Hines Begins Construction on New York Luxury Development
- Nov 17, 2020
Hines has closed on a construction loan from Santander Bank and started development of Northlight at Edge-on-Hudson, a 246-unit, Class A, luxury multifamily project located within a $1 billion mixed-use, transit-oriented community on the Hudson River in Sleepy Hollow, N.Y. Leasing is expected to begin in the first quarter of 2022 with delivery later that year in the third quarter.
The amount of the loan was not released but Hines said it is the third project Santander has helped them finance. One of those projects is The Hartley, a 323-unit luxury multifamily property anchored by a Whole Foods Market as part of The Parks at Walter Reed, a mixed-use redevelopment project in Washington, D.C. Hines is developing The Hartley in a joint venture with Urban Atlantic, Triden Development Group and Bridge Investment Group.
The development team of Edge-on-Hudson, a joint venture of SunCal and Diversified Realty Advisors, announced in October 2019 that Hines was the latest to become part of the plan to redevelop the former General Motors site 25 miles north of New York City. The Hines luxury multifamily project is part of phase two and will be located at the entrance to Edge-on-Hudson and a block from the river’s edge.
Phase One is already under construction and will feature The Brownstones collection of 72 townhomes being developed by Toll Brothers that have been on sale since last year. Toll Brothers is also constructing The Lofts collection with 46 condo apartments and last month announced it had received a $35.6 million construction loan from TD Bank to develop Emerson, a 188-unit multifamily rental property also at Edge-on-Hudson. Of those, 127 will be market-rate and 61 affordable units.
Once it is completed, the 70-acre Edge-on-Hudson development will comprise 1,177 units of housing; a 140-room boutique hotel; 135,000 square feet of retail space and 35,000 square feet of office space. In April, DeCicco & Sons, a regional supermarket chain, said it had signed a lease for a 30,000-square-foot food market with an adjacent 5,000-square-foot pharmacy. Expected to open in early 2022, it is the first retail space announced for the development. Edge-on-Hudson will also feature more than 16 acres of parkland and a promenade along the water that will link the existing Hudson RiverWalk to the south and Kingsland Point Park to the north and also provides access to Rockefeller State Park.
Citing the development’s excellent amenities and irreplaceable location, Tommy Craig, Hines senior managing director, said in a prepared statement Northlight at Edge-on-Hudson will set a new standard of living in the area. It will include studio, one-bedroom and two-bedroom apartments ranging from 565 to 1,406 square. Community amenities will include a 17,000-square-foot outdoor courtyard with swimming pool, fitness deck, outdoor kitchens, fire pits, open green spaces and varied seating and lounge areas for social or coworking use. Other features will be two penthouse terraces and roof deck; indoor clubhouses with coworking space; fitness center; children’s playroom; communal kitchen and wine lounge; storage space; bicycle parking and a pet spa. There will be 427 private resident parking spaces within a five-story, partially enclosed parking garage that provides access to each resident floor in the building.
Residents will be able to walk to two Metro-North commuter train stations—Tarrytown and Philipse Manor—with direct access to Grand Central Terminal in New York City in less than 40 minutes. The development is about 2 miles north of the Gov. Mario M. Cuomo (Tappan Zee) Bridge and Interstates 287 and 87 that provide access to Westchester and Rockland counties in New York, New Jersey and Connecticut.