GM has entered into a contract with a joint venture, the developer team of Diversified Realty Advisers of Summit, NJ and CA-based SunCal, to redevelop a large tract of land formerly occupied by it's assembly plant on the Hudson River shoreline in Sleepy Hollow, NY.
Village officials stated that it is possible for work to start in late 2014 since they finally settled with neighboring Tarrytown on how to remediate the traffic impact of such a massive project. The village approved a special permit for the construction of 1,177 housing units, a 140 room hotel, a multi-plex cinema, as well as restaurant, retail and office space last year.
It is estimated that the developers will spent about $1 billion to transform this 100 acre parcel into one of Westchester's finest multi-use water front neighborhoods. The village expects GM to sell the land to the developers in the very near future so that work can begin.
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