Fareri takes on Bronxville’s Kensington Road project

A proposed condominium building on Bronxville”™s Kensington Road that was abandoned when its developer went bankrupt during the economic recession has found new life ”“ and a new developer.

Village trustees signed an agreement late last month with Greenwich, Conn.-based Fareri Associates to remediate and build on an environmentally blighted property that has sat vacant since the mid-1980s in an otherwise bustling downtown.

Mayor Mary Marvin, a Republican, said Fareri would pay between $7 million and $10 million to clean up the property, which was formerly the site of a gas station and a power plant. Fareri will begin work by removing 20,000 cubic yards of polluted soil, the mayor wrote in her weekly column on the Bronxville website, in which she offered her support to the development company and its owner, John Fareri.

“We have been burnt before, so we are all headed into this project with eyes wide open and a tad jaded,” the mayor said, “but I truly believe we have picked the right man and the right company for our village.”

The company will pay the village a total of $3.85 million for the property”™s title, $500,000 of which was paid at the contract signing last month, according to the mayor.

Bronxville bought the property in 1986 after it had for years been the home of Lawrence Park Heat, Light and Power Co. The original plan to build parking facilities there hit a snag when the Department of Environmental Conservation found contaminated soil at the site, increasing the price tag for any development there by millions.

Ten years ago, the village issued a request for proposals for the property, with WCI Communities Inc. chosen to construct a 54-unit, 110,000-square-foot condominium development with a 300-space parking garage, with 200 spots designated for municipal use.

WCI saw some opposition from residents who wanted the building age restricted to those older than 55. There were also concerns from neighboring Christ Church. But after two years, the company had all of its permits in place and had agreed to protect the property of the church. Then, in 2008, WCI filed for Chapter 11 bankruptcy, reportedly due mostly to bad investments in the Florida real estate market.

The Kensington property sat vacant until last year, one of the last available parcels for development in the village. In June, the village board of trustees issued a new request for proposals for a developer willing to take on the project “as is.” Without changing the project, a developer would be able to follow through on the permits and approvals already granted to WCI.

Fareri agreed as part of its deal to build drainage systems, relocate existing utility lines underground, landscape the property for aesthetics and build new sidewalks.

The developer will raze the current lower lot on the site, which has 179 parking spaces, many of which are for permit holders. Fareri will construct a parking garage under its condo building, with 200 of the spaces to be owned by the village. The mayor said the additional municipal parking spots from the new garage will be significant given the dearth of downtown parking.

“The same residents whose cars are parked out in the elements today will automatically receive a covered/indoor spot in a clean, secure and camera-monitored garage,” she said. The developer has been working with the Metro-North on an agreement to extend the train station platform to the rear of the new structure for easy access from the garage, Marvin said.

The displacement of those spots during construction, which is anticipated to take slightly longer than two years, remains significant. State Sen. George Latimer and Assemblywoman Amy Paulin are sponsoring legislation that would allow for permit parking on village streets during the construction.

The Kensington Road units will be owner-occupied, with 24-hour concierge services, formal dining rooms and small office alcoves. The building will be marketed for empty nesters, but studies estimate it could add four to six students to the small Bronxville public school system, which in total has about 1,500 students enrolled.

“The design has already generated great interest from village empty nesters who no longer need their multibedroom homes but want to stay in the village,” Marvin said.

The property, which is currently not on the tax rolls, is expected to generate $600,000 annually in village taxes and an additional $350,000 in taxes to the county, the town of Eastchester (in which Bronxville is located) and the Eastchester Fire District.

A call to Fareri Associates was not returned by press time.