Hines to Build Luxury Apartments at Edge on Hudson Project at Former GM Assembly Plant Site
John Jordan | October 23, 2019
SLEEPY HOLLOW—The developers of the Edge on Hudson mixed-use project being built at the former General Motors assembly plant here has reached an agreement with Houston-based Hines, which will build nearly 250 luxury apartments at the site.
The new Hines development, part of phase two of the multi-phased development, will be located at the entrance of Edge-on-Hudson, a block from the river’s edge. Hines has acquired Parcel F of the development in order to construct the five-story luxury apartment complex that will feature a total of 246 units.
No financial terms of the transaction or the development cost for the luxury apartment project were released.
Townhomes in phase one of the development are already under construction, with sales having commenced at the start of 2019.
Edge on Hudson is being built on a 70-acre parcel that was a General Motors minivan assembly plant until its closure in 1996.
Hines now joins Toll Brothers, which is developing phase a, as the second real estate firm to invest I the $1-billion Edge-on-Hudson project being built along the Hudson River shoreline by a partnership of SunCal of Irvine, CA and Diversified Realty Advisors of Montville, NJ. Toll Brothers recently began construction on a second block of townhomes on the property.
Earlier this year, it was announced that Nelson Byrd Woltz, a premier landscape architecture firm, would design the waterfront park and additional paths and open space connections at Edge-on-Hudson.
Tommy Craig, Hines Tristate office head, said, “Edge-on-Hudson has every attribute we seek in a successful development, including superb transit access and an extraordinary setting, including the vibrant Village of Sleepy Hollow.”
Grant Jaber, Hines managing director of multifamily residential development in Hines’ East Region, which is based in New York City, added: “We are proud to be a part of this transformative development in the beautiful Village of Sleepy Hollow. The community’s mixed-use component, waterfront location and proximity to transit make it an extremely attractive investment for Hines.”
The Edge on Hudson project, valued at $1 billion, will eventually include 1,177 units of housing; a 140-room boutique hotel; 135,000 square feet of retail space and 35,000 square feet of office space, in addition to more than 16 acres of parkland.
Editor, Real Estate In-Depth