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SunCal, Diversified Realty Break Ground on $1B Mixed-Use Development along Hudson River in New York

SLEEPY HOLLOW, N.Y. — A joint venture between SunCal and Diversified Realty Advisors has broken ground on Edge-On-Hudson, a $1 billion development on the Hudson River in Sleepy Hollow, located approximately 20 miles upriver from New York City.
The 70-acre project will contain 1,177 units of housing, 135,000 square feet of retail space, 30,000 square feet of office space and a 140-room boutique hotel, the first in Sleepy Hollow. The project will also feature 16 acres of open space and a waterfront promenade that links the existing Westchester County RiverWalk to the south and Kingsland Point Park to the north.

Edge-On-Hudson is being built on the site of the former General Motors assembly plant. The space has been empty since the automotive manufacturer vacated in 1996.

Phase I will include 306 units of housing, including 40 senior affordable units and 21 affordable workforce units. There will be 188 loft-style apartments in the four-story Loft District section at the eastern edge of the property, plus 46 three- and four-story condominium homes and 72 townhomes in the Central Park District. These neighborhoods will also include green space, a central park, a new roundabout and a village green at the base of Beekman Avenue adjacent to the existing Ichabod’s Landing community. Construction will begin on the residential portions in 2017.

The site is within walking distance of two Metro-North railroad stations with direct access to Grand Central Terminal. An additional 28 acres east of the Metro-North Hudson Line tracks have been donated to the Village of Sleepy Hollow Local Development Corporation. The joint venture developing Edge-On-Hudson has also agreed to contribute more than $11 million to the Village of Sleepy Hollow during the eight- to 10-year construction timeline.

Irvine, Calif.-based SunCal acquires, entitles and develops residential properties and commercial developments. It specializes in large-scale, mixed-use, master-planned communities.

Summit, N.J.-based Diversified Realty Advisors develops and builds residential and commercial properties. Its existing portfolio includes more than 6,000 residential units and 750,000 square feet of commercial space across New York, New Jersey, Pennsylvania, Maryland and Connecticut.

— Nellie Day

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