Developer closes on power plant site

The developer of the former Glenwood power plant in Yonkers has closed on the $3.1 million purchase of the long-vacant property on the Hudson River.

Glenwood POH L.L.C., headed by Ron Shemesh, owner and CEO of Excelsior Packaging Group Inc. in Yonkers, acquired the property at 45 Water Grant St. from Kenneth I. Capolino, a White Plains building contractor, and Glenplace Equities. The developer secured a $2.2 million mortgage with the sellers.

Glenwood POH in December was awarded a $1 million state grant that Empire State Development officials said would be used to stabilize buildings at the 240,000-square-foot, 106-year-old plant for an initial $50 million redevelopment project. Shemesh has proposed to create 256,475 square feet of hotel, restaurant and entertainment space using the existing historic buildings. The total project has been estimated at $175 million.