Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—rose 3.1% from December to a seasonally adjusted annual rate of 4.00 million in January.
$1.2-Billion North80 Biotech Project Clears Key Zoning Hurdle
MOUNT PLEASANT—Recently, the Mount Pleasant Town Board unanimously approved the zoning for the 3.0-million-square-foot North80 science and technology center next to the Westchester Medical Center, New York Medical College, and near the expansive Regeneron Pharmaceuticals complex, which is currently undergoing a $1.8-billion expansion. The approval now sets the stage for the developer to formally submit site plans for the first phase of the project.
The site plan application is expected to be submitted to the Mount Pleasant Planning Board early next year, the developer Fareri Associates stated in an announcement.
The North80 is envisioned as a science-focused campus that includes a walkable Main Street with shops, a hotel, a conference center, restaurants, and landscaped public areas. The site is a combination of 60 acres of undeveloped county-owned land for which Fareri holds a long-term lease and 20 adjacent acres owned by Fareri. When complete, the multi-phased $1.2 billion project would be the largest single economic development in Westchester.
“The board’s decision to approve the zoning ensures that Mount Pleasant will continue to attract high-paying life sciences jobs, as it already has done with Regeneron, PepsiCo and other quality businesses,” said Mount Pleasant Supervisor Carl Fulgenzi. The Mount Pleasant Town Board approved the project’s zoning on Nov. 22.
“The review of this plan has been extensive, careful, and thorough,” Supervisor Fulgenzi added. “The direct access to the Sprain Brook Parkway, the proximity of both the Harlem and Hudson lines of MetroNorth, and numerous other factors, combined with the infrastructure investment that will come with the plan, make the location uniquely well-suited. We look forward to seeing the first phase of the site plan coming to fruition.”
Fareri Associates is a premier developer in Westchester and Fairfield counties with over 40 years of experience and more than four million square feet of retail, commercial and residential space.
“We are thankful for the Town Board’s support of our vision for the North80,” said John Fareri, President and CEO of Fareri Associates. “We are confident that our vision for this unique location will bring thousands of new jobs and economic opportunities to Westchester and New York State while working synergistically with the adjacent and nearby uses. It’s a win-win for the town, the county and the state, and we look forward to getting started.”
The New York State Regional Economic Development Council awarded the North80 project a $3-million grant last year for the first phase of the project which is designed to create a mixed-use “village” with nearly 490,000 square feet of medical offices, biomedical facilities, housing, hospitality venues, shopping, and retail.
Fareri, when his firm received the state grant, stated that the first phase of the North80 project was valued at $227 million.