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Old Posted Jun 27, 2008, 6:34 AM
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YONKERS, N.Y. | Point St Landing | HEIGHT | 39, 33, 26, 26 FLOORS


Yonkers To Get $900M MXD Project

By John Jordan
June 26, 2008

YONKERS-Another major development project has come to the fore here. Homes for America Holdings Inc. has once again come to the city with plans for a $900-million project on the city’s waterfront. The locally-based firm originally showed off plans for Point Street Landing in late 2006, but did not go through any approval process as the city was undertaking a master plan for the Alexander Street section of the city, which includes the 14.6-acre former BICC Cable site project site.

Homes for America Holdings "informally submitted" its revised plans for Point Street Landing to the Yonkers Community Development Agency on Wednesday and then made a public presentation at the Yonkers Riverfront Library in the evening. Daniel Tartaglia, senior vice president of development and project manager for Homes for America Holdings, says that the plan has been revised, although the scope of the project pretty much remains the same from the original plan.

The project calls for the development of 1,124 housing units in four high-rise buildings and a number of townhouse units. The four towers would be 33, 26, 39 and 26 stories tall under the preliminary plan now before the city. The 2006 plan called for five towers of 26, 19, 29, 29 and 25 stories.

He says the change in tower configuration was done because the original proposal "impinged on view corridors" of the Hudson River. The developer plans to have the buildings in the project designated as Leadership in Energy and Environmental Design by the US Green Building Council. The project is designed by Perkins Eastman of New York City.

"This is the best proposal to get the density we need and to make the project economically viable," he says. The plan also includes 54,000 sf of office space, 40,000 sf of retail space, 142 marina wet slips and 230 marina dry slips and parking for 1,830 vehicles. The plan also calls for the designation of about four acres as accessible public space.

The firm has hired Project for Public Space, a nonprofit New York City-based company that helps create and sustain public spaces, to work on the public space component of the venture. Although not officially part of the open space facet of the project, a rooftop park on one of the buildings across from what will be a new Point Street Bridge is also planned. In addition to the 14 acres of waterfront property, Homes for America Holdings also owns approximately 16 acres underwater.

Point Street Landing’s housing component was originally pegged as strictly condominiums. However, today’s market conditions have caused Homes for America Holdings to take a second look. "Some of the work we have done over the past several months was to look at alternatives to condominium development versus rental development," Tartaglia tells Globest.com. "So we are actually looking at both because there are some lenders that won’t look at condominium development."

Tartaglia says that "this is a development attuned to the needs of people, communities, and the environment. We want to ensure that the Point Street Landing project is 'smart,' as imaginative and future-thinking as possible, and that it meets the needs of the City of Yonkers and all of its people. That’s our vision, pure and simple."

A multi-million dollar remediation program at the site, which began in earnest in 2006, is nearing completion. Tartaglia says that when the remediation is complete later this year, the cost might exceed the budgeted $30 million. The site contained asbestos, PCBs and underground storage tanks. Tartaglia says that the firm would like to obtain approvals and financing so that construction could begin on the project by perhaps as early as the summer of 2009.
NEW YORK heals.

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Old Posted Aug 12, 2015, 3:57 PM
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Updated May 13, 2010 12:01 a.m. ET

Even more distressing for the city have been the problems at Point Street Landing, a separate $900 million, mixed-use project planned for another Yonkers site once used as a movie stage.

After a series of setbacks and delays, Satellite Asset Management, a hedge-fund firm founded by former lieutenants of financier George Soros, has put the site up for sale for a fraction of what their fund loaned to the project's now-defunct developer.

The $900 million Point Street Landing was going to include 1,124 housing units and nearly 100,000 square feet of office and retail space, to be built on land contaminated from decades of use as a cable factory. More recently, the site was occupied by a movie stage where films such as 2001's "Zoolander" were shot.
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