Greenwich-based developer Fareri Associates has been awarded a $3 million grant from New York’s Empire State Development to be used to help fund the first phase of its $227 million North 80 project. The development would take place on an 80-acre site adjacent to Westchester Medical Center and New York Medical College in Valhalla.
The site includes 60 acres owned by Westchester County that have been leased to Fareri under a 99-year agreement. Fareri owns an additional 20 acres that will be used for the project. The project previously had been known as North 60, referencing only the county”™s land.
“We”™re at the top of the ninth inning and we hope to have our approvals within the next few months and break ground sometime in ”™22,” Fareri told the Business Journal. “We”™re going to work on Phase One. We have a potential tenant for a medical building and for a bioscience tenant and we”™ll probably be starting with a hotel and some retail.”
Fareri said that an environmental review of the project is being conducted by the Town of Mount Pleasant and site plan approvals also are needed.
The project would incorporate approximately 3 million square feet of biotech/research and development related uses including medical offices, a children”™s living science education center, neighborhood retail, potential residential uses and a hotel.
While known as North 80, referring to the number of acres involved, the project also has been identified as The Westchester BioScience and Technology Center. In addition to various structures and green spaces there would be a new street network that connects the site to the Grasslands Reservation, the regional highway system and the community.
“Mount Pleasant has been very receptive in working with us. They recognized the importance of a project like this to the community,” Fareri said. “It has taken a long time, especially with the environmental impact statement. It”™s a large project and subject to a lot of different studies, which we have completed.”
Fareri said that he”™s pleased with the reception the plan has received in the business community.
“Biosciences have become more important, especially after the pandemic. There”™s a convergence of demand and capital,” Fareri said. “A lot of venture funds are putting a lot of money into the biosciences, so I think we”™re prepared to be in a very receptive and robust market.”
Fareri envisions a new biotech cluster where a number of different companies will have not only laboratory space but also an environment where they can thrive. It”™s estimated that the project would yield an estimated $9 million in new real estate taxes annually to the county, the town and the school districts and would pay an estimated $7 million in annual rent to the county for use of its 60 acres. It”™s expected the project would create approximately 4,000 construction jobs and more than 8,000 new permanent jobs.
“It”™s a $1.2 billion project, 3 million feet, and it is one of the largest projects we”™ve done and I think one of the most important because it hopefully will help a lot of people in the future,” Fareri said. “I think it”™s a great project for the area, for economic opportunities and employment, but more importantly you see what Regeneron (the Tarrytown-based pharmaceutical giant) is doing for the world and the importance of a project like this is enormous.”
Fareri said that the entire project could take 10 to 15 years to complete. Among Fareri”™s recent projects in Connecticut are The Harbor at Greenwich, Old Track in Greenwich and the Greenwich Office Park. New York projects include the Purchase Professional Park in Harrison and 19 Broadhurst Ave. in Hawthorne.
In addition to development, Fareri is known for charitable work in New York and Connecticut along with his wife Brenda. They founded the Maria Fareri Children”™s Hospital at the Westchester Medical Center.
