Fareri to Revitalize Longstanding Goshen Retail Eyesore

John Jordan | January 23, 2019

A rendering of the redeveloped Goshen Plaza.

GOSHEN—The developer who earlier this month signed a contract with Westchester County to build a more than $1-billion bioscience park in Valhalla, has proposed a$60-million plan to rid the Village of Goshen of a mostly vacant and blighted property.

Fareri Associates of Greenwich, CT presented the Goshen Planning Board on Jan.22 a plan to redevelop the current 58,000-square-foot shopping center and its pothole-ridden parking lot.

The new plan calls for the demolition of all existing buildings and the parking lot at the 13-acre site between Clowes Avenue and Matthews Street at the entrance to the village. The plan calls for the addition of a top brand supermarket and an all-new standalone pharmacy to the site as retail anchors, along with other significant upgrades.

The supermarket would be welcome news to the village since the former Grand Union exited the property in 2001, it has been frustrated to attract a new supermarket within its borders.

Fareri Associates first became involved with the Goshen Plaza as a passive partner during a bankruptcy buy-out of the property. The developer assumed sole ownership and management in May 2018, and stated that it immediately began developing the plan to transform it into a retail hub in Goshen.

“The condition of the property and the former inaction to fix it by managing parties is unacceptable,” said John Fareri, CEO of Fareri Associates, LP. “Today, our team is fully committed to turning this blighted property into an asset for Goshen and the larger community.”

Fareri Associates’ plan to rebuild would create approximately 104,600 square feet of all-new buildings. Two stand-alone anchor tenants would move into new buildings, including the as-yet unnamed top tier supermarket.

The developer reports it is in active negotiations with CVS to remain at the property in a standalone building able to provide drive-thru pharmacy service. Three additional retail buildings will be constructed, as well as two retail-ready pad sites.

Fareri and his affiliated companies have developed, repositioned and/or currently own approximately five million square feet of real estate. Their projects include VillaBXV, a distinctive 54-unit luxury condominium in Bronxville, and the Westchester BioScience & Technology Center, a 3-million-square-foot, state-of-the-art regional complex proposed for an 80-acre site adjacent to the Westchester Medical Center in Valhalla. The firm signed a contract to develop the property via a 99-year lease with Westchester County earlier this month.

“When we build, we believe in building community,” said Fareri. “Goshen residents have been asking for a supermarket and more retail choices for years, and we are excited to bring a quality retail experience and all of the benefits that will follow to the Orange County seat.”

To accommodate these structures, the plan also includes the installation of modernized utilities, including an all-new storm water collection system. The parking lot will be completely replaced, from grading and resurfacing to lighting, striping and signage.

It is estimated that the new retail tenants’ employee needs would increase the current full- and part-time job equivalents at the site from 47 to 238 within the first three years after completion. Projected grand opening dates for the two retail anchors are the fall of 2020 for the pharmacy and the fall of 2021 for the supermarket.

The existing Goshen Diner, which adjoins the shopping center, is not part of the redevelopment project, according to a spokesman for Fareri Associates.

John Jordan
Editor, Real Estate In-Depth