Rockland County Investment Firm Proposes $175M Project to Revitalize Downtown Spring Valley
John Jordan | October 2017
SPRING VALLEY—Rockland County-based investment firm Concord Capital NY reported on Oct. 16th that it is seeking approvals to build a $175-million transit oriented development in Downtown Spring Valley.
The project, which the firm states will be modeled after successful redevelopment initiatives in Downtown Yonkers, New Rochelle and in TOD-oriented locations on Long Island, calls for the development of one-million square feet of as of right space over a three-year period. Eric Jacobov, Concord Capital New York founder and CEO, said the proposed development would include residential, multi-family housing, retail, and office space. The development will also include a new park, a commuter parking garage and an upgraded Spring Valley train station.
If approved, the proposed development would likely be the largest urban redevelopment project in Rockland County, Jacobov notes. The Concord Capital executive grew up in neighboring Monsey and maintains the investment firm’s offices at 75 Main St. in Downtown Spring Valley.
“Concord Capital’s well-designed TOD plan to revitalize Spring Valley’s downtown is long overdue,” said Spring Valley Mayor Demeza Delhomme in a prepared statement. “Our village is situated where three major highways converge, making us the hub of Rockland County. “I promise to do everything in my power to work with the Urban Renewal Board and the Governor’s office to make sure this project goes through. The citizens of Rockland County, our village and the state deserve nothing less”
Jacobov compared Downtown Spring Valley to New York City neighborhoods including Fort Greene in Downtown Brooklyn that have undergone transformation and gentrification. “It will be a great accomplishment for this community to have a vibrant downtown where people can live, shop and be able to take a train and commute with ease,” says Jacobov.
He adds that he hopes Rockland County’s fast growing population will prompt the Metropolitan Transit Authority to establish a direct train line from Spring Valley to Penn Station that would complete the trip in 50-minutes to one hour. Presently most Spring Valley residents drive or take the bus to New York City, he noted.
The project calls for approximately 140,000 square feet of residential buildings facing Memorial Park, Church and Centre Streets, with ground floor retail facing Lawrence Street; another 300,000 square feet of retail, office and residential space with train platform accessibility facing Main Street, Lawrence Street and the train station and about 50,000 square feet of office and retail with potential village offices facing Municipal Plaza, Main Street and West Furman Place.
The residential plan calls for as many as 800 units, mostly rentals, but could also include some market-priced condominiums, Concord Capital reports. Apartments will be a mix of one-three bedrooms, with affordable rents ranging from $1,350 for a one-bedroom unit to $2,150 a month for a three-bedroom unit.
At the MTA lot it will build a two-story parking garage with a residential structure above it totaling 420,000 square feet surrounded by Franklin Street, Municipal Plaza and the train station.
The developer recently unveiled the plan to the Village’s Urban Renewal Board. Jacobov is hopeful he will get all the necessary approvals by the end of 2017.
He is also confident the village will embrace his plan since Concord Capital has already demonstrated a successful track record in Spring Valley when it helped CPC Resources to build out and lease stores downtown.
In 2012 CPC Resources, the for-profit subsidiary of the Community Preservation Corp., a not-for-profit affordable housing developer and lender, received a Low-Income Housing Tax Credit to develop 200,000 square feet of housing and retail for senior citizens and low and moderate-income families.
When CPC Resources had a difficult time leasing their retail in 2012, Concord Capital stepped in and brokered tenants for the site. Jacobov purchased a portion of the site in 2015 from CPC whereby he fully built out the commercial spaces and had them leased out in four months, he stated in a press announcement.
Concord Capital is hoping to receive state grants for the TOD sites and tax abatements similar to 421A in New York City. Concord Capital’s planned development is also eligible for federal New Market Tax Credits.