Developers mull uses of former St. Agnes property

Citing strong interest from potential investors, joint-venture partners and operators of senior-oriented housing has led the owners of The North Street Community housing complex in White Plains to enlist the services of a real estate firm to assist them in evaluating the various approaches being presented.

The owners and developers of the site, North Street Community L.L.C., said that it will work with Cushman & Wakefield, a real estate firm, through its Senior Housing and Healthcare Group.

The senior housing community, planned for the site of the former St. Agnes Hospital in White Plains, would consist of 335 condominium units, 92 assisted-living units and some 20 units for Alzheimer”™s patients.

In addition, 6 percent of the units will be affordable based on the city”™s housing guidelines.

The 150,000-square-foot former hospital would be converted for the 92 assisted-living residents, consisting of 84 one-bedroom unites, eight two-bedroom units and approximately 20 units for people with Alzheimer”™s disease.

The 41,200-square-foot Carvel Children”™s Rehabilitation Center built in 1996 will remain on the property.

The North Street partners acquired the St. Agnes property at an auction conducted by the New York State Dormitory Authority in December 2004.

Even if they do sell the property to another entity, the plans to convert the former hospital to a senior housing community would not change, said Geoff Thompson, a spokesman for the developers.

“The zoning is specifically approved for senior housing,” Thompson said.

The developers received “numerous unsolicited inquiries” from companies involved in the senior housing and health-care fields, Thompson said. Interest has included a wide range of proposals from facilities management to partnerships, he said.

Even if North Street doesn”™t sell the property outright, Alfred Caiola, one of the North Street partners said, “we always anticipated bringing in a skilled company to operate the assisted living and Alzheimer”™s facilities.”
While the hospital and rehabilitation center buildings will remain, four other buildings on the site are scheduled to be demolished. The maximum height of the residential buildings on the property will be six stories.

The project will take approximately 20 months to complete, according to the developer.