Park. It is expected to be complete in mid-2017.

“This is precisely the type of development we need in Yonkers to meet a growing demand for people who want to live in a diverse and urban environment while enjoying our beautiful waterfront,” said Mayor Mike Spano at the groundbreaking.

Further up the Hudson in Dobbs Ferry, the recently stalled $42-million Rivertowns Square project yielded some good news: the development company Saber Dobbs Ferry, LLC, announced that it has secured a $42 million construction loan from M&T Bank for the project, which is a $130 million, 120,000-square foot mixed-use development. In addition to the construction loan, Saber Dobbs Ferry was also approved for a mortgage tax exemption of $551,200 and an estimated sales tax exemption estimated of approximately $2.2 million from the Westchester Industrial Development Agency (IDA). As a result of these key milestones, the company will host a groundbreaking ceremony on Tuesday, October 6 at 10 a.m.

Saber Dobbs Ferry worked closely with the team from M&T Bank’s Westchester Region to secure the two-year construction loan, which will help support the construction of Rivertowns Square’s retail, dining and entertainment offerings, as well as the structural base of a 138-room hotel. The development will also feature 202 luxury apartments. Saber Dobbs Ferry reports that the Rivertowns Square project will create 650 temporary and permanent jobs upon completion. 

And in picturesque Bronxville, a new condo project, dubbed Villa BXV, is underway. Being developed by Greenwich, CT-based Fareri Associates, Villa BXV will offer 54 residences including five penthouses. BXV’s 1-, 2- and 3-bedroom residences and penthouses range in size from 1,300 square feet to more than 2,000 square feet of living space, and boast rooftop terraces and expansive patios. High-end touches include open plan great rooms and kitchens with gourmet islands and appliances by Wolff, Bosch, and Sub Zero. Residents will also have access to the Club Room, which offers a fireplace, baby grand piano, walk-in bar, game tables, flat screen TVs, and catering kitchen; as well as a Grand Courtyard for entertaining and socializing; and a fitness center with Zen garden. The VillaBXV Preview Sales Center is scheduled to open this fall.