EASTCHESTER, N.Y. – It took more than three decades, but the Kensington Road site in Bronxville will soon be teeming with activity, as Mayor Mary Marvin formally signed an agreement with Greenwich-based Fareri Associates to clean and construct condos on the property.
The condominium project includes approximately 110,000-square-feet of property, creating more than 50 one and two-bedroom condominiums for “empty nesters” looking to downsize but stay local.
This will be the third time a developer has attempted to renovate the location. The previous developer, WCI, was heavily invested in a collapsing Florida real estate market five years ago, and were forced to file for Chapter 11 bankruptcy before they could break ground on the project.
According to Marvin, the site, which currently serves as a parking facility, may be the last blighted property in the village. As part of the agreement, Fareri Associates will remove more than 20,000-square-feet of contaminants from the soil, which used to house a gas station that leaked toxins into the ground.
In all, cleaning the property may cost as much as $10 million, at no cost to taxpayers. The village will also received a $3.85 million check to turn the title over to Fareri, $500,000 of which was received as a signing bonus.
“Due to stricter rules, the village, moving forward, would have been required to clean the property for the same cost and to pay for it through taxes,” Marvin said. “This agreement has a huge financial benefit as one of its many components.”
As part of the agreement, utility lines on Kensington Road through Beechtree Lane will be buried by the contractors. The property the condos will sit on will be landscaped by Fareri, and a drainage basin near the new parking garage will be installed.
Once completed, the location is set to generate more than $600,000 in yearly taxes on a parking structure that currently produces none. An additional $350,000 in taxes for the county, town and fire district will also be generated.
Marvin said that while the project has fallen flat in the past, she believes that Fareri Associates – a company that has developed more than $40 billion worth of real estate in Westchester and Fairfield – is the right contractor for the job.
“The project is the same one approved by the zoning and planning boards during an extensive two year review in 2007,” she said. “We have been burnt before, so we are all heading into this project with eyes wide open and a tad jaded, but I truly believe we have picked the right man for the village.”