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Struever Fidelco Cappelli Outlines Details of Phase I of Yonkers Redevelopment Plan

Phase I Includes River Park Center Mixed-Use Complex With Ballpark; Palisades Point Residences With Riverfront Open Space; New Offices and Hotel at Cacace Center and Riverwalks Along the Reopened Saw Mill River
  YONKERS, NY (October 24, 2006) - In what is the first step in the most extensive revitalization effort ever undertaken in Westchester County and one of the largest in the New York metropolitan area, Struever Fidelco Cappelli (SFC) today unveiled details of the $1.5 billion first phase of its redevelopment plan for key areas of downtown Yonkers, the Hudson River waterfront and the Nepperhan Valley corridor.

Phase I application (pdf)

The four main components of the Phase I development include River Park Center, Cacace Center, Palisades Point and the Reopening of the Saw Mill River.

River Park Center
River Park Center, which is located in the area known as the Gateway District, includes development of two city blocks in the heart of downtown just east of City Hall. This includes the site known as "Chicken Island," the Getty Square municipal parking lot and the government center parking garage. River Park Center will feature a mix of retail, office, residential and entertainment components including:

. 465,000 square feet of retail space with anticipated retail uses including a supermarket, anchor retail store, book and music store, electronics retailer and sporting goods store.

. 325,000 square feet of office space in multiple buildings.

. 80,000 square feet of restaurant space with restaurants opening onto a new riverwalk along the reopened Saw Mill River.

. 15-screen, 80,000-square-foot movie theater.

. 6,500-seat ballpark for a new team in the Atlantic League of Professional Baseball Clubs. The ballpark would be located on the roof level of River Park Center.

. 950 residential apartments in two buildings.

. Parking facilities with approximately 4,340 spaces.

Cacace Center
Plans call for building a new 150,000-square-foot office building and a new 75,000 square-foot 150-room hotel on the corner of Nepperhan Avenue and South Broadway adjacent to the Cacace Justice Center. More than half of the space in the new office building will be occupied by the city agencies currently located in a 91,000-square-foot building at 87 Nepperhan Avenue. The latter building will be razed as part of the redevelopment plan.

The existing Government Center Garage will be razed to make way for a new parking facility. Before that takes place, a new 1,470-space parking structure will be built on the southside of Nepperhan Avenue on a now vacant site adjacent to the Cacace Justice Center. The current Firehouse will be demolished and a new 50,000-square-foot, six-bay Fire Headquarters will be built adjacent to the new parking garage at the Cacace Justice Center at the corner of Nepperhan Avenue and New Main Street.

Palisades Point
Palisades Point, which is planned for two Hudson River waterfront development sites south of the Yonkers train station, will be comprised of two residential buildings with a total of 436 condominium residences, 9,000 square feet of ground-level retail/restaurant or office space and two parking facilities with 725 spaces. The two 25-story residential buildings will offer spectacular views of the Hudson River, the Palisades and Manhattan. Palisades Point will offer easy access to the nearby Metro North train station which is a 25-minute commute to Manhattan.

Palisades Point will also feature a beautifully landscaped riverfront esplanade and publicly accessible open space with restaurants, publicly accessible open space and attendant parking, sculpture garden and boat launch. The parking garages adjacent to the two residential buildings will be wrapped with residences and have rooftop gardens.

Reopening of the Saw Mill River
The fourth component of the Phase I redevelopment plan is the much-discussed reopening of the Saw Mill River that now runs underneath parts of downtown or is inaccessible to the public near Getty Square and in Larkin Plaza. Landscaped public riverwalks would be built along the portions of the Saw Mill River in Larkin Plaza and the River Park Center site near Getty Square.

The Phase I development outlined by SFC will be a major economic boost to the City of Yonkers and the entire region. It is estimated that the Phase I development will create 13,000 construction jobs and 5,460 permanent jobs. Phase I will also generate $14.8 million annually in tax revenue for Yonkers as well as $14 million in taxes for the state and $4.9 million for Westchester County.

As part of the Phase I plan, SFC today submitted to the city an Environmental Assessment Form, a rezoning request and site plan.

Earlier this year, the City of Yonkers designated Struever Fidelco Cappelli -- a joint venture partnership formed by Westchester-based Cappelli Enterprises, Struever Bros. Eccles & Rouse of Baltimore, and Fidelco Realty Group of New Jersey -- as the "master developers" for properties in an extensive area stretching from the Saw Mill River Parkway on the east to the Hudson River on the west. The areas encompassed by SFC's redevelopment concept plan represent all of the city's central business core, two miles of its industrialized riverfront and large areas along Nepperhan Avenue, Yonkers Avenue and other major downtown streets. SFC will present its Conceptual Development Plan to the City Council in November.

Over the past six months, SFC has conducted an extensive community outreach program, making presentations about its redevelopment plan to a wide range of community groups and business organizations in Yonkers. SFC has also held a series of public informational meetings, with the most recent meeting held October 18.

"The agreement with Yonkers gave us until November 17th to make our application for the Phase I development. We are pleased and proud to be ahead of schedule and we are poised to move forward utilizing the public's input," said Joseph Apicella of SFC.

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