Developer Martin Ginsburg told Ossining village officials he has a tentative agreement with a new financial partner that could allow construction to resume by spring 2013 on the 188-unit Harbor Square apartment development.
A joint venture of Ginsburg Development Cos. and Cappelli Enterprises Inc., the mixed-use project came to a halt in the recession and credit crisis in 2008 after foundation work had begun on what was to be a luxury condominium development with retail and restaurant space. Ginsburg, whose Valhalla company joined Cappelli’s in the Ossining venture in 2005, revived the project early this year with plans to build rental units and a 10,000-square-foot restaurant and retail center.
Ginsburg told village trustees this month that he has a term sheet with Prudential to join the Harbor Square venture as “co-developer, our financial partner.” The Prudential pension fund financing the project does not invest in restaurants, said Ginsburg, who will seek independent financing for that part of the Hudson River development.
“That’s no small accomplishment in today’s world,” the developer said of his pending deal with Prudential. “These are very heavyweight people.”
Ginsburg said he is speaking with a restaurateur as a potential operator at the Harbor Square location, but welcomed suggestions from village officials for a restaurant suited for the location that would attract both local residents and diners from New York City.
Ginsburg said he has retained John Sullivan and Sullivan Architecture P.C. in White Plains to complete the project design and working drawings.
Ossining Mayor William Hanauer thanked Ginsburg for reviving the Harbor Square development “and getting this thing moving again, because it was painfully slow for a long time.” The redesigned apartment building “looks much better,” he said.
“I’m very receptive to comments as long as the intent is not to kill this project but to help it,” Ginsburg said. While he has tried to incorporate suggested design changes into the project and aims to build “a landmark building,” some changes will be expensive. “We do have to meet economic targets or we don’t get it built,” he said.
The developer said March 2013 is “a reasonable target” for the start of construction. His company wants to be “well under construction” when the village begins its bicentennial celebration next spring, he said.
