The developer of the first class A office space in northern Westchester in nearly twenty years is hopeful of breaking ground on the project this summer.
Bill Eichengrun, principal of 9 Corporate Drive Peekskill Development L.L.C., which is based in Cortlandt Manor, said The Hudson View has received all the necessary approvals to build on the site.
The complex will be built on the site of the former city landfill, which has been closed since 1974. The developer agreed to spend $9.5 million to cap the landfill in return for a package of tax breaks from the city.
“We”™re right there, it is done,” Eichengrun said of the approval process.
He said the project received its final site plan approval, along with approval from the state Department of Environmental Conservation to remediate the site before building on it.
He said the construction process should take about a year.
“We”™re looking (to complete the project) summer of 2009, hopefully by June,” he said.
Over the past 10 years, plans for class A office space in the north county, such as in Goldens Bridge and Somers, either didn”™t get off the ground or never materialized.
But Eichengrun believes a number of factors are in his favor for success in marketing office space in Peekskill.
“This is the only class A space for 20 miles in each direction,” he said.
He also said the low vacancy rates in the northwestern quadrant of the county mean there is a “pent-up” demand for office space in that area.
“Lease demand is strong,” he said.
Through a public-private partnership with the city of Peekskill, The Hudson View will receive tax incentives that will help allow it to offer competitive lease rates at $24 per square foot gross, plus $3 electric.
“The whole point of public/private partnerships is there are incentives for both sides,” Eichengrun said.
Each building in the complex will be 93,000 square feet of offices and have office units available from 5,000 square feet. The buildings will be Leadership in Energy and Environmental Design (LEED)-certified and feature state-of-the-art, environmentally friendly building systems, Eichengrun said.
The complex will be approved by the LEED Green Building Rating System, which is the nationally accepted benchmark for the design, construction and operation of high-performance green buildings. Eichengrun said the buildings will be heated by using the earth”™s thermal capacity, and will also generate solar power from roof-mounted photovoltaic cells.
He said the project is receiving $2 million from the New York State Energy Research and Design Authority for building the project to LEED standards.
