Saber Real Estate Advisors and Chauncey Station Partners are developing a $40 million mixed-use project at 80 Westchester Avenue called Keystone Square.
The developers behind the Rivertowns Square project in Dobbs Ferry are heading to White Plains.
Armonk-based Saber Real Estate Advisors L.L.C. and White Plains-based Chauncey Station Partners L.L.C. are developing a $40 million mixed-use project at 80 Westchester Ave., formerly home to Key Ford, having bought the property three months ago. The developers also bought properties adjacent to the dealership and now own 90 to 96 Westchester Ave.
The Keystone Squre project will feature 30,000 square feet of retail and a restaurant and either a 100,000-square-foot senior living complex or a hotel. The project is in the very early stages and no plans have yet been filed with the city of White Plains, though discussions have been held with the planning department.
The car dealership had an underground parking garage to store its fleet and it will be used for parking at the site. Corey Rabin, managing partner of Chauncey Station Partners, said he hopes to file with the city in the next six months and the project would be completed by mid to late 2014.
The property “is begging for redevelopment,” Rabin said. “It’s a very good place for people to park onsite without burdening the neighborhood.”
The hotel or senior living complex would have from 90 to 140 beds. Rabin said the senior living complex would be a place for people who don’t need nursing care, but said it would not be an assisted living facility.
While Rabin and Martin Berger, managing partner of Saber, would not disclose any potential retail outlets, an artist’s rendering of the project shows a Niketown store. The duo would also not disclose who would run the hotel or senior living complex, but Rabin said they have a letter of intent with a third party.
“It should be a nice deal that enhances the area quite a bit,” Rabin said. “That strip of land is really a gateway to White Plains from I-287. There are a lot of beautiful things that have come into that area over the last few years. We hope this will be the centerpiece of redevelopment.”
Eric Goldschmidt, senior partner at Scarsdale-based Goldschmidt & Associates, has been named the executive broker for the project.