Chappaqua Crossing is reportedly close to announcing a tenant for its planned supermarket.
A spokesman for Summit/Greenfield, the joint company that owns the former Reader”™s Digest property, said there is interest from five supermarket chains, with one company “very interested.” An announcement is expected in the weeks ahead.
Summit/Greenfield declined to disclose which companies are interested.
“All of the interest has come from well-known companies,” spokesman Geoff Thompson said. “The consumers won”™t have a problem recognizing the name.”
Chappaqua Crossing is hoping to obtain a retail overlay zone from the town of New Castle to allow it to put 120,000 square feet of retail, including the supermarket, on the site. The retail aspect would replace existing office space.
Many Chappaqua residents have opposed the retail plan and have shown up at public hearings at town board meetings to discuss Chappaqua Crossing”™s draft supplemental environmental impact statement. Some feel the project is inappropriate for the neighborhood and would destroy downtown businesses. The planning board expressed skepticism about the plan, concerned about traffic and whether there is a need for another supermarket in the area. The town board is accepting comments through mid-May.
Thompson said despite the opposition, the companies feel the property is a great spot for a supermarket.
“Each of the companies has done their own market research,” Thompson said. “They”™ve tested it on their own. There is a level of interest for a supermarket here.”
Chappaqua has been without a true supermarket since D”™Agostino Supermarkets Inc. closed following damage incurred by Hurricane Irene and was replaced by Walgreens. D”™Agostino was 14,000 square feet; most supermarkets are at least 25,000 square feet. The prospective supermarket would be between 36,000 and 66,000 square feet.
“This will be a real supermarket and a high quality supermarket that residents will appreciate,” Thompson said.
The developer, a partnership of Summit Development L.L.C. and Greenfield Partners L.L.C., both real estate services and investment companies based in South Norwalk, Conn., said a market and retail component could generate $650,000 in property tax revenue annually, bringing the total real estate taxes from the site above $3 million annually.
Summit/Greenfield is also considering a concept for the site proposed by Tom Curley, a member of the planning board.
Curley has proposed buildings lined up on a main street, going west from Route 117, with retail and condominiums lining it. A roadway running north-south would be used for the townhouses. Curley said this would make the site more like a hamlet rather than a shopping center.
Summit/Greenfield bought the 114-acre property for $59 million from Reader”™s Digest Association in December 2004. It had initially proposed building 348 units of age-restricted condominiums and townhouses. The town eventually approved 111 units of housing, 20 of which are affordable.
BartonPartners Architects Planners Inc., of Norristown, Pa., has designed the proposed changes to the buildings to blend with the neo-Georgian look of the original Reader”™s Digest building. Retail space at the southern end of the property will have a complementary architectural style.
The retail center would have 600 parking spaces. Parking for the existing office space would be relocated to maintain the required 1,680 spaces for the offices.
The remainder of the space not used for retail would continue for office use. Currently Northern Westchester Hospital, Mount Kisco Medical Group, Fiber Media and WeeZee Sensory Gym are tenants.
